Builders Risk Insurance
Builders risk insurance helps protect properties under construction.
Safeguard your property as the project is being built with builders risk insurance.
Under construction? You might need builders risk insurance.
Builders risk insurance is effectively a form of property insurance that covers the period while the property is still under construction. It’s possible for the property owners to take out such a policy, though more commonly it will be a policy they insist that the contractors take out.
What this insurance covers.
The key areas of coverage are damage caused by events such as fire and hail storms. You’ll also normally be covered for theft, vandalism (though not typically by your employees), and damage caused by vehicles or aircraft hitting the building. To make sure coverage levels are adequate, policies are often set at a fixed percentage of the total construction budget. You’ll need to check how long the policy lasts, as it typically won’t allow repeated extensions of the construction timeline.
What types of coverage are included with this type of policy?
This policy typically includes coverage for the building itself, general liability, equipment breakdown, as well as ordinance and law.
Do you need builders risk insurance?
Whether you are the client or the contractor building the project, this is important coverage to have. Property owners, contractors, subcontractors, lenders, and architects will most commonly get this coverage.
Coverages that are not included.
It’s important to be aware of what insurance doesn’t cover. Unless specifically stated, it won’t cover specific increased risks such as flooding on a beachfront construction or earthquakes near a fault line. It also doesn’t cover injuries suffered by workers, meaning you’ll still need any legally required workers’ compensation insurance coverage, as well.
Do you need builders risk insurance to protect your property while under construction? Contact us to go over the unique needs of your property and the coverage options available to you.
Why we're different -
You may think you want the cheapest insurance you can find, but low cost isn't everything. After all, it's said there's no such thing as a free lunch.
While many insurance products are similar in price and function, insurance agents and providers are very different when it comes to structuring a policy to cover you. Your business is unique. Why would you want a one-size-fits-all insurance policy. Many of our insurance carriers offer SPECIALIZED PRODUCTS WITH UNIQUE COVERAGES for various types of businesses.
We’re your neighbors. We protect businesses and people we know and care about. And businesses and people YOU know and care about. And that means we look for ways to protect you better, including carefully choosing the insurance companies we represent, to be both affordable and responsive.
Contact us, and let us at Elk Grove's LOCAL Insurance121 Insurance Solutions help you protect THE BUSINESS YOU'VE PUT YOUR SLEEPLESS NIGHTS, YOUR MONEY, YOUR EVERYTHING, INTO BUILDING for yourself, your employees, your community and your family. We'll help you make wise choices to protect what you value most.
Where we work -
At Insurance121 Insurance Solutions, we work to protect those of you with a meeting production or event production in Elk Grove, Galt, and surrounding areas - to include Wilton, Sloughhouse, Rancho Murieta, Acampo, Walnut Grove, Hood, Sacramento, Lodi, Stockton - and throughout California. In Elk Grove, we are members of Elk Grove Chamber of Commerce, Rotary Club of Laguna Sunrise, Rotary Club of Elk Grove and BNI (Business Networking International) Elk Grove Harvesters Chapter.
We're located in Elk Grove, CA and are licensed in California (DOI# 0K01870).