Builders Risk Insurance

Builders risk policies cover the contractor’s interest in materials at the job site before they are installed, materials in transit intended for the job, and the value of the property being constructed until it is completed and accepted by the owner.  The policy may be written to cover the whole structure for new construction or the cost of remodeling  and renovation projects.  It can also be used to cover specific projects, such as a new room addition, a deck, or a remodeled bathroom.

Options for a Ohio builders risk policy include:

• Policy time frames
• New Construction, remodeling & rehabs
• Coverage for framing, cleanup, debris
• Financial costs due to delays
• Project sites and trailers

Builders risk insurance, also known as course of construction insurance, provides coverage for buildings and structures that are under construction or renovation. Here are a few scenarios when you may need builders risk insurance:

• New construction projects: If you are building a new structure from the ground up, you will need builders risk insurance to cover the building materials, equipment, and tools used during the construction process.
• Renovations or remodeling projects: If you are renovating or remodeling an existing building, you will need builders risk insurance to cover the cost of materials and labor used during the project.
• Tenant improvements: If you are making improvements to a property for a tenant, such as adding a new bathroom or upgrading the electrical system, you will need builders risk insurance to cover the cost of the improvements.
• Rehabbing or flipping properties: If you are buying a property with the intention of rehabbing or flipping it, you will need builders risk insurance to cover the cost of repairs and renovations.

Builders risk insurance typically covers damage caused by events such as fire, theft, vandalism, wind, and lightning. It’s important to review your policy carefully to understand the specific coverage and exclusions.