Builders Risk Insurance Take the Risk Out of Builders Risk
A lot can happen when you’re in the process of building a home. Builders Risk provides specialized protection of a homebuilder’s property and equipment during the construction phase.
We Deliver More Than Just the Basics of Builders Risk
Builders Risk Insurance from Builders Insurance Group covers a homebuilder's property during construction and offers excellent convenience and flexibility.
Builders Risk Insurance Basic Coverage Includes:
- Building materials
- Temporary structures such as scaffolding
- Paving, fencing, and outdoor fixtures
- Lawns, trees, and plants installed by the builder
Builders Risk Policy Convenience and Flexibility
- Option to manage your policy completely online
- Year one policy is fully earned, while year two and three are prorated based on completion date
Special Options for Homebuilders
- Large builder credit available based on number of homes
- One Shot or Monthly Reporting with additional coverage options available
- Policy may be issued in the name of the home owner if builder qualifies
What Does Builders Risk Insurance Cover?
This simple, flexible policy covers costs resulting from theft or damage of items such as building materials, temporary structures, fixtures, landscaping, etc.
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We Have the Builders Risk Coverage Options You Want
Residential new construction
Light commercial buildings
Primary Extra Coverages included:
Interest of subcontractors and suppliers
Backup or overflow of sewers, drains, or sumps
Valuable papers and records
Pollutant cleanup and removal
Collapse, debris removal, and more
Additional coverage options available:
Earthquake (pending underwriter approval)
Model home contents available up to $250,000 per structure
Soft costs and more
Find an Agent for Builders Risk Insurance in Georgia
We provide Builders Risk insurance for construction in the state of Georgia. We’ve been the trusted partner of over 16,000 businesses like yours since 1992.
Answers to Frequently Asked Builders Risk Insurance Questions
The terms “builders risk” and “course of construction” insurance are used interchangeably to refer to property insurance that covers buildings under construction from perils like fire, vandalism, and some natural disasters.
Lenders usually require proof of builders risk insurance. For construction projects with little or no financing, builders may not be required to have a builders risk policy. However, even if builders risk insurance is not mandatory, it is always wise to have it to protect your project.
The property owner, general contractor, or developer will secure a builders risk policy. Responsibility, if any, is often included in the contractual or financial agreement.
Generally, coverage ceases when the construction project is complete and a certificate of occupancy is issued or sometimes when the purchaser accepts the finished work. Coverage can also end when a policy expires or is cancelled, of course. If a construction project is abandoned indefinitely, coverage may also cease.
A builders risk policy covers damages to a construction project (for one or more involved parties) while an installation floater simply covers the tools and materials of a single insured.
Homeowners insurance protects homeowners from damages to their property. In this case, the home is complete and occupied by (or in the ownership of) the homeowner. Builders risk insurance is active during construction and ceases when the home is complete. Therefore, builders risk insurance is not included in homeowners insurance as the former precedes the latter.
Typically, a builders risk policy should cover the full cost of the construction project. If the construction budget is $150,000, then the policy should cover that amount.
Common exclusions from builders risk policies include tools and equipment, flawed workmanship, and items stolen by employees.
A one-shot builders risk policy covers a single construction project.
Generally, the owner, general contractor, or developer is the named insured.
Other Business Insurance Coverage
Builders Insurance Group provides other types of business insurance coverage.