Idaho Builders Risk Insurance

Idaho has become one of the country’s fastest growing states in the country. With growth comes more construction and without the proper insurance coverage you could be at risk of financial loss.

Most people are unaware of the vast number of natural disasters that occur in the Gem State that could jeopardize your construction project.

• Wildfires – Idaho average 133 fires per year, burning an average of 77,214 total acres per year.
  
• Floods – Behind wildfires the second most common natural disaster is flooding. There are over 238,000 properties at risk of flooding in the State of Idaho
  
• Winter Storms – Idaho averages 47 inches of snowfall annually
  
• Earthquakes – Idaho is the 5th most earthquake prone state in the union.
  

This is just a small list of things that could jeopardize your construction project. What about theft of building materials, man-made fire and vandalism? This is why you need Builders Risk Insurance to protect your building under construction against a covered loss.

Builders Risk Insurance Covers?

Builders Risk Insurance acts much like a property insurance policy, but it provides coverage while the structure is under the course of construction. It protects a person or company’s insurable interest in the construction project.

It is important to point out that this is a structure only policy. There is no coverage for liability to others or workplace accidents. Workplace injuries would have to be purchased by the builder or the sub-contractors in the form of Workers Compensation Insurance.

Types of Projects we Insure

• New Residential Construction
  
• New Commercial Construction
  
• Renovation project for an existing building

What Types of Losses can be Insured?

 ✅ Property Damage

✅ Theft of Building Materials

✅ Vandalism

✅ Windstorm and Hail

✅ Fire and Lighting

✅ Arson

✅ Collapse of Structure

✅ Earthquake 

✅ Flood

In addition to the standard types of losses we also cover the following

✅ Material in transit or at a temporary location

✅ Sewer backup 

✅ Debris removal

✅ Ordinance or law

✅ Fire department service charge

✅ Pollution clean up

✅ Scaffolding re-erection

✅ Valuable papers

Who Purchases the Policy…Builder or Owner?

The policy can be purchased by the Builder or the Property Owner. We always suggest that the policy be written for the owner of the building. Why? Let’s say that the owner and the builder have a dispute, which causes a parting of ways. If the policy is written in the name of the builder then the policy follows the builder since they are the policy owner. The owner could have a tough time finding a new policy if the project is further along in construction.

When to Purchase Builders Risk Insurance?

If there is a bank loan then the policy must be written before the first draw. This is not our requirement, but a requirement by the lender.

In general you want to purchase a policy prior to construction or just after the slab is poured. Many of the companies that write Builders Risk Insurance will not insure a project that is 30% or more completed.

Why Barbee Jackson Insurance for your Idaho Builders Risk Insurance?

Barbee Jackson Insurance is recognized as one the leading independent insurance agencies that write Builders Risk Insurance in Idaho and other states across the United States. We have a team of experts that specialize in writing insurance policies for developers and owners. Each policy will be custom designed to meet your specific need.

As always…you get the best coverage you need at the best price. Call today to speak with one of our agents today to get a free insurance quote (850) 389-2001.