3108 Adora Teal Way, Unit 200,
What is Builders' Risk? Builders Risk is a type of property insurance similar to a homeowners insurance policy or a commercial property policy. It provides coverage to the dwelling in the event a claim happens such as fire, theft, windstorm, collapse ,etc.
Typical policies written for homes and commercial properties don’t cover the structure while in the course of construction. Builders Risk policies are designed to cover the structure while in the course of construction and have added coverages such as:
The policy can be purchased by either the Owner or the General Contractor, but it is strongly recommended for the property owner to be the named insured. This recommendation is based on the following reasons: If you switch contractors during the construction process, having the contractor as the named insured can lead to complications.
In such a scenario, if the contractor leaves the project, the insurance policy goes with them. Consequently, if a claim arises, the departed contractor would still be involved in the claims process, even though they are no longer associated with the project.
Barbee Jackson Insurance is one of the country’s leading independent insurance agencies that specialize in Builders Risk Insurance. With our expansive network of insurance companies, we can offer our clients the coverage they need at the best price. Call today to speak to one of our licensed insurance professionals today (850) 389-2001.
Along with new construction we can also insure renovation projects. The structure can be insured along with the renovation part. The insurance companies will want to know what is being renovated and if any load bearing walls will be moved.
If you are wanting the structure to be insured in the course of renovation the insurance companies will only cover the structure at Actual Cash Value.
Builders Risk policies should be purchased before the start of construction. Most insurance companies have a strict rule that if the project is more than 30% complete they will not provide an insurance policy.
The structure should be insured prior to breaking ground or after the slab is poured and before any walls are erected.
Policies can be written for 3 months, 6 months, 9, months, 12 months, 18 months or on a reporting form for larger multimillion dollar projects that require a longer policy period.
We can compare multiple insurance companies to get you the right coverage at the best price. Every insurance company will have different pricing and coverage options and our agents will compare the rates and advise you on the best option. To get started we will need:
Barbee Jackson Insurance specializes in Builders Risk Insurance and has a team of agents that are ready to get you the right coverage at the best price. Call today to get started (850) 389-2001
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