Builders Risk Insurance

Builders risk insurance isn’t a type of insurance that Mountclef Village, CA residents don’t commonly think about, but that contractors and others in the building industry will have to get familiar with. Commonly called ‘course of construction’ insurance, this is a type of insurance policy that is designed to cover buildings while they are being built or remodeled.

builders risk insurance Mountclef Village,  CA

Depending on the builders risk insurance policy you choose, you may have various types of coverage. For example, it could cover only the structure itself or it could cover building materials on site and even tools that are located in some more comprehensive plans.

If something happens to the structure or the materials, your builders risk insurance policy will pay for damages up to the coverage limit. However, the limit itself must reflect the value of the structure once it is completed. This includes materials and labor costs but not any land value associated with the property.

What Will Your Builders Risk Insurance Policy Cover?

Your builders risk insurance policy is important, and can be purchased in terms of three, six, or twelve month terms. Usually you will want to purchase a term that coincides with the overall timetable for completion of your building project.

Coverage should always be purchased based on the finished value of the home, which is generally determined by using the overall construction budget associated with its construction.

A good Mountclef Village, CA builders risk insurance policy provides coverage for nearly anything related to the damage of the property including:

  • Fire
  • Wind
  • Theft
  • Hail
  • Lightning
  • Vandalism
  • Explosion
  • Vehicle crashes
  • And more

Each policy is different, but it’s worth reading closely because many will have exclusions such as employee theft, government action, water damage, and so on. Read your policy carefully in order to make sure that you have a policy that covers you specially for the things you need covered.

Pay careful attention to coverage associated with damage that comes from faulty design, workmanship, or materials. And remember that you may be able to add coverage for additional incidents like earthquakes or floods, depending on where you live.

How Much Will Builders Risk Insurance Cost?

Since builders risk insurance policies are only purchased for terms that last a few months, the overall cost of a policy is lower than traditional home insurance. But, the cost may vary depending on the amount of coverage you need and exactly what you want covered. Talking to a professional insurance expert is the easiest way to make sure you have the coverage you need.

Getting Your Builders Risk Insurance

If you need to find the right kind of builders risk insurance policy, it’s important that you always start by looking into what a policy includes and what its overall costs are. Contact Panorama Insurance Agency to get your quote today.

Contact us now or call us at (818) 781-6630

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