Builders Risk Insurance - NY, NJ, CT and FL
If you are ready to begin coverage and would like a quote, .
When to get builders risk insurance?
Builders Risk Insurance covers the new construction of a building or the major renovation of an existing structure. Most insurance companies do not extend coverage on a personal home for either a new build or major renovation. The same can be said for commercial buildings.
This coverage protects against the physical damage and any liability the insured may be liable for; caused from the building process.
It must be noted that although this coverage is in place, the insured must obtain Certificates of Liability from the Builder, the General Contractor, and all the sub contractors the General contractor may use on the project.
How much builders risk insurance do I need?
The amount of insurance needed is determined by the total cost of a new building. Generally the policy will tract the completed cost of the construction and cover the increasing value of the structure till it is finished. The renovation policy generally insures for the contracted estimated cost of the total repair. The cost basis of both new and renovated is determined the same way.
What does builders risk insurance cost?
Premium is determined based on the amount of the completed new home or renovation, where the structure is located (zip code) and the scope of the project. Generally the policy is written on a yearly premium for the first year. After the first year it may be extended for less than a year if warranted.
The builder risk is also a requirement of lending institutions that may be financing the project. So for that reason and the fact your existing personal or commercial policy does not extend coverage on construction projects; a Builders Risk Policy meets the need for handling the risk management requirement for personal or commercial construction projects.
Thank you for your interest in Insurance Made Easy/John Murphy Insurance. We work with companies in New York, New Jersey, Connecticut and Florida, just to name a few. We bring Knowledge, Trust and Professionalism to every client. Please feel free to call our office at 914.522.0461 or email us and an insurance professional will reply promptly.