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Builder's Risk and Vacant Policies

What Is It?

Builders Risk Insurance or also commonly called “Course of Construction” policies are intended to help protect a person or organization’s insurable interest in a property while in the process of construction. New Construction, pre-construction, or vacant land that a property is being built often carry this policy in the interim in the event a physical loss or damage is incurred by a covered peril. Additionally, properties completing upgrades or “fixer-uppers” also consider these policies as they have optional time lengths for coverage until the property is ready for daily living.

Builders Risks are unique policies that offer short and long term lengths while having important coverages to ensure you have coverage for the structure against a wide variety of perils, but also certain materials on site waiting to be installed or transported to the site. Carriers include various of coverages such as:


Why Is It Important?

There are many considerations to factor why to carry a Builders Risk Policy. A person or organization purchasing land intended for building or a new residence it’s always recommended to protect your new investment. Additionally, the covering of materials and personal liability that is included in policies is equally important. The policy helps protect your financial interest as well as you personally should an injury or property damage loss occur. Weather, lawsuits, and damaged property may become inevitable but your Builders Risk policy can help lessen or eliminate unnecessary out of pocket expenses.

How Much Coverage Is Needed?

In many cases the amount of coverage is determined by the consumer’s value estimate for the finished property. It is recommended to take consideration for upgrades and materials even in the preliminary stages of development or repairing. Discussing the proper amount of coverage is important especially for this policy in order to determine the amount you are ultimately most comfortable with carrying during the course of construction. Deductible and optional coverages play a large part in the premium determination by carriers as well as the location of the property.

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