Builder’s Risk is a form of insurance designed to cover buildings under construction. Because the risk to buildings under construction are different than completed homes, insurance companies use a special coverage form during the building phase. We offer builders risk coverage through US Assure Zurich, American Strategic Insurance and Liberty Mutual.
Call us (386) 752-8660 to learn more.
Q: What is covered?
A: Similar to a homeowner policy, builders risk covers the structure against the usual perils with which you are familiar: fire, lightning, wind, hail, catastrophic ground cover collapse, etc. Liability and theft are sometimes included but sometimes excluded. We recommend you ask your agent about liability and theft coverage.
Q: When should coverage begin?
A: Ideally, we recommend coverage begin the day your contractor breaks ground, but we know things can be chaotic at the beginning of a projects, so there is some flexibility. Most insurance companies will approve builders risk coverage on a home as long as the project is not more than 25% complete.
Q: What do I need to do when I’m ready to move in?
A: Call your agent a couple weeks prior to move in so that your coverage can be rewritten to a standard Homeowner (HO-3) Coverage Form.