Who Needs Builders Risk Insurance Steadily
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https://www.steadily.com/blog/ultimat... • What happens if a property under construction is damaged due to fire, vandalism, or another catastrophe? This is where builder’s risk insurance is of importance. Builder’s risk insurance covers residential and commercial properties that are under-construction from a variety of perils. • General contractors often purchase these policies to protect the building and materials from any damage. While a contractor, developer, or owner is the named insured, additional workers such as an engineer, subcontractor, and architect can be listed as the other insured parties. • It’s important to obtain a builder’s risk insurance policy for any under-construction building as the risk of damage, theft, and vandalism increase when a property is vacant or half-completed. Each builder’s risk policy will vary in coverage; supplemental coverage can be added for additional flood, mold, earthquake, or landscape coverage, among others. • Once a property has finished construction, a builder’s risk insurance policy will no longer protect the property. This is where a homeowner or landlord insurance policy is needed – and Steadily can help. Get a commitment-free quote today at Steadily.com or contact us to speak with an agent. We’ll help you find the best option for your property. • • Audio Transcript: • If you are a homeowner whose property is currently under construction, you may have heard of builder’s risk insurance. You might even be wondering if you need to obtain coverage. • Today we break down builder’s risk insurance in-depth so you can be sure your property is adequately covered. • Builder’s risk insurance is a type of property insurance that covers residential and commercial construction. • It typically covers under-construction properties from wind, fire, vandalism, accidents, or damage to in-transit equipment. • As the name implies, this insurance is primarily for the builder, or the general contractor. In some cases, it may be up to the developer or owner to purchase the policy. • Property owners, engineers, architects, contractors, and subcontractors can all be covered as additional insured. • So what is covered under builder’s risk insurance? The short answer is: A lot, depending on your policy. • Basic policies will cover what we mentioned before – fire, wind, accidents. • Some policies will also cover materials and supplies that are on-site or equipment that is in-transit; that is, being transported to your property. • If a catastrophe were to occur, builder’s risk insurance may cover the cost of debris removal – which, without insurance, could cost you up to $100,000. • When it comes to cost, you can expect to pay 1 to 5% of the total construction budget in insurance. You may need to add supplemental coverage if your property is more at-risk – like if you’re in a flood zone – or if you’d like to protect any nearby trees and landscape. • It’s important to know what is and isn’t covered so that you, the homeowner, can be prepared for any unexpected costs. • As with most property insurance, natural disasters such as floods and earthquakes are not covered. • Employee theft, vehicle damage, and worker injury are also not covered. Your contractor needs general liability insurance to cover any on-site injuries. • Lastly, any damage done after construction has ended is not covered. This is where a traditional homeowner or landlord insurance policy would kick in. • Construction costs can be exorbitant. So why not protect your investment as best you can? • You’ll want insurance that covers your property post-construction. • Steadily can help, no matter where you are located. Get a commitment-free quote or contact us to speak to an agent. Start protecting your investment today.
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