What Does Builders Risk Insurance Cover?
You may be wondering what does builders risk insurance cover. The good news is that there are several types of policies and coverage. To choose the right policy for your needs, you should understand the industry you are working in. You can find a comprehensive guide here that explains the basics of builders risk insurance. In addition to this guide, you can access our virtual toolbox of resources. You will be able to find the best builders risk insurance for you and your business.
Apollo Buildings risk insurance protects your assets during construction. It protects the insurable interest of construction companies by protecting materials, fixtures, and equipment. It’s a good idea to secure this insurance for all construction projects, regardless of whether you’re the owner or contractor. Builders risk insurance is a critical coverage solution for new and existing construction projects. In addition to protecting the materials, the policy also covers materials waiting to be installed or transported. Many owners of new or renovated properties require that their contractors purchase and carry this insurance.
When building a home, builder’s risk insurance covers the cost of damages to certain property, including unforeseen delays and losses. While these policies can be tailored to fit your project, a typical builder’s risk policy covers buildings and structures that are under construction as well as the materials, supplies, and equipment in transit. The cost of this insurance depends on the estimated value of the completed structure, so it’s a good idea to speak with an agent to see what kind of coverage you need.
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