Is Builder’s Risk Insurance Only for New Construction? The Answer May Surprise You

October 29, 2019 Blog

Answers from the Team at the Business Insurance Center

When building a new commercial or residential structure, it pays to have additional protection in the event items are stolen, or a catastrophe occurs. Many assume that they can only get builder’s risk insurance if they are constructing a brand-new building. In reality, you can obtain coverage even if the project is a remodel. In fact, it will serve to give peace of mind for both contractor and homeowner.

Find the right amount of coverage when you look for builder’s risk insurance providers who are experienced and know what they are talking about. The staff at the Business Insurance Center have the wisdom and know-how to get you the best protection at reasonable rates. Before you begin your next construction or remodel project, give us a call.

Benefits of a Builder’s Risk Insurance Policy when Remodeling

Are you looking for much-needed protection while remodeling a custom home, tract home, modular home, or commercial structure? Deciding to purchase a builder’s risk policy may be the best investment you can make. It is designed with property owners, real estate developers, and general contractors in mind. Here are some of the benefits:

  1. It extends the coverage of other plans: This policy provides protection beyond that of other policies.
  2. It insures more than regular policies: You will find that materials, equipment, and fixtures that are being permanently installed are covered.
  3. It fills the gaps found in everyday plans: With higher coverage limits, this policy can protect in the event of theft, vandalism, materials in transit, temporary storage, and other items.
  4. Either the homeowner or the contractor can obtain a policy: This type of coverage can be purchased by homeowners and contractors alike.

Additional areas where builder’s risk insurance protects you include:

  • Fire: When renovating and remodeling, there is plenty of extra wood to be found. The same lumber can potentially catch fire.
  • Inclement weather, including high winds: If high winds damage the structure, you may be able to receive compensation that will allow you to continue the project.

Safeguard Your Remodeling Project with Help from Builder’s Risk Insurance Providers

As a contractor, your reputation is on the line each time you step onto a job site. Gain peace of mind when you have the right coverage in place for your remodel project. The experienced brokers at the Business Insurance Center help contractors, self-employed, and small business owners like you obtain the right coverage at reasonable rates. We are happy to sit down and discuss your needs. Give us a call and let us assist you today.

Request a quote online or call (888)-585-0511 and speak with a knowledgeable and experienced broker at the Business Insurance Center. We have a 24/7 call center to serve you and an online Live Chat operator. We serve the entire United States.

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