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Builders Risk
Insurance

Builders Risk Insurance Coverage

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Building your dream home is something that is exciting and rewarding, but at times overwhelming. Broward Hall Insurance Agency is here to add relief to the building process by providing a quality and affordable builder's risk insurance policy for your project. Builder’s risk insurance is a type of property insurance that provides protection for buildings that are under construction. It can cover just the structure, or it can also cover any materials on site that are installed or stored.

Broward Hall Insurance Agency is dedicated to meeting the property insurance needs of the construction industry. From custom homebuilders to commercial contractors, we have construction insurance solutions that can provide the unique coverage builders need.


Builder's Risk Coverage
Builder’s risk insurance covers perils such as fire, wind, theft and vandalism. It is important to note that most policies do not cover perils such as earthquake, flood or wind unless these are specifically endorsed.

Your policy will only pay for damages up to the coverage limit. The coverage limit must accurately reflect the total completed value of the structure (all materials and labor costs, excluding land value). The construction budget is the best source for determining the appropriate limit of insurance.

It's important to note that builder's risk insurance does not replace the need for liability insurance. Builder's risk insurance will not cover others or their property, such as sub-contractors, tools, equipment or accidents
Builder's Risk Terms
Builder’s Risk insurance policies can often be written in terms of three-months, six-months, or 12-months. If the project is not completed by the end of the initial policy term, it can often be extended, but usually only one time.
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Here are the answers to common Builders Risk Insurance questions.

Should a builders risk policy be purchased in the name of the contractor or the homeowner?

Depending on the insurance carrier, coverage can be purchased in the contractor’s name, the homeowner’s name or both. The carriers just require the construction be done by a licensed, insured contractor.

What is the difference between new construction and remodeling?

New construction is from the ground up while remodeling is altering a structure already in place.

Can coverage be secured for a project already under construction?

Depending on the percentage completed, the carrier will review the application for consideration. A rule of thumb is more than 30% complete is ineligible.


Ask about insurance packages that can bring better coverage for up to 20% less cost.


Disclaimer: Above questions and answers are intended to be generalized information and may or may not be the specific wording of your insurance contract. Your specific policy contract coverages and definitions will prevail. For specific questions of coverage, please contact your insurance provider. Generalized questions are not an offer of coverage. If you would like an insurance proposal, please contact our office.

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