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Builders Risk Insurance, also known as Course of Construction Insurance, is a specialized policy that protects commercial and residential buildings throughout every stage of the construction process. This covers ground-up builds, renovations, and installation projects, protecting against damage from fire, wind, theft, vandalism, and certain natural disasters. Coverage extends to building materials, fixtures, and equipment used on-site, whether you’re managing a residential remodel or a large-scale commercial construction project.
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Costs are higher in coastal areas or regions prone to natural disasters. For example, insuring a project in a high-risk area could increase the premium by 10-20%.
New constructions are generally cheaper to insure than remodeling projects. Remodeling can be up to 50% more expensive due to the added risks of existing structures.
Adding coverages like flood or earthquake protection can raise premiums by 5-10%.
Non-admitted carriers may add policy fees and surplus line taxes, typically increasing costs by 3-5%.
Using fire-resistant materials can lower costs, while wood-frame structures can increase premiums by about 10-15%.
New constructions are generally cheaper to insure than remodeling projects. Remodeling can be up to 50% more expensive due to the added risks of existing structures.
Adding coverages like flood or earthquake protection can raise premiums by 5-10%.
Average Builders Risk Costs can vary between 1% and 5% of the total project value. There are four factors that affect the cost: project type, construction type (material), policy term, and location. We give our clients more options with better rates, given that we work with many A+ carriers.
All constructions should have a Builders Risk Policy, even if you take all the necessary precautions; they have a lot of risks, and these can delay a project. This insurance keeps you protected in case of loss or damages (that are expensive to fix).
Builders Risk Insurance Policy is only available for 3, 6, 9, or 12 months. However, you can renew it until the project finishes. After the construction is complete, you can get other types of policies to cover the building, such as Homeowners, a Landlord, or Vacant Building policy, which we also provide.
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We encourage you to get in touch with our agents today if you want builder’s risk insurance quotes or just have a question. We insure in all 50 states and can guarantee the best service and coverage:
Get a quote for Builders Risk Insurance by filling out our short form or contacting our specialists directly.
