Builders risk insurance is a form or Property Insurance that protects your property while in the course of construction. There are many types of builders risk coverages available. Some policies provide a blanket limit for all projects under construction. Others provide a specified limit for each project and require you to report the progress of these jobs on a monthly basis. In addition to coverage for the building under construction, there are often additional coverages provided in the builders risk policy:
- Property to be used in the new building but is temporally stored at off-site locations
- Property in transit to the construction site
Tip. The limit used on the builders risk policy is the maximum amount of coverage you have available. When you start a new job, consult with your professional agent to make sure your limit of coverage is adequate.
To learn more about your insurance protection, visit our Learning Center or contact one of our licensed advisors. We're here to help!