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Builders Risk Insurance

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Builders Risk Insurance

Builders risk insurance, also known as construction insurance, is a type of property insurance that provides coverage for buildings and structures during the construction process. It protects against risks such as fire, theft, vandalism, and natural disasters like windstorms and hail. Builders risk insurance typically covers the structure being built, as well as materials, fixtures, and equipment onsite. It helps mitigate financial losses associated with damage or loss to the construction project, ensuring that builders and developers are protected financially until the project is completed and ready for occupancy.

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(361) 854-8600

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Why You Need Builders Risk Insurance

Builders risk insurance is essential for builders, contractors, and property developers involved in construction projects. Without insurance, they would be financially responsible for any damage or loss to the construction project, which could be significant. Builders risk insurance provides financial protection during the construction phase, covering costs associated with repairing or replacing damaged property, materials, and equipment. Additionally, it helps ensure that the project stays on track and within budget by providing financial security in the event of unforeseen events or accidents that could delay construction progress.

Important Questions to Ask an Insurance Agent:
  • What types of construction projects are eligible for builders risk insurance coverage?
  • What is the coverage limit for the construction project, and are there any exclusions or limitations?
  • Does the policy cover materials, fixtures, equipment, and temporary structures onsite?
  • What types of risks are covered under the builders risk insurance policy, and are there any additional coverages or endorsements available?
  • What is the process for filing a claim for damages or loss to the construction project, and how quickly are claims typically processed?
  • Are there any discounts available for factors such as safety measures or completion of safety training programs?
  • Can the policy be customized to fit the specific needs and budget of the construction project?
  • What is the deductible for the builders risk insurance policy, and how does it affect the premium and out-of-pocket expenses in the event of a claim?
  • What is the process for renewing the policy, and are there any changes or updates I should be aware of each year?
  • What is the company’s reputation for customer service and claims handling, and are there any customer reviews or testimonials available

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(361) 854-8600

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