Builder’s risk insurance is a policy that is designed to provide coverage for buildings while under construction. It covers the contractor’s interest in materials at the job site before they are installed, materials in transit intended for the job, and the value of the property being constructed until it is completed and accepted by the owner. The policy may be written to cover the whole structure for new construction or the cost of remodeling and renovation projects.
Builder’s risk insurance is usually written in the name of the contractor or the property developer, but it could also be in the name of the property owner if he is responsible for insuring it while the property is under construction. Both commercial and residential construction sites might be covered under a builder’s risk insurance policy.
A builder’s risk insurance policy is essential for people who have a financial interest in property construction, either commercial or residential. It doesn’t mean only new construction, but also any remodeling or renovation project.
Strate Insurance Group offers free, comparative quotes on builder’s risk insurance from multiple insurance carriers so you can get the best possible rate.
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