If you’re planning a new construction project, you’ll need protection from the risks associated with building the structure. Whether you’re a homeowner, builder, retail company, or contractor, you’ll need a comprehensive builders risk insurance policy to ensure your project remains protected. At Evans, Ewan & Brady Insurance Agency, our team provides the builders risk insurance products that you need to safeguard your building project.
EEB’s builders risk insurance policies are custom-tailored to your unique needs. We’ll help you identify the coverage options you need to create a personalized policy that you can afford. Contact our team to apply for one of our builders risk insurance policies today.
Understanding Builders Risk Insurance
What Builders Risk Insurance Covers
Builders risk insurance is a policy that provides coverage for buildings and structures that are actively under construction. Your policy will list the specific property type that’s covered along with the specific causes of loss and coverage extensions that the policy covers. These may include the following:
- Causes of Loss: Standard coverage typically includes fire, lightning, explosion, vandalism, theft, sprinkler leakage, hail, smoke, windstorm, aircraft or vehicle collision, and riot or civil unrest.
- Additional Coverages: The most common additional coverages include others’ property; trees, shrubs, sod, and plants; debris removal; pollutant cleanup and removal; electronic data and project documents; legal changes; replacement costs; profit coverage; property preservation; fire department service charges; contract delays; expedited service expenses; modular unit coverage; equipment testing; and cost escalation protection
How Much Insurance Do You Need?
The amount of insurance you need largely depends on the properties you wish to cover, the persons you plan to insure, the locations you wish to insure, and how long you need coverage. Depending on the risks associated with the location where your building project takes place, you may wish to add more robust coverages. Consult with your EEB builders risk insurance specialist to find out how much insurance you need.
What Factors into Builders Risk Insurance Cost?
There are a number of different factors that determine the cost of your builders risk insurance premium. These include:
- Project type
- Building type
- Square footage
- Material & build quality
- Project cost estimate
- Covered parties
- Policy extensions
- Coverage limits
- Coverage duration
Refer to your policy guidelines and consult with your EEB representative to understand the cost for your coverage.
Why Choose EEB Builders Risk Insurance?
For nearly 100 years, our expert team of insurance underwriters has provided the highest-quality products and services to our clients. We are dedicated not only to offering the most robust coverage but also to educating our clients on what products will provide the greatest value to them. Our team works exhaustively to find you the best deal with the best coverage possible. Contact us to discover what builders risk insurance policies may be available for your Austin metro area building project!
Builders Risk Insurance FAQs
Do you need builders risk insurance?
Yes — most times, building projects are financed through a lender, and the majority of lenders will require you to have a builders risk insurance policy to get started. Even if you’re not financing your building project through a lender, it’s a good idea to secure a builders risk insurance policy prior to beginning construction.