Protect Your Construction or Renovation Project
Builders risk insurance can help protect a structure and covered materials while work is underway. Peak Insurance helps property owners, builders, and contractors compare available policies for eligible projects in Pennsylvania, New Jersey, Texas, and Florida.
Tell us what you are building, where the work is taking place, and when construction begins. We will help you review the available terms and request a quote.
What Is Builders Risk Insurance?
Builders risk insurance, also called course of construction insurance, is temporary property coverage designed for a building while it is being built or renovated. Depending on the policy, it can protect the structure and covered materials from physical loss during the construction period.
It differs from a contractor’s general liability policy. Liability insurance addresses certain claims from others; builders risk focuses on covered physical damage to the project itself.
Who May Need a Policy?
- Homeowners building a new home or undertaking a major renovation
- General contractors and builders responsible for project property
- Real estate developers and investors
- Commercial property owners constructing or renovating a building
- Lenders or other parties whose contracts require project coverage
The construction contract often determines who purchases the policy and which parties need to be named. We can review that requirement with you before coverage is bound.
What Can a Builders Risk Policy Cover?
Coverage varies by carrier and form. Commonly reviewed items include the building under construction, materials intended to become part of it, and certain fixtures or equipment awaiting installation. Depending on the policy, coverage may be available for materials at the job site, in transit, or at temporary storage locations.
Fire, theft, vandalism, wind, and hail may be addressed by the policy, subject to its terms, limits, deductibles, and exclusions. Flood, earthquake, windstorm, delay-related costs, debris removal, and ordinance or law coverage may require specific endorsements, separate limits, or another policy. We will identify these questions when comparing options.
Important Gaps to Review
A builders risk policy generally does not replace general liability, workers’ compensation, or coverage for a contractor’s tools and equipment. Policies may exclude faulty workmanship or design, ordinary wear, and certain water, flood, or earth movement losses. Some forms limit coverage once a building is occupied, put to its intended use, or construction is complete.
Review the start and end dates, project value, renovation versus new construction, vacant or occupied conditions, coastal exposure, and any lender requirements. Actual coverage is determined by the issued policy and endorsements.
What We Need to Prepare a Quote
- Project address and type of construction or renovation
- Estimated completed value, construction budget, and any existing structure value
- Planned start date and expected completion date
- Scope of work, materials, and construction method
- Owner, contractor, lender, and parties to be insured
- Details about occupancy, security, prior losses, and requested coverage options
Have plans, a contract, or a lender’s insurance requirements? Send them with your request so an agent can review the right policy terms.
Builders Risk Questions
Is builders risk required?
There is no single requirement for every project. A lender, owner, or construction contract may require it. Check the written contract and loan documents before work begins.
Can it cover a renovation?
Often, yes, but the existing building and renovation work need careful review. Tell us whether the property will be occupied during construction and whether the existing structure needs coverage.
Does it cover tools or injuries?
Do not assume so. Contractor tools and equipment and liability for bodily injury typically call for different policies. We can discuss the separate coverage you may need.
How long does coverage last?
Policies are usually written for the expected construction period. Extensions and when coverage ends depend on the form, completion, occupancy, and policy conditions. Notify your agent if the schedule changes.
Protect the Project Before Construction Starts
Peak Insurance is an independent agency based in Philadelphia and serves clients in PA, NJ, TX, and FL. We can help you compare available builders risk options and review the details that matter for your project.
Call 855-449-8552 or email info@PeakInsuranceUSA.com to discuss your project.
