Looking for Builders Risk Insurance in Iowa & Nebraska?
Builder’s Risk Insurance is a form of commercial property insurance which covers a building when the building or insured area is presently being constructed or heavily remodeled.
It can cover just the structure, or also the materials on site waiting to be installed or transported to the job site.
The builder’s risk insurance policy will pay for damages up to the coverage limit in the policy. The limit must accurately reflect the total completed value of the structure (all materials and labor costs, but not including land value).
The construction budget is the best source for determining the appropriate limit of insurance.
Builder’s Risk insurance policies can often be purchased in terms of three months, six months, or twelve months. If the project is not completed by the end of the initial policy term, it can often be extended, but usually only one time.
What does Builder’s Risk Insurance cover?
The builders risk policy will provide coverage for damage done to the insured structure from a wide variety of events.
Damage from the following events may be covered by most policies:
- Fire
- Wind (may be limited in coastal areas)
- Theft
- Lightning
- Hail
- Explosion
- Vandalism
- Vehicles/Aircraft
You should read your builder’s risk insurance policy to be familiar with its limitations and exclusions.
Standard exclusions may include:
- Earthquake
- Flood
- Employee theft
- Water damage
- Weather damage to property in the open
- War
- Government action
- Contract penalty
- Voluntary parting
- Mechanical breakdown
An important exclusion which should be read in its entirety excludes coverage for damage resulting from faulty: design, planning, workmanship and materials. Earthquake and flood coverage may be purchased in some areas at an additional premium cost.
How to get started on your Builders Risk quote
You can either call our office, or start your quotes below, and submit some basic information. Either way, we’ll make the process as simple as possible!