When embarking on a home construction or renovation project, protecting your investment is crucial. One of the most effective ways to do this is through builders risk insurance. But what exactly is this type of insurance, and why do homeowners need it? Below, we answer the most common questions about builders risk insurance.
What Is Builders Risk Insurance?
Builders risk insurance is a specialized type of property insurance that covers a home while it is under construction or renovation. It protects against risks like fire, theft, vandalism, and certain weather-related damages that could occur before the project is complete.
Who Needs Builders Risk Insurance?
Homeowners who are building a new home, adding an addition, or undertaking significant renovations should consider builders risk insurance. If you’re hiring a contractor, they may carry their own insurance, but their policy may not fully protect your investment.
What Does Builders Risk Insurance Cover?
This type of insurance typically covers:
- Damage to the structure itself
- Materials and supplies on-site or in transit
- Certain soft costs, such as permit fees or architectural plans, in case of delays due to a covered loss
What Is Not Covered by Builders Risk Insurance?
While builders risk insurance provides comprehensive protection, it does not cover everything. Common exclusions include:
- General wear and tear
- Acts of war
- Employee theft
- Workmanship defects (which may require a separate warranty or professional liability coverage)
How Can Homeowners Get Builders Risk Insurance?
Homeowners can now obtain instant online quotes, instant online binding, and even an instant online insurance proposal through Carvo Insurance Group. This streamlined process ensures that your home construction project gets the coverage it needs quickly and efficiently.
How Long Does Builders Risk Insurance Last?
The duration of a builders risk policy depends on the project timeline. Policies are usually written for three, six, or twelve months, with extensions available if the project takes longer than expected.
Why Should Homeowners Choose Carvo Insurance Group?
At Carvo Insurance Group, we understand the importance of securing your investment. Our easy-to-use platform allows homeowners to receive instant online quotes and bind coverage without delays. We simplify the process, so you can focus on bringing your dream home to life.
For Builders Risk Insurance Quote
Get started today with an instant online insurance proposal. Protect your home construction or renovation project by visiting: https://carvofinancialgroup.com/builders-risk/.