Understanding Builders Risk Insurance
If you run a construction company or are planning on having remodels conducted on your home, it is imperative that you hold the necessary insurance protection. A vital asset for both property owners and construction professionals to hold is builders risk insurance. This unique form of property insurance covers buildings that are under construction. Coverage often extends to the materials that are either being transported to the job site or are waiting to be installed.
Builders risk insurance policies are typically written in set period terms, of three months, six months, or twelve months. Typically, these policies can only be extended should the construction last longer than a year. Just like most insurance policies, there are standard coverage options that apply for most policies and standard exclusions. You can also opt for extra coverage as you see fit.
Builders risk insurance will protect you from some of the most trying perils, including:
However, just like all insurance policies, your builders risk insurance policy will come with some exclusions, including:
- Water Damage
- Weather Damage
- Employee Theft
- Government Action
- Contract Penalty
- Voluntary Parting
- Mechanical Breakdown
If you feel that you need additional coverage, there are extensions available, including:
- Property in Transit
- Property in Temporary Storage
- Fire Department Service Charge
- Debris Removal
- Sewer and Drain Backup
- Valuable Papers
Serving Staten Island and the surrounding New York metropolitan area, contact the DiForte Agency for all of your builders risk insurance needs. We offer higher-level policies that are specific to your businesses’ unique coverage needs, ensuring that the assets of your biggest investment are adequately protected.