Builders Risk Insurance in Gainesville, GA
Structures being worked on are subject to many risks and perils, and those with vested interest in projects must take steps to protect themselves financially. This introduces the need for a type of insurance called builders risk insurance. Whether working with a building being constructed from the ground up or renovated, understanding and acquiring this type of coverage should be a top priority.
What Is Builders Risk Insurance?
As its name suggests, builders risk insurance is a specialized type of property insurance for structures being worked on. These policies establish a binding agreement between policyholders and insurance companies that may help project owners, contractors and other parties recoup financial losses following a covered incident.
What Does Builders Risk Insurance Cover?
Builders risk insurance can provide financial protection from many common perils that may threaten homes, businesses and other properties, including fires, theft, burglary, vandalism and certain severe weather incidents. For homeowners, understanding builders risk vs homeowners insurance is integral to ensuring appropriate coverage.
Although the exact capabilities of builders risk insurance may vary depending on policy and insurance provider, coverage can generally help pay for losses and damages involving the following:
- Structures, such as buildings’ roofs, walls and foundations
- Temporary structures, such as fences and scaffolding
- Inventory and equipment, such as building materials and tools being stored on the job site
- Important paperwork, such as blueprints and specifications
- Business interruption losses, such as additional contractor fees and real estate taxes made necessary by delays
How Much Builders Risk Insurance Do I Need?
Like many types of insurance, a policyholder’s exact builders risk insurance coverage needs may be unique. When assessing the circumstances of a project and composing an appropriate policy, the following criteria should be considered:
- Total cost of the project
- Estimated duration of the project
- Contractors’ experience levels
- Building materials used
Who Buys Builders Risk Insurance?
A builders risk insurance policy should list all stakeholders as insureds, including property owners, developers, general contractors, subcontractors and architects. In many cases, the general contractor for a project is tasked with purchasing builders risk coverage; however, this may vary among jobs.
Get the Right Coverage
At Craddock Insurance Services, we have over 20 years of experience helping homeowners, businesses and families assess and address their coverage needs. We will work with you to help you understand various builders risk insurance coverages and acquire an optimal builders risk insurance policy. Contact us today to get started.