WEDNESDAY, AUGUST 11, 2021
Most homeowners know the importance of home insurance, but your need for coverage actually begins once you buy a plot of land and start building a house on it. Builder’s risk insurance, also known as course of construction insurance, is designed to protect uncompleted construction projects, including building structures, raw materials and construction materials located at the worksite. Let’s take a closer look at exactly what this type of policy can cover.
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Property damage: Covers temporary structures, fencing, scaffolding, raw materials, equipment and heavy machinery, signs, landscaping etc.
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Property theft: Covers the theft of construction materials and equipment. In order to purchase this coverage, your insurer may require a gated worksite for extra protection.
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Disasters: Covers damages from both natural and man-made disasters, such as fire, hail, severe storms, black outs, broken water mains etc.
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Labor: Covers lost income and labor expenses following a covered event.
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Miscellaneous damages: Covers other damages, such as subpar craftsmanship, flawed construction materials and/or design etc.
What is the likelihood of you needing this coverage? Storms, wind, fire and other wonders of nature cause over $70 billion of property loss each year on worksites. The longer construction goes on, the longer your project is exposed to risks that can’t yet be covered under home insurance. Purchasing builder’s risk insurance is a smart move if you have a lot of money invested in a project and/or if the property is located in an area prone to inclement weather or theft.
Builder’s risk insurance policies typically last for three, six or twelve months, with the option to extend coverage at least once if the project is still underway. You can expect coverage to cost anywhere from one to three percent of the total anticipated construction budget.
Ask your independent agent about builder’s risk insurance and how it can help protect your next home or business venture.
Get the coverage you need. Call Wilber-Price Insurance Group at (800) 797-2016 for more information on Ohio builders risk insurance.
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