Are you planning to either renovate a residential or commercial building or build new construction? If the answer is “yes,” then you should consider purchasing a Builder’s Risk Policy. Imagine beginning a construction project without considering this type of insurance protection and experiencing a loss midway through, only to realize how expensive the damages are. Nobody likes to consider the possibility of a loss happening, but regardless of safety measures you may take, losses can and do happen and you need to be prepared. Find out about the costs of a Builder’s Risk Policy versus a loss.
Cost of a Builder’s Risk Policy Versus a Construction Loss
Many a contractor has failed to invest in a Builder’s Risk Policy only to suffer a loss and realize that the cost of the loss far outweighed the cost of the policy. You might be surprised how little the cost is associated with the purchase of this type of insurance protection. Before you decide to set aside money in case of a loss, call your local N.Y. independent insurance agent to get a quote on a Builder’s Risk Policy that suits your specific needs.
What is a Builder’s Risk Policy?
When planning a new construction or renovation process, you need to know what this type of policy is and why you should consider it for your protection. When you begin the renovation or construction, you may have little to insure, but as the work progresses you need to consider some high value items such as HVAC, materials, hardware, appliances, and fixtures, to name a few. The coverage itself is different than you might expect because when construction begins, there isn’t much value and won’t reach the total value under the construction is complete and coverage ends. This type of coverage is designed to protect the property during construction pertaining to renovations or new construction. *Keep in mind that while your N.Y. commercial property insurance does include coverage for this type of loss, there are often specific limitations and exclusions that may apply.
Also, many forms of the Builder’s Risk Insurance provide coverage on an “open peril” basis and may even include protection for property in transit and/or another off-site location.
The value of the coverage limit is estimated to be the value of the finished project, which is why it is essential you contact us at Cameron Insurance Group so we can assist you with this and answer all your questions.
Property Typically Covered, but Not Limited to:
The property listed below is typically covered under a Builder’s Risk Policy, but sub-limits may apply.
- Property in Transit (or at an off-site location)
- Foundations and Excavations
- Scaffolding, Temporary Fencing, and Any Other Construction Items
- Building Materials/Supplies (to become permanent to the building)
- Soft Costs- These costs result from expenses that arise from delay(s) in the job completion due to a covered loss and include expenses such as legal fees, architect expenses, advertising costs, and financing.
Contact Cameron Insurance Group TODAY!
A Builder’s Risk policy provides the necessary protection you need for a nominal fee, which is priceless when it comes to protecting a new or renovation exposure. Can you afford NOT to have this type of insurance protection? Call us today at 845-627-2130 if you are planning a new construction project or renovation so that you can get the insurance protection you need and deserve. We are here for all your N.Y. business insurance needs.
