Looking for Builders Risk Insurance in Texas?
Builder’s Risk Insurance, which some refer to as Course of Construction Insurance, is a form of commercial property insurance which covers a building where the building or insured area is presently being constructed or heavily remodeled.
It can cover just the structure, or also the materials on site waiting to be installed or transported to the job site.
What Does Builders Risk Insurance Cover?
The builder’s risk insurance policy will pay for damages up to the coverage limit in the policy. The limit must accurately reflect the total completed value of the structure (all materials and labor costs, but not including land value).
The construction budget is the best source for determining the appropriate limit of insurance.
Builder’s Risk insurance policies can often be purchased in terms of three-months, six-months, or 12-months. If the project is not completed by the end of the initial policy term, it can often be extended, but usually only one time.
How Much does Builders Risk Cost?
The builders risk policy will provide coverage for damage done to the insured structure from a wide variety of events.