 Many people understand the importance of insuring property, whether for a home or business. But the need for property insurance doesn't begin once you move into the building. The plot of land and building materials face plenty of risks during the course of construction. Fortunately, you can get coverage before the building is ready for home or business insurance.
Builder's risk insurance is designed to protect new construction projects. This includes the structure in progress and the building materials. A builder's risk insurance policy typically includes the following coverage options:
- Property Damage: This includes the new structure(s), materials, landscaping, fencing and more.
- Disasters: Protects the worksite from various disasters, both natural and manmade. These may include severe weather, fire, broken water pipes and more.
- Theft: Provides coverage for materials in the event of worksite theft. You may be required to gate in the worksite as a preventative measure in order to acquire this coverage.
- Additional Areas of Coverage can include profit, cost of plans, permits, other soft costs, change orders, etc.
During months of construction, your home or place of business can face numerous risks that could lead to monetary loss if unprotected. In fact, billions of dollars are lost every year on worksites. Builder's risk insurance helps protect your financial interests throughout the construction process. This is a smart idea for all project owners, but especially those who have a large sum of money invested in a project.
Our agents can help assess the value of your project and recommend a policy with personalized coverage limits. Contact us to learn more about protecting your unfinished construction project.
Get the right coverage for your project. Call Southwest Commercial Insurance at (512) 771-6091 for more information on Austin, TX builder's risk insurance.
Posted Monday, October 12 2015 11:00 AM
Tags : builders risk insurance, construction, protection, Austin, Texas, insurance, Austin TX insurance
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