Builders Risk Insurance (Course of Construction) for Home Owners

Protection for Your Renovations and Additions

If you’re a home owner planning to undertake renovations or additions to your property, you may be aware of the risks involved. From natural disasters to theft and vandalism, there are many potential hazards that can cause damage to your project and put your investment in jeopardy. That’s why builders risk insurance, also known as course of construction insurance, is an essential coverage for any home owner undergoing renovations or additions.

What is Builders Risk Insurance (Course of Construction)?

Builders risk insurance, also known as course of construction insurance, is a type of property insurance that provides coverage for buildings and other structures under construction. This coverage protects against damage or loss to the building and materials during the construction process. This includes coverage for things like natural disasters, fire, theft, and vandalism. Additionally, it also includes coverage for home owners who are undergoing renovations or additions to their property. It is called course of construction insurance because it covers the entire duration of the construction project, from the time the ground is broken to the time the structure is completed.

Why Do You Need Builders Risk Insurance (Course of Construction)?

Builders risk insurance (course of construction) is important for several reasons. First, it helps protect your investment in the renovation or addition project. If something unexpected happens, such as a natural disaster or theft, you’ll have coverage to help repair or replace the damaged property. This can help keep your project on track and minimize any financial losses.

Additionally, many lenders and mortgage companies require builders risk insurance (course of construction) as a condition of financing or investing in a construction project. Without this coverage, you may not be able to secure the funding you need to move forward with your project. It is important to note that lenders and mortgage companies require builders risk insurance as a way to protect their own investments in the project, as well as to protect home owners who are undergoing renovations or additions to their property.

Coverage and Options

Builders risk insurance (course of construction) can be customized to meet the specific needs of your renovation or addition project. Some common coverages include:

• Fire and lightning
• Windstorm and hail
• Explosion and collapse
• Theft and vandalism
• Water damage
• Course of construction
• Renovations and additions

As an experienced broker, I can help you find the best possible coverage for the best possible pricing. I will work with you to understand the unique risks associated with your renovation or addition project and find a policy that meets your specific needs and the requirements of lenders and mortgage companies. Contact me today to learn more and get a quote for your builders risk insurance (course of construction) as a home owner.