Looking for Builder’s Risk Insurance in Lynnwood, Washington?
Builder’s Risk Insurance, sometimes called Course of Construction Insurance, is a type of commercial property insurance designed to protect buildings that are under construction or undergoing significant renovations.
This coverage can include just the structure itself or extend to materials on-site, awaiting installation, or being transported to the job site.
A builder’s risk insurance policy covers damages up to the policy’s coverage limit. It’s essential that this limit accurately represents the total completed value of the structure, including all materials and labor costs but excluding the land’s value. The construction budget is typically the best tool for determining the proper coverage limit.
Builder’s risk insurance policies are often available in terms of three months, six months, or 12 months. If your project isn’t finished within the policy period, you may be able to extend the coverage—though this is typically limited to a one-time extension.
What Does Builder’s Risk Insurance Cost?
Builder’s Risk Insurance provides protection against a range of potential damages to the insured structure. Most policies include coverage for damage caused by:
- Fire
- Wind (coverage may be limited in coastal areas)
- Theft
- Lightning
- Hail
- Explosion
- Vandalism
- Vehicles or aircraft
It’s essential to review your builder’s risk insurance policy to understand its limitations and exclusions. While limited coverage may be provided for collapse, standard exclusions typically include:
- Earthquake
- Employee theft
- Water damage
- Weather damage to property left in the open
- War
- Government actions
- Contract penalties
- Voluntary parting
- Mechanical breakdown
A key exclusion involves damage caused by faulty design, planning, workmanship, or materials, so be sure to review this provision carefully. In some areas, additional coverage for earthquake and flood damage may be available for purchase.
How to get started with your Builders risk Insurance Comparison
No two businesses are the same, so it’s important to speak to a qualified Business Insurance professional like us, who can sift through your various options. The last thing you want is some cookie-cutter policy that’s riddled with exclusions and limitations.
Choosing an Independent Agent
Are you looking for business insurance in Lynnwood, WA? We are a local insurance independent agent protecting all aspects of your life, from your business to your autos and home, we have you covered! The benefit of choosing an independent agent like us means options. We have relationships with many top rated carriers to give you the auto insurance coverage you need that fits your budget. Don’t wait, call us today at (425) 771-9000 or visit our Quotes Online and start saving money.