Roberts Insurance Group Blog
Builders' Risk Insurance in Georgia- What Is It? And How Do You Make Sure You Have The Right Coverage Without Overpaying?
Builders' Risk - Also Known As Construction Insurance
Builders' Risk Insurance is an insurance policy that covers a builder or contractor's property, construction materials, and equipment while a project or building is under construction.
In today's world, legislation has been passed in most states that require builders or contractors to purchase a builders risk policy, especially when it relates to commercial construction and new home developments.
So How Does Builders' Risk Differ From Commercial Property Insurance?
The big difference between a Builders' Risk policy and a Commercial Property policy is that a Builders' Risk policy is tailored to a specific job or project and will cover the property and materials from the beginning stages of the project all the way to the project completion.
A standard Commercial Property policy WILL NOT cover the risk specific to building or renovating, which is why you need a Builders' Risk policy.
This includes things like damage to the construction site due to weather events or vandalism. For instance, if your company is constructing a building and half way through the construction, a tornado wipes out the building entirely, a Builder's Risk policy is THE ONLY policy that is going to pay for the loss and reconstruction. A Commercial Property policy WILL NOT cover that.
How Much Should You Be Paying For Builder's Risk Insurance In Georgia?
This is a difficult question because there are many factors that play a role in the rate and pricing. The cost of the policy are generally going to be 1-2% of the total construction budget but can sometimes be less depending on what kind of carrier access your broker has. Some of the other factors include:
Builders' Risk Coverage Specifics
Who Pays For The Builders' Risk Policy?
Types of Builders' Risk Policies
Things to Know Before You Purchase A Builders' Risk Policy
Builders' Risk policies are not your typical "standard" commercial insurance policies. Every project is unique and your Builders' Risk policy needs to be tailored to fit your project's needs.
This is where The Roberts Insurance Group can help.
We specialize in working with contractors and construction projects all around Georgia and can make sure your project is getting the very best coverage for the very best price.
Give us a call at 678-250-8133 to see how we can help with your Builders' Risk policy!
The Roberts Insurance Group is a Georgia Insurance Broker specializing in commercial and personal insurance for our clients throughout the state of Georgia. We help our clients lower their cost of insurance with our superior claim and risk management expertise and our extensive carrier access. We are in the business of building relationships with our clients to help them grow and succeed. Contact us today to see what we can do for your family or business.