Please complete our Minnesota Builders Risk Insurance quick quote form or call 952-469-0425.
There’s a wide variety of threats that a building can be exposed to harming its structure, like vandalism, fire, or floods, to name a few. Purchasing builders’ risk insurance in Minnesota can help protect you.
There’s always the risk of something happening when a building is under construction; risks such as the theft of building materials of materials or hail. It’s best to set up and buy the builder risk policy before starting the build, and lenders would require this policy to be in place before giving the funds for financing.
Let us suggest measures to help reduce the number of threats you face during construction. Our builder’s risk insurance specialists are also familiar with general liability, workers’ compensation insurance, commercial auto, and bonds.
Received free Builders Risk Insurance quotes from our professionals at ContractorsPolicy. We work with multiple insurance companies and will find you the best deal now. Let us help you; call 952-469-0425 to get a free quote.
What Is Builder’s Risk Insurance?
Builder’s Risk Insurance, also called course of construction insurance, protects you should your building suffer any damage and provides coverage for many types of losses. These policies are for builders, property owners, landowners, and those who fund a project, and some contractors may get one to exercise greater control over each job.
By design, Builder’s Risk Insurance policies are for new constructions and not for remodeling existing buildings. However, policies can be purchased for remodeling & installation too. When remodeling and reconstruction, buildings generally come under property insurance. But, builders’ risk policies for the amount above and beyond the existing structure are often purchased.
Before you start work on any such project in Minnesota, please consult us to ensure that you have the proper protection at the best price.
Builders Risk Insurance can cover:
- Property owners or Homeowners
- Builders
- House Flippers
- Contractors
- Investment companies or development
- School district
The Coverage Offered by Builder’s Risk Insurance
The policy covers persons or organizations’ insurable interest in the structure, materials, fixtures, and any equipment installed or waiting for installation. The coverage is during the construction or renovation of a structure or building if these things should become damaged or suffer a physical loss due to a covered peril.
Builders’ risk policies vary from company to company. The main concern is fire, which all policies cover.
A comprehensive insurance policy may offer:
- Theft and vandalism coverage
- Windstorms,
- Soft costs,
- Ordinance and law
- Business income and extra expense
- Construction materials
- Temporary structures
- Fencing
- Scaffolding
- Subdivision signs
- Landscaping
Commonly excluded from coverage (but are not limited to)-
- Any losses caused by amendments to law or ordinances
- The land’s value
- Losses caused by war, actions by civil authorities, or nuclear hazards
- Damage caused by earthquakes
- Damages exceeding the value of the insurance
- Employee theft
You aren’t likely to face most of these exclusions while carrying out a regular construction project in Minnesota. When new work is carried out, the value of the land is the only thing that can see changes. It shall have to be taken into account the next time preparations are made for taxes.
The Length of Builder’s Risk Insurance Policy
Your policy should stay in force until the construction is over, then, it must be switched to regular property insurance. When construction is considered over may vary. It may occur even when finishing work like painting hasn’t yet been done. It may also occur when the building opens for business or during the conclusion of the contract with the construction company. You may be worried about any damage in the interim period—suppose between the end of construction and the building opening for business.
We suggest you talk to our agents in Minnesota to ask for an extension of the coverage.
What’s the Cost of Builder’s Risk Insurance?
When completed, the total estimated value of the building or structure decides the cost of your builder’s risk policy. The cost can be $500 to $1,000’s per year. The building value and construction types can vary greatly, and that’s why you need to get in touch with us at 952-469-0425. Get coverage that fits your needs perfectly at a competitive rate.
Is Builders Risk Insurance Needed?
The period between the groundbreaking ceremony and the ribbon cutting is fraught with risks. It’s wise to have your business adequately insured if you have any financial stake in a building, big or small.
There are a lot of threats that a building faces. Should anything untoward occur, you would end up paying from your own pockets, which could ruin you financially. That’s what makes getting insurance not just wise, but necessary.
Using experienced professionals is a wise move. Let us take care of this builder’s risk insurance policy for you quickly and affordably.
We understand that you have a lot of queries about Builder’s Risk Insurance. You are keen to know how much you are protected from the threats your construction project faces with Builder’s Risk Insurance. We at Contractors Policy in MN shall be happy to answer all your questions. Feel free to call us at 952-469-0425 and talk to our friendly and courteous staff. Let us patiently answer your queries and provide you with the best policy that suits your needs.
