A builder's risk policy specifically covers you while a house is being constructed from the ground up or being rehabilitated. In most cases, the building will be vacant. A normal homeowner's policy does not cover this exposure and you specifically need a builder's risk policy to properly protect against physical damage to your dwelling and liability claims while the project is going on.
If you are performing a renovation on an existing building, you will typically have a policy that pays actual cash value on the existing structure and replacement cost on the new materials that are put into the building.
If you are constructing a brand new property from the ground up, you can obtain a policy that pays replacement cost on the entire new structure. The reason being is that there is no depreciation by nature on brand new building materials.
We have a large list of markets for builder's risk policies whether you are performing a small renovation to an existing house or building a brand new multi million dollar structure.
We also have flexibility whether you are the property owner performing the renovations or if you are hiring a contractor to do the work for you.
For home renovation projects under $100,000 in new construction, we have access to American Modern & American Reliable. They offer flexible terms and coverages, allowing you to pay as you go on your project.
If you are performing a brand new building project, Zurich and Liberty Mutual offer comprehensive packages that add on a lot of nice additional features and offer full replacement cost.
And if you are working on a fire gutted house which is an issue with many carriers, we have a marketplace for that as well through Markel and Lloyd's of London.
No matter what your project is we can find a way to insure it!