Why do you need Builders Risk Insurance? It doesn’t matter if you’re building a breathtaking skyscraper or a beige-bricked strip mall, every project can face the same kind of delays that can hold up construction. So if you will not finish on time and on a budget, protecting your real-life assets should be your top priority. Our independent agents know the ins and outs Builders Risk insurance and will help you find the protection you need to push your project past the finish line.
What Is Builders Risk Insurance (A.K.A. Course of Construction Insurance)?
It is a policy that will help pay to repair, replace or recover the current value of a construction project, including labor costs if there’s damage due to a number of causes (pending coverage).
Is Builders Risk Insurance Mandatory in Des Moines Iowa?
If financing is involved, this coverage may be required. However, the stakes may be high and skipping or skimping on coverage can leave you vulnerable and at risk.
Do Homeowners Need Builders Risk Insurance in Ankeny/Des Moines Iowa?
If you’re constructing a stadium, builders risk is strongly recommended coverage, but if it’s a new house or light remodeling, coverage might be trickier. A start-from-scratch home will most likely be a solid “Yes,” but renovations to existing structures will depend on how much value you’re adding to the home. Ask an agent for guidance on suitable options.
Why Do I Need Builders Risk Insurance in Ankeny/Des Moines Iowa?
The act of building anything will always involve various things that can damage, derail or delay the project. Having the right builders’ risk insurance can keep your structure protected.
What Does Builders Risk Insurance Cover?
A builders risk insurance policy protects a construction project and almost everything that’s part of the process as soon as it’s on location. Including the actual structure.
The biggest difference between policies is what perils they protect against like fires, explosions and falling objects.
Builders risk insurance policies will fall into three different forms of coverage: basic, broad and special.
- Basic: Protects against fire, lightning, wind, explosions and etc.
- Broad: Protects against everything included in basic, as well as several additions to falling objects, water damage and a few more.
- Special: Protects against theft and everything else… except for what is included on the policy’s exclusion list.
- Uncovered Perils: The three forms of coverage will not protect against accidents, injuries and liability risks, as well as certain natural disasters like floods and earthquakes. So, those pesky perils will need separate policies.
What type of contractor insurance do you need?
- Contractors General Liability – This coverage will protect you against third party claims of property damage and bodily injury. It will also provide coverage for products, advertisement injury, operations and premises, medical payments and personal injury.
- Commercial Property Insurance – This will provide you with coverage for buildings as well as personal property.
- Builders Risk – With Builders Risk Insurance, you will be protected against physical damage of a property while it is under construction. Lenders often require this coverage prior to financing.
- Equipment Coverage or Inland Marine Insurance – This coverage will protect the equipment and large tools that you use during the course of conducting business, such as nail guns, generators, welders and other costly equipment.
- Workers Compensation – As a construction contractor, you are responsible for offering this type of coverage to your employees. In addition, you may also need this protection against subcontractors who may not have this type of coverage for their own employees when working on your projects.
- Commercial Auto Insurance – Any vehicles that are used by your company to conduct business will be required to have this coverage. Personal auto insurance policies do not usually offer coverage for automobiles that are used for business purposes. Therefore, it is crucial that you have the right protection in place.
How Much Does Builders Risk Insurance Cost in Ankeny/Des Moines Iowa?
The cost depends on the coverage and a number of other factors, one being the end value. If you’re building a drive-thru taco stand on the outskirts of town, you might only pay $200 a month, but if you’re constructing a monumental skyscraper in the heart of a city, you might be looking at $5,000 a month. The bottom line is, that cost will vary.
How Long Does Builders Risk Insurance Last?
Typically, a policy will last three, six or twelve months and can usually be extended at least once if the building is not completed. Coverage can continue for up to 90 days after completion or until ownership is transferred from the general contractor or the building is occupied.
Our goal at Densmore Insurance Strategies, Inc. is to provide insurance solutions that keep small to medium-sized businesses protected. That is why we combine various coverage options into one convenient package – for more benefits than a typical Business policy and better savings through competitive pricing. We specialize in providing Builders Risk Insurance in communities near Bondurant Iowa, Ankeny Iowa, Altoona Iowa, West Des Moines Iowa, Johnston Iowa, and Urbandale Iowa. We are licensed to serve Iowa, Florida, Missouri, Arizona, Texas, Tennessee, and Illinois.
We are licensed to serve Iowa, Illinois, Nebraska, Florida, Missouri, Arizona, Texas, and Tennessee.
Do not hesitate! Contact an insurance specialist at Densmore Insurance Strategies, Inc. today to create an insurance package that is right for you and your business.