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Building insurance is a vital part of a construction project.  It is the primary way of protecting the significant investment that goes into construction. For less than 5% of the project cost, you can get property replacement coverage for the whole venture.


This can protect all participants in the project and means you will be able to complete the project even when loss events occur.


Builder’s Risk Insurance Is Property Coverage

This building insurance is property replacement coverage and applies to certain types of construction.  This includes new buildings as well as the refurbishment or renovation of existing ones.  It covers many loss events and is tailored to the needs of your project.


There are typical things included in a policy because these are common risks facing most projects.  However, each policy’s customized for the particular client and project.


Things included in a Builder’s Risk Policy

  • Property replacement.  This is the most important aspect of the policy. This covers the property for the cost of replacement or repair if idamaged during the construction process.


  • Theft.  One of the biggest complaints on a construction project is the theft of tools, materials and equipment. This can occur even on a well secured site.


  • Vandalism.  Builder’s Risk can provide coverage for damage by vandals to the building, fixtures, materials or equipment


  • Fire. There are upwards of 4800 fires on construction sites every year, according to U.S. Fire Administration.


  • Adverse weather. A typical policy can include coverage for wind and hail damage. High winds can be especially damaging during construction as some structures are temporary and unsecured. With this in mind, speak with one of our agents if your project is located in an area prone to hurricanes  and flooding to check if this risk is covered.


  • Removal of debris and clean up.  This building insurance will pay for the required removal of debris and/or salvage as a result of a covered loss event. Moreover, it could also pay for the clean up of your site if it is contaminated in a covered  accident.


  • Soft costs.  You can include soft costs in your policy.  These are things like the cost of architects, project expeditors, accountants, legal professionals and marketing costs.  It can even include protection of profits.


  • Building ordinance change.  During the building process changes to the building codes can cause delays to construction and require changes to your project.  Subsequently, your Builder’s Risk Insurance can help with the cost of these delays.


Farmer Brown Insurance will tailor your building insurance policy for you

John Brown President Farmer Brown Insurance (888) 973 0016

John Brown – President

This list of possible coverage is not a complete list and there are other things that could be included. Hence, our agents at Farmer Brown Insurance will talk you through what should be included in your policy and alert you to any exclusions. We have the expertise and experience to get you the right coverage for your needs. Speak with one of our agents  today on Farmer Brown Insurance on (888) 973-0016. Protect your investment.


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