Understanding the Upsides of Getting Builders Risk Coverage

Whether you’re a contractor or a future homeowner, starting a home construction project or another major type of construction project may require you to secure thorough builders risk insurance. Without builders risk coverage, you could be vulnerable to serious financial hits during the construction process. Here are just a few of the upsides of this insurance type.

You Can Get Proceeds for a Range of Common Building Risks and Incidents

If you suffer a range of unexpected losses during the construction process, your builders risk coverage may provide compensation for those losses. This means that you get built-in protection for a range of common building risks and unwanted incidents, including:

  • Lost lease or rental revenue
  • Property damages
  • Delayed start-up or completion
  • Missing project materials

It May Help Protect Your Construction Project From Frequent Challenges

When you have adequate builders risk protections in place, you can gain peace of mind knowing that you have a safety net. This could help protect your construction project from a number of frequent challenges such as:

  • Going over the budget due to tight timelines
  • Having to repurpose existing buildings or structures on the property
  • Being vulnerable to lawsuits alleging negligence and/or liability issues

Before you embark on your next construction project, make sure you’ve secured adequate builders risk insurance coverage. This insurance could help provide protections against a range of common risks, and could even provide financial benefits for certain incidents.