Builders Risk Insurance in Shoreview, MN
What Is Builders Risk Insurance?
Builders’ risk insurance is a specialized type of property insurance that may help cover buildings under construction, renovation, or repair against loss or damage. This insurance typically provides financial protection against various perils for the duration of the construction project.
Contact the Dean Olson Insurance Agency for a personalized builders risk insurance quote.
The cost of builders risk policies variy depending on numerous factors, including the total cost of the project, the type of construction, the location and the duration of the project. It’s generally a small percentage of the total construction budget.
To get the most accurate and cost-effective coverage, work with an insurance provider who can tailor a policy to the specific needs of your project. This ensures you’re not overpaying for unnecessary coverage but still adequately protected against risks.
Who Needs Builders Risk Insurance?
Builders risk coverage is crucial for anyone with a financial interest in a construction project. This includes property owners, general contractors, subcontractors and sometimes financial institutions financing the project.
It is also essential for new construction projects but can be critical for significant renovations as well. Builders risk coverage may help protect against losses due to fire, extreme weather, theft, vandalism and other covered incidents.
In many cases, having a builders risk policy is a contractual requirement. Beyond contractual obligations, it provides peace of mind, knowing that the substantial investment in your construction project is protected from unforeseen events and financial losses.
How to Get Covered
Contact Dean Olson Insurance Agency in Shoreview, MN, for a builders risk policy tailored to your needs.