Are you looking for the best cheap Builder’s Risk Insurance? Builder’s Risk Insurance costs an average of $100 to $500 for every $10,000 in construction costs, exempting the land value. You might have seen several Builder’s Risk Insurance policies with varying prices online. But, do you know how to choose the one with the best coverage and price for you?
This article will help you understand what a Builder’s Risk Insurance policy should cover, and why the costs differ. We will show you that a cheap Builder’s Risk Insurance policy with us, still means you can get the best coverage for your requirements.
What Does Builder’s Risk Insurance Cover?
Your Builder’s Risk Insurance helps pay for any loss during the construction process. The people who usually take out this insurance are builders, homeowners, contractors, schools, and retail companies.
However, Builder’s Risk Insurance policies do not cover liabilities and the well-being of construction workers.
Here’s a list of what Builder’s Risk Insurance covers:
- Damaged tools, equipment, and investments
- The construction from ground-up
- Damage from elements like wind, rain, and fire
- Removal of accident debris
- Loss of valuable papers and electronic data
- Loss due to changes in building law
- Damage to surrounding buildings
Note that not all Builder’s Risk insurance policies cover all these potential risks. It’s important to remember that not all cheap Builder’s Risk Insurance quotes will offer this coverage. Let’s look at some of the factors that determine the cost of your insurance quote.
How You Get a Cheap Builder’s Risk Insurance Quote
Your Builder’s Risk Insurance is about 1% to 5% of the cost of construction. You should check the percentage of the insurance company charges to know the policy is cheap. If your construction costs are high, you will get a higher quote.
However, several other factors determine your Builder’s Risk Insurance quote.
- Length of Time: If your construction project takes a long time, your insurance cost becomes higher. The quote for a 12-month project is substantially higher than for a 3-month project.
- Risks: Constructions in certain geographical locations are more likely to suffer loss. Therefore, the quotes for such buildings’ Builder’s Risk Insurance are higher.
- Coverage: A typical Builder’s Risk Insurance policy does not cover soft costs, acts of God, and other optional coverages. You can, however, add this coverage to your policy at an additional cost.
- Construction Type: Frame structures can easily get damaged by wind and fire. This factor makes buildings with this structure more expensive to insure compared to masonry constructions.
Comprehensive, Cheap Builder’s Risk Insurance Quote
Construction is an industry where loss is almost inevitable. A Builder’s Risk Insurance policy helps you cover the costs of these losses. We would like to give you a reasonable, fast, and cheap Builder’s Risk Insurance quote. At Contractors Liability, we know a lot about construction insurance. We have all it takes to handle your insurance needs to suit your budget. Give us a call today on 866 225 1950