Builders Risk Insurance in New Hampshire

Protect your project as it’s being built.

New Hampshire Builders risk insurance to protect your assets and your future.

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Did you know you can protect your properties even before they are finished being built? Builders risk insurance protects from risks like fire, theft, and more.

Do you have a New Hampshire building and renovation project under construction? Then you need builders’ risk insurance.

Builders risk insurance is effectively a form of property insurance that covers the period while the property is still under construction. It’s possible for the property owners to take out such a policy, though more commonly, it’ll be a policy they insist the contractors take out. There is a lot of new construction throughout New Hampshire, along with home renovations. It’s essential that both the homeowner and contractor understand the need for builders’ risk insurance to provide coverage during the construction phase. Contractors and homeowners should discuss their policies to make sure that there are no gaps in coverage. Your agent can help you understand what is covered and what’s excluded. Be open and upfront about your project so that your agent can match the insurance coverage with your needs.

What do I need a builders risk policy for my next New Hampshire construction project?

The key coverage areas are damage caused by events such as fire and hail storms. You’ll also normally be covered for theft, vandalism (though not by your employees), and damage caused by vehicles or aircraft hitting the building. To make sure coverage levels are adequate, policies are often set at a fixed percentage of the total construction budget. You’ll need to check how long the policy runs as it typically won’t allow repeated extensions of the construction timeline.

Coverages that are not included.

It’s important to know what builders’ risk insurance doesn’t cover. Unless specifically stated, it won’t cover specific increased risks such as flooding on a beachfront construction or earthquakes near a fault line. It also doesn’t cover injuries suffered by workers, meaning you’ll still need any legally-required workers’ compensation insurance coverage, as well.

For more information and a builders’ risk insurance checklist, read our block article.

If builders’ risk insurance sounds right for you, contact us today for a quote.

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