Protect your project as it’s being built with builders’ risk coverage.
New Hampshire Builders’ risk insurance to protect your assets and your future.
Did you know you can protect your personal properties even before they are finished being built? Builders’ risk insurance coverage 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 may also be known as construction insurance or builders’ risk liability insurance in New Hampshire. Most importantly, this type of insurance can be tailored to meet the specific needs of the construction project.
Builders’ risk insurance is for homeowners, construction companies, and general contractors alike, but contractors are commonly responsible for taking out these policies. Anyone who has an interest in stake in a property under construction should be interested in this builders’ risk insurance in New Hampshire. In cases where there are multiple parties, the general contractors would be the primary insured parties while the homeowners and subcontractors would be additional insured parties.
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 New Hampshire renovation 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 while the home is under construction. Your insurance agent can help you understand what is covered and what’s excluded by your insurance company. Be open and upfront about your project so that your agent can match the insurance coverage with your needs.
Knowing that your project is protected by builder’s risk insurance in New Hampshire will bring peace of mind to homeowners and contractors both. All parties involved can rest easy knowing that they are not exposed to financial risks that could arise from unforeseen events.
Why do I need a builders’ risk insurance policy in New Hampshire for my next construction project?
The key coverage areas for house construction insurance in New Hampshire are damage caused by events such as fire and hail storms. You’ll also normally be covered for theft, vandalism, and damage caused by vehicles or an aircraft hitting the building.
Builders’ risk insurance in New Hampshire may cover damages or losses to your building or structure, as well as building materials, equipment, and tools on the construction site. If you have building materials that are stored off-site and were damaged or lost in transit, then those items could be covered in your plan. Certain expenses related to construction cleanups and debris removal can also be covered.
Construction materials for a new property can be expensive and if any damages or losses occur, that can be a substantial loss to homeowners and contractors. This is one of the reasons why builder’s risk insurance in New Hampshire is important for new home builds.
To make sure builders’ risk 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 in builders’ risk insurance in New Hampshire.
It’s important to know what builders’ risk insurance doesn’t cover. Unless specifically stated, covered losses won’t include specific increased risks. It also doesn’t cover injuries suffered by workers, meaning you’ll still need any legally-required workers’ compensation insurance coverage, as well.
Builders’ risk insurance for homeowners in New Hampshire will have varying coverage based on your plan. It may be possible to extend this coverage to include things like soft costs that can delay construction. Coverage may also be extended to notable documents and information like blueprints or specifications that may become lost or damaged.
As the process of building a new property can be expensive, it’s important to have protection for hard work and investment. Builder’s risk insurance is convenient and customizable, providing the protection you need on every project.
For more information and a builders’ risk insurance checklist, read our article.
If builders’ risk insurance in New Hampshire sounds right for you, contact us today for a builders’ risk insurance quote.
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