Builders Risk Insurance

Looking for Builders Risk Insurance in Lake Orion?

Looking for a builders’ risk (BR) quote in our area?  We have some of the best carriers in the area that offer builders’ risk coverage!  

A builders’ risk policy is a form of commercial property insurance which covers a building that is under construction or being heavily renovated/remodeled.  It typically covers just the structure or you can add materials on site waiting to be installed or materials being transported to the site. There are many additional coverage options to add!  The policy will pay for damages to the structure up to the policy limit. The limit must accurately reflect the total completed value of the structure (all materials and labor costs included, but not including the value of the land).  

You can often purchase a BR policy in terms of three months, six months or twelve months.  Coming close to your current BR term ending? That’s ok. You can request an extension. These are on an approval only basis and must be requested well in advance of the 12 month deadline to avoid a lapse in coverage but typically the carrier allows for a three month extension but this varies based on job size, completed value amount and other underwriting requirements and again, is only available upon approval.  

Are you a homeowner that has already started a project and realized that your homeowners policy doesn’t cover major renovation projects?  We have a carrier for you! Contact us today to see if you qualify for a BR project that has already gotten started!

How much does a Builder’s Risk Insurance cost?

The BR policy will provide coverage for damage done to the insured structure from a variety of events.  Damage from the following events are typically covered under most policies:

  • Fire
  • Wind (may be limited in some areas)
  • Theft (check policy for details)
  • Lightning
  • Hail
  • Explosion
  • And more!

You should read your BR insurance policy to be familiar with its limitations and exclusions.  Limited coverage is provided for collapse. 

Standard exclusions include:

  • Earthquake
  • Employee theft
  • Flood
  • Water damage
  • Weather damage to property in the open
  • War
  • Government action
  • Contract penalty
  • Voluntary parting
  • Mechanical Breakdown

There are other important exclusions so we recommend that you read the policy in its entirety as it excludes coverage for damage results from faulty: design, planning, workmanship and materials.  Earthquake and flood coverage may be purchases in some areas.

How to get started on your Builders Risk quote

You can either call our office, or start your quotes below, and submit some basic information. Either way, we’ll make the process as simple as possible!

Request Your Proposal Here

Are you ready to save time, aggravation, and money? The team at J Jacobs Insurance is here and ready to make the process as painless as possible. We look forward to meeting you!