Builders Risk Insurance
Make sure you understand what you are buying when you get your builders risk insurance policy. There are many things that you need to know when getting quotes. Not all policies are the same. In California, there are differences in the coverage offered, policy terms, expiration process, and minimum earned premium between many of the builders risk and course of construction policies that are available.
We are here to help you understand what coverage is available and from there you will be able to choose what is best for the project that you are working on. Whether you are working on a full new construction, a remodel, or an addition we can help and you policy should be custom tailored to meet your needs and the needs of the project in general.
The standard builders risk policy in California is designed to cover the total cost of the build in the event of a loss from fire. When you get a quote for a builders risk insurance policy the agent or broker will ask the total rebuild cost of the building before the project begins and what it would be once the project has been completed. Your policy can be written to cover the existing structure that is in place before the policy starts, if there is any, and will cover up the total rebuild cost of the structure upon completion of the policy.
What Are The Differences In Coverage For California Builders Risk Policies?
Liability - Not all builders risk policies will offer general liability or personal liability protection from bodily injury or property damage that happens on the job site. It is crucial that you work with your agent or broker to see what is included in your California Builders Risk policy.
Depending on the project and the control over the job site, many builders risk policies are designed specifically to cover the structure that is been completed at the time of the loss and they will not offer liability protection for injury. This is normally for situations that there is a fully insured and licensed contractor that will be taking care, custody, and control over the entire property. When this happens, depending on the contractors insurance policy, the liability that the contractor carries will be primary for the location during the build. This means that if there is any type of injury or property damage that his policy will be primary for claims. It is very important that there are no assumptions made for this though. It is the property owners responsibility to ensure that they confirm, in writing, that the contractors policy will be primary and non contributory and also that they are listed as an additional insured for any damages. If this is not the case, then the property owner should secure their own liability protection.
It is more common for the property owner to carry their own liability protection on the California builders risk insurance policy when they are doing a room addition or a remodel project. In these cases, the contractor is not taking control of the entire property and not having liability coverage could be detrimental. The absence of a standard home policy can leave a huge exposure and could leave your livelihood unprotected and a loss could put all of your personal assets in jeopardy.
- Building Material Coverage - It is very common for there to be theft of construction materials from job sites here in California. This has been a problem that has been increasingly growing since the downturn in the economy and the simultaneous increase in building material cost. Many builders risk insurance policies offer coverage for theft of building materials from a fully secure job site. In most cases coverage will be offer in limits normally up to $25,000. For most projects this will be a sufficient amount of coverage for materials that are on site that have not been added to the structure permanently since most builders only have materials delivered as needed. If you are in need of a higher limit of coverage you can talk to an agent or broker and request it.
How Do I Get A California Builders Risk Insurance Quote?
Getting a quote is easy. All you need to do is fill out the online form or speak with one of our service specialist today. Even if you have already gotten quotes from other companies you may want to consider what we have to say before you move forward with your purchase. We can shop your policy with several companies to better ensure that you are getting the most comprehensive policy available at the most competitive rate. Please make sure that you tell your friends about our prices and service. We can also help with other types of property coverage such as California landlord insurance and vacant land insurance.
