Why Builders Risk Insurance is Critical for Contractors and Property Owners
Whether you’re building a home, renovating a commercial space, or managing a large-scale development, Builders Risk Insurance is a must-have for protecting your investment. Traditional property insurance won’t cover a structure while it’s under construction, leaving a critical gap in protection. This insurance is designed to safeguard your project from unexpected risks such as fire, theft, vandalism, and certain weather-related damages.
What Does Builders Risk Insurance Cover?
An incredibly versatile insurance, it can be customized to meet your project’s unique needs. It provides coverage for materials, equipment, and even existing structures during renovations. Many policies also include a “change order endorsement,” which adjusts your coverage if the value of your project increases due to upgrades or alterations.
In addition to protecting the physical aspects of your project, it can also help cover soft costs, such as architectural fees, engineering expenses, and permits—expenses that can add up quickly if your project experiences delays.
Is This Insurance Right for Your Next Construction Project?
This type of insurance is ideal for property owners, developers, and contractors managing projects of all sizes. Whether it’s a new home, a retail center, or a major infrastructure build, Builders Risk Insurance provides financial security and peace of mind throughout the construction process.
Even lenders and financial institutions often require this type of insurance as part of the financing process. It helps safeguard their investment as well, ensuring that loaned funds are protected against delays or losses from unforeseen damages during construction.
Partner with Experts Who Understand Your Needs
Your Insurance Lady, based in Colorado Springs, specializes in crafting insurance policies tailored to a wide variety of projects. Our team works closely with clients to ensure comprehensive protection from groundbreaking to project completion.
This coverage goes beyond protecting materials—it safeguards your schedule, finances, and the overall success of your project.
To explore how Builders Risk Insurance can protect your next project, contact us today.