Posts Tagged ‘builders risk insurance’
What Are Soft Costs in Builder’s Risk Insurance?
Buildings under construction or renovation require a Builder’s Risk policy. This specialized type of Property insurance protects an individual’s or organization’s insurable interest in the cost of constructing the building against physical damage or loss from covered perils. The temporary policy is typically written for 3, 6, 9, or 12 months. Generally speaking, the exposures…
Read MoreCan a Building Be Occupied During Construction?
Although home renovations have dropped in 2024 compared to last year, renovation spending is on track to reach $450 billion this year. Some of these renovations are small-budget remodeling projects, while others involve full-blown structural changes. On the commercial side, property owners and tenants are reimagining offices to accommodate flexible and agile workspaces, digital integration,…
Read MoreBuilder’s Risk Insurance: What Your Clients Need to Know
The moment construction begins, a property is at risk of damage. Whether it’s theft, accidental fires, floods, or more, there can be a number of major risks to these buildings. That’s why it’s crucial that any property undergoing construction, improvements, or renovations has a comprehensive Builder’s Risk insurance policy. This kind of insurance policy is…
Read MoreHow to Hire a Contractor: Best Practices
Spring is ramping up, and so are the construction jobs and renovations! But do your clients know the ins and outs of hiring contractors? Are their contractors OSHA certified or have they received recent complaint? Are their contracts all up to snuff, and how about the contractors’ insurance coverage? As residential and commercial property owners…
Read MoreBuilders Risk vs General Liability for Contractors
Builders Risk vs General Liability for Contractors Explained Reggie’s Explanation: Builder’s risk insurance is “coverage that protects a person’s or organization’s insurable interest in materials, fixtures and/or equipment being used in the construction or renovation of a building or structure should those items sustain physical loss or damage from a covered cause.”
Read MoreVacant Building, Builders Risk, and Remodelers Risk Explained
Property Renovations Take a Creative Turn
Homeowners all across the country are taking home renovations seriously, perhaps inspired by the plethora of home remodeling shows, real estate reality TV featuring great amenities (think Million Dollar Listing), and on-line virtual room software programs that bring ideas to life. Everything from Planner 5D to the Home Renovator and HomeByMe put on-line tools into…
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