Insurance for Property Owners - Builder's Risk Insurance in Texas
You may not be aware of this, but even while you are having your property renovated and even repaired, damage can occur. This can mean added expenses on your part, or even the loss of a property should the damage be extensive. This is why builder's risk insurance is important.
Having this particular type of insurance policy can protect your property, and even the materials that are to be used in the renovation or reconstruction of the said property, from losses. These losses can occur due to a number of things, including fire, high winds, storms, vandalism, theft, and damage brought about by vehicles or even aircraft crashing into your structure. This particular type of insurance is usually needed by contractors or builders. However, some property owners have been known to purchase these themselves to ensure that their assets are protected.
Quote Texas Insurance has had years of extensive experience when it comes to builder's risk insurance. We have a team of professionls that can review and evaluate your property at a moment's notice and give you a fair assessment.
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Exemptions, Exclusions, and Other Things You Need to Know
High winds are generally covered by this insurance policy, but some areas, such as beachfront properties, may exclude this risk due to the likelihood of strong winds. However, coverage can still be added through an endorsement to the policy.
This policy excludes coverage for damage from employee theft, war, mechanical breakdown, government action, and contract termination with your builder. It also doesn’t cover loss or damage to equipment or tools. Special coverage may be needed for losses during the transit or temporary storage of construction materials.
You may want to consider policy extensions for sewer and drain backup, protection of blueprints and plans, scaffolding, and debris removal from your construction site. However, this policy doesn’t cover accidents or liability on-site. Contractors working with subcontractors should ensure that the subcontractors have their own insurance, as this policy won’t cover any damage they cause.
Usual Terms for Builder's Risk Insurance
A builder's risk insurance covers the building where it is being built and the materials used on the site, with the policy paying for damages up to the coverage limit. The limit of this insurance policy can be determined by the construction budget or the structure's total completed value, which should include calculations for the materials used and labor costs, but excluding the value of the land where the building stands.
You can get policies that are in 3-, 6-, and 12-month terms, with extensions available for these, when the construction of your structure cannot be completed within the specified time of your policy. To find out what other benefits you can gain from this kind of a policy, do not hesitate to get in touch with us. Our trusted providers can help you determine what kind of term is ideal for you and what policy extensions are needed for your specific project.
Contact Us for Property Owners - Builder’s Risk Insurance in Houston, Dallas-Fort Worth, San Antonio, & Austin
For more information regarding our services, please get in touch with us through our get a quote or call us at 844-402-4464.
