Builders Risk Insurance
Builder’s risk insurance is designed to protect buildings and materials while a construction or renovation project is in progress. Canopy Insurance Group works with builders, contractors, developers, and property owners in Towson, MD, and across our licensed states to help secure builder’s risk insurance coverage that defends financial investments during every phase of construction.
What Is Builder’s Risk Insurance?
Builder’s risk insurance, sometimes called course of construction insurance, is a temporary property policy that covers structures. At the same time, they are being built, renovated, or expanded. Coverage typically begins when materials arrive on site and ends upon completion or occupancy of the project. Lenders commonly require these policies, and they are an important part of managing construction-related risk.
What Does Builder’s Risk Insurance Typically Cover?
Builder’s risk insurance generally protects the structure under construction, along with building materials, supplies, and fixtures located on site or in transit. Covered causes of loss often include fire, wind, theft, vandalism, and certain weather-related events. Optional extensions may be available for items such as temporary structures, scaffolding, and debris removal, depending on the project and carrier guidelines.
Who Needs Builder’s Risk Coverage?
Builder’s risk insurance is commonly purchased by property owners, general contractors, and developers who have a financial interest in the project. Coverage can apply to residential construction, commercial buildings, tenant improvements, and major renovation projects. Our team helps determine who should be listed on the policy and how coverage should be structured to align with contracts and lender requirements.
Why Work With an Independent Insurance Agency?
Builder’s risk policies can vary significantly between insurance carriers in terms of coverage forms, exclusions, and limits. As an independent insurance agency, Canopy Insurance Group compares options from multiple insurers. It explains how each policy responds to real-world construction risks. We help ensure your coverage matches the scope, timeline, and value of your project.
Request a Builder’s Risk Insurance Quote
If you are planning a construction or renovation project, Canopy Insurance Group is ready to help. Speak with a licensed agent to review builder’s risk insurance options and protect your investment from start to finish. Visit our contact us page to start the conversation today.
