Secure New Construction Projects with Builders Risk Insurance

Costs and Pricing Factors

The cost of Builders Risk Insurance varies based on several factors, including the project's value, location, and duration. Typically, premiums range from 1% to 4% of the total construction cost. It's important to compare quotes from different insurers to find the best deal. Some providers may offer discounts for projects with strong risk management plans or for bundling with other types of insurance.

Real-World Examples

Consider a scenario where a construction site suffers damage from a severe storm. Without Builders Risk Insurance, the project owner would bear the full cost of repairs, potentially derailing the timeline and budget. However, with proper coverage, the insurance would cover the repair costs, allowing the project to proceed with minimal disruption.