Let Morrison Insurance Agency help You find the perfect Insurance Policy!

Builders Risk Insurance to fit your budget & needs

Low Cost Builders Risk Insurance in AL, FL & GA

Builder’s Risk Insurance, also known in some areas as Course of Construction, is a unique kind of property insurance. It's a form of insurance that covers a building where the building or insured area is presently being constructed. It can cover just the structure, or also the materials on-site waiting to be installed or transported to the job site and is a type of insurance that most owners will ask every contractor to carry.
The builder's risk insurance policy will pay for damages up to the coverage limit. The limit must accurately reflect the total completed value of the structure (all materials and labor costs, excluding land value). The construction budget is the best source for determining the appropriate limit of insurance. Builder’s Risk insurance policies can often be written in terms of three months, six months, or 12 months. If the project is not completed by the end of the initial policy term, it can often be extended, but usually only one time.

Understanding Builder's Risk Coverage
The builder's risk policy will provide coverage for damage done to the insured structure from a wide variety of events. Damage from the following events will be covered by most policies:

• Fire
• Wind (may be limited in coastal areas)
• Theft
• Lightning
• Hail
• Explosion
• Vandalism
• Vehicles or aircraft

You should read your builder's risk insurance policy to be familiar with its limitations and exclusions. Limited coverage is provided for collapse among other situations. Standard exclusions include:

• Earthquake
• Employee theft
• Water damage
• Weather damage to property in the open
• War
• Government action
• Contract penalty
• Voluntary parting
• Mechanical breakdown

An important exclusion that should be read in its entirety excludes coverage for damage resulting from faulty design, planning, workmanship, or materials. These types of issues might be addressed by professional liability coverage rather than a builder's risk plan. Earthquake and flood coverage may be purchased in some areas.