Unexpected events such as storms, fire or theft can interrupt construction projects and increase costs before a building is complete. For contractors, developers and property owners in Florida, builder’s risk insurance is an essential component of business insurance.
What Is Builder’s Risk Insurance?
Builder’s risk insurance may provide financial protection for buildings that are under construction, renovation or major repair. It may help cover financial losses tied to certain events, including the cost of repairing or replacing damaged materials and structures.
Coverage is usually purchased by the property owner, contractor or developer involved in the project. Policies often remain active throughout the building phase and may end once construction is complete or the property is ready for use.
Who Should Consider This Policy?
Many parties involved in construction projects may benefit from builder’s risk insurance, including:
- General contractors and subcontractors who need financial protection for their work and materials on-site
- Property owners who are building a new home or commercial property
- Property developers overseeing construction projects
What Does a Builder’s Risk Policy Cover?
Coverage may vary depending on the policy and the project's needs. Gene Smith Insurance Agency offers builder’s risk policies that may include coverage for:
- The structure itself, while under construction
- On-site materials, supplies and equipment waiting to be installed
- Temporary structures like scaffolding and fencing
Builder’s risk insurance usually does not cover liability, employee injuries or faulty workmanship. Our agents can help you understand what’s included and recommend additional coverage.
Contact Us
Contact Gene Smith Insurance Agency today to learn more about builder’s risk insurance for your Florida construction project. Our team can review your project details and discuss coverage options that align with your needs.
This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.