When having a beautiful, high-end house built, you want to make sure you have proper insurance. Your home needs to be protected from any possible incidents, including while it is under construction, and builders risk insurance (which is not typically included as part of standard homeowners insurance) is meant to cover your property during this time. Continue reading to learn more about high-end home builder’s risks.

Builder’s risk is meant to cover the property under construction because it is exposed to different risks than a completed home. It only offers coverage for the home under construction and the building materials, not the home, personal belongings, and loss of use as homeowners insurance covers. Most policies are written for 9 to 12 months and have the option to renew in the case of a delay.

Your general contractor should have general liability insurance. If they do not carry builders risk insurance, it is your responsibility as the homeowner to get that insurance coverage. Your lender may require proof of builder’s risk policy.

PURE Programs offers Excess & Surplus insurance for people who are building a custom high-value house. This type of insurance covers builds with a cost over $1 million. Excess & Surplus insurance includes replacement cost coverage and personal liability coverage. This policy also has a broad policy contract which includes back-up of sewers, debris removal, theft of materials, and temporary structures.

Travelers Insurance offers Construction Pak – Builders’ Risk coverage for building owners. This policy covers the structure being built or renovated, materials on the site and in transport, equipment being installed or already installed, labor costs, overhead, and other expenses that would be paid in the event of a loss.

CHUBB is another company that offers homebuilders builders risk insurance. The benefits of this policy include customizable coverages, catastrophe capacity, and delay coverage. The homebuilder’s builder’s risk insurance can cover property damage, construction material loss, weather-related loss, fire, and theft.

If you are having a custom home built or a major renovation, builders risk insurance is necessary. Your regular homeowner’s insurance will not be able to properly cover your home’s construction. In the case of any accidents or unfortunate events, you want to have coverage for your home in progress. To make sure you are insured, reach out to us at R&R Insurance Group. We are here to help you and your home to stay insured and covered.