Constructing a building or structure involves certain types of risks. These include risks that may lead to financial losses due to unexpected events such as accidents or material damages. This makes it imperative for property owners or contractors to have a risk management strategy before construction begins. Part of that strategy is having a Builder’s Risk Insurance.
In a nutshell, Builder’s Risk Insurance protects you from financial losses that may be incurred due to material or civil damages while your structure is being constructed. This protection provides you coverage for losses due to the following:
fire, wind, theft, vandalism, equipment repairs or replacement, claims against bodily injury by both employees and non-employees in the construction site, and other risks that may have a financial impact on the project.
The actual extent of coverage will depend on the type of insurance policy that you choose.
Risk exposure is part and parcel of constructing a building or structure regardless if it’s going to be used for business or private use. There is always a chance that you might end up spending more than what you bargained for when unforeseen incidents or accidents happen. If you want to protect your investment then getting a Builder’s Risk Insurance is the simplest way to go. Having one is even a must if you are going to apply for a construction loan because it is often required.
You can get a Builder’s Risk Insurance from a local insurance provider like OklahomaInsuranceQuotes.net. We can assist you in determining the best coverage for your project. We’ll help you go over the fine print of your policy if you like.
Fill out the form on top of the page or visit our home insurance page to request a quote now!