Homebuilders, Contractors & Developers, Protect your Business with Builders Risk Insurance in Arizona
If you’re a homebuilder, general contractor or developer in Arizona, your reputation is incredibly important. This is why it is so important to carry the right insurance policy when you’re building a home or development. A Builders Risk Insurance policy from Insurance Brokers of Arizona® will help protect you during the course of building.
Coverage options that are available for builders risk can include:
- Residential ground-up construction or renovations
- Trusts & LLCs are eligible including Corporate Named Insureds
- Up to $1 million in liability coverage
- Protection class 9 & 10
- Theft of building materials
- Coverage A with a minimum of $50,000
- Mountain & brush property eligibility
- Owners acting as their own General Contractor may be considered
- Reimbursement for replacement cost or actual cash value (ACV)
- Property coverage to include building
Don’t risk losing thousands of dollars when you’re building or remodeling. Call the insurance experts at Insurance Brokers of Arizona® for a quick and easy insurance quote for builders risk insurance. They are an independent insurance agent in Arizona so can offer you comparative quotes to ensure you get the right policy for the right price for your situation.
Frequently Asked Questions about Builders Risk Insurance
Who is responsible for purchasing builders risk insurance?
The property owner, contractor, developer, or another party may be responsible, depending on the construction contract and financing agreement. All parties should confirm who will purchase the policy and who must be listed before work begins.
When does builders risk insurance begin and end?
Policy dates should generally correspond with the construction timeline, but coverage may end after events such as completion, occupancy, sale, or expiration of the policy. Exact beginning and ending conditions vary by policy.
Are building materials covered while stored off-site or in transit?
Coverage may be available for eligible materials stored away from the project or transported to the jobsite, but it is not necessarily automatic. Storage locations, transportation methods, limits, and security measures should be discussed with the insurance agent.
Can builders risk insurance be used for remodeling projects?
Builders risk insurance may be available for renovations, additions, and remodeling projects as well as new construction. Arizona property owners and contractors should disclose whether the existing structure will remain occupied during the work.
Does builders risk insurance include liability coverage?
Builders risk insurance primarily addresses certain property-related construction risks and should not be assumed to include general liability protection. Owners and contractors may need separate policies for injuries, property damage, vehicles, employees, and professional services.
