Business Insurance
Builders Risk Insurance
Definition
A specialized property insurance policy that covers buildings and structures during the course of construction, renovation, or major repair. It protects against damage from fire, wind, theft, vandalism, and other covered perils, and typically covers the structure, building materials, and equipment on site. Coverage begins at project start and ends at completion or occupancy.
In Zach’s Words
“Builders risk is temporary insurance for a building while it's being built or renovated. Think of it as a homeowners policy for a house that doesn't exist yet. It covers the structure, your materials, and equipment on-site if something goes wrong — fire, storm, theft, vandalism. Once construction is done, you switch to a regular property policy. If you're a contractor or property owner doing a ground-up build or major renovation, this is a must.”
— Zach Nadler, CIO