Buildings are subject to many different risks while under construction. They may catch fire, be damaged by high winds, or fall victim to other damages. Builder’s risk insurance is a special type of property insurance which protects homeowners or contractors against damage to their buildings while they are under construction.
Builder’s risk covers perils such as fire, wind, theft and vandalism and many more. Coverage is typically carried during the construction period only, and is intended to terminate when the work is completed and the property is ready for use or occupancy. Coverage can be purchased by the builder or general contractor or the property owner. Builder’s risk coverage may be necessary to show proof of insurance to comply with local city, county and state building codes and is often required as a condition to many contracts.
Call 406-222-0944 for more information regarding Builder’s Risk Insurance.