Builder’s risk insurance helps protect buildings under construction. For a home builder, it minimizes the risk that they take for potential property damage that could occur during the construction on a property. A construction project is protected from property damage from fire, lightning, hail, explosions, theft, vandalism, and natural disasters.
Who needs it?
Builder’s risk insurance is needed by anyone that has a financial interest in the construction project. This includes the property owner, builder, general contractor, subcontractors, and any lender providing financial investment in the project. It is always a good idea to make sure you are covered so that you are not personally liable in case something happens. Continue reading ..