Builders risk insurance with offices in Vestal, NY and Hallstead, PA, serving all of New York and Pennsylvania.

Did you know you can protect your properties even before they are finished being built? Builders risk insurance protects from risks like fire, theft and more.

Builders risk insurance is effectively a form of property insurance that covers the period while the property is still under construction. It’s possible for the property owners to take out such a policy, though more commonly it’ll be a policy they insist the contractors take out.

The key areas of coverage are damage caused by events such as fire and hail storms. You’ll also normally be covered for theft and vandalism (though not by your employees) and damage caused by vehicles or aircraft hitting the building. To make sure coverage levels are adequate, policies are often set at a fixed percentage of the total construction budget. You’ll need to check how long the policy runs as it typically won’t allow repeated extensions of the construction timeline.

It’s important to be aware of what builders risk insurance doesn’t cover. Unless specifically stated, it won’t cover specific increased risks such as flooding on a beachfront construction or earthquakes near a fault line. It also doesn’t cover injuries suffered by workers, meaning you’ll still need any legally-required workers’ compensation insurance coverage, as well.

If builders risk insurance sounds right for you, contact us today for a quote.

Let’s discuss your builders risk insurance.

One of our insurance advisors will reach out to you to review your information and present you with the appropriate builders risk insurance solution. There’s no obligation, just good-old-fashioned advice.
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Empire Insurance Agency offers comprehensive builders risk insurance throughout New York, including Broome County, Greater Binghamton Area, Triple Cities, Southern Tier of NY, Binghamton, Johnson City, Endicott, Endwell, Vestal, Apalachin, Owego, Maine, Newark Valley, Chenango Bridge, Chenango Forks, Conklin and Susquehanna Valley. Also throughout Northeast PA, including Susquehanna County, Hallstead, Great Bend, Montrose and New Milford.