Builders Risk Insurance in Georgia
Whether you are building a structure or doing major renovations a builder’s risk policy will cover your needs.
Builders risk insurance is also known as a construction or inland marine coverage. Plainly put, this is an insurance plan that will protect a person or organization’s insurable interest in the materials or equipment that are either awaiting installation or have been installed (during the construction or renovation of a building). Typically, Builders risk policies do not cover liability.
Who needs this type of policy?
- Homeowners and Property Owners
- Builders / Anyone building a new home
- Retail Companies
What types of projects can builders risk insurance cover?
Builders risk insurance isn’t just for new home construction! Whether residential or commercial, a builders risk policy has a broad appetite for a variety of project types valued up to $75 million:
- New Construction: This includes any new building constructed from the ground up, whether residential (house, apartment/condominium, duplex) or commercial (office building, restaurant, retail store).
- Remodeling: A remodel involves changes to an existing space beyond an installation. In a residential property, this could include remodeling a kitchen or bathroom. Common commercial remodels may include a business expanding into an adjacent tenant space or updating the interior to a more modern look.
- Installation: These projects involve installing a single fixture or feature, such as new cabinets or flooring in a residential property, or an awning or signage for a commercial property. An installation implies a more limited scope compared to a complete remodel.
These policies typically are offered in a different range of terms for short- or long-term projects. Every Project is different so be sure to consult an agent on the different policies you may need to cover all aspects of your project!
Whether it is commercial, residential, vacant house, or an occupied dwelling there is options for everyone.