You’re finally building the house of your dreams in Florida but have you considered the risks involved in the construction process? Although construction may seem exciting and fulfilling, it can come with its own set of hazards that could lead to great losses without the proper coverage. In this blog post, we’ll be discussing everything you need to know about builders’ risk insurance in Florida.
1. What is Builders Risk Insurance?
Builders’ risk insurance is a policy designed to protect a construction project from unforeseen damage or loss resulting from accidents or acts of nature. This coverage typically includes the structure itself, the materials and equipment used, and any installations that haven’t yet been completed.
2. What Does Builders Risk Insurance Cover?
Builders’ risk insurance policy covers losses resulting from several different types of hazards. These include damage due to fires, lightning strikes, hailstorms, explosions, and even theft. Some policies may also cover water damage or damages incurred through natural disasters like hurricanes or tornadoes. It’s essential to know exactly what your policy covers to be fully protected from loss.
3. Who Needs Builders Risk Insurance?
Any property owner or contractor involved in the construction of a new building, renovation, or addition will require builders risk insurance. In Florida, builders risk insurance is not required by law, but it is highly recommended to safeguard against any financial loss resulting from damage to the project.
4. Choosing the Right Coverage
Finding the right coverage for your construction project is essential to ensure that you’re protected from potential hazards. You’ll want to make sure your policy covers the cost of materials, labor, and any loss of time resulting from damage or accidents. The right coverage will also depend on the size and complexity of the project.
5. Choosing an Insurance Provider
With so many insurance providers and policies available, selecting the right one for your construction project can be overwhelming. Ensure that you’re working with an insurance company with ample experience in providing builders risk insurance. Bortec Insurance is a professional insurance provider in Florida and can provide expert advice on selecting and securing the builders risk insurance policy that suits your needs. Finding the right builders risk insurance policy for your project can be challenging, but with the right guidance from Bortec Insurance, you’ll be well on your way to securing your investment. Contact us today to learn more about our builders risk insurance policies.