Builders Risk – Remodeling Insurance
The remodeling builders risk program provides coverage for basic-to-complex residential and commercial renovation projects, with an option to include the existing structure. Policy options include a six-, nine- or twelve-month term and allow for occupancy when the owner is acting as the contractor.
Business owners: Contact your insurance agent or broker
Insurance agents
Call a specialist now 847-762-7178
Appetite
- Commercial and residential structures during the course of new construction or remodeling
Geography
- Nationwide
Ineligible risks
- Mobile homes
- Registered historical structures
- Structures built over water
Coverages offered
- Inland Marine
- Coverage available on a single structure, reporting form or blanket (deposit premium) basis
- Provide addresses of project locations
- Provide total completed value of projects
- Projects up to $75 million are eligible, subject to underwriting approval
- Coverage for remodelers (including major structural renovation), purchasers under contract, model homes, model home contents, tools and equipment, trade-ins, and unsold dwellings is available
- Rating and underwriting guidelines apply
- Business income coverage, waiver of coinsurance
- Coinsurance and other coverages are available for commercial structures
- Residential and small commercial single structure policies are written on an annual basis and may be renewed for up to an additional two years
- A separate policy will allow two years of additional coverage for unsold dwellings
- Large commercial policies may be written with customized policy terms
- $1,000 deductible is standard on all policies
- A minimum premium ($375 in most states) applies on one-shot policies
- Admitted
- Builders are required to have at least two years of general contracting experience