Builders Risk Insurance Charleston

Kiawah
seabrook
Sullivan’s Island
Isle of Palms
Daniel Island
downtown charleston

Safeguarding Your Construction Journey with Tailored Builders Risk Coverage

What is Builders Risk Insurance?

Builder’s Risk Insurance is essential coverage for construction projects, safeguarding against losses due to damages occurring on the construction site. This specialized insurance protects the investment from the start of construction until completion, covering a wide array of risks such as fire, theft, vandalism, and certain weather-related damages. Tailored to the specific needs of a project, it ensures that the financial aspects of building your dream home are protected, making it a critical component for any construction endeavor.

Protection Under Construction

Covers damages to your property during construction, including fire, theft, and weather-related incidents, ensuring your project remains secure.

Comprehensive Coverage

Offers a safety net against a wide range of risks from the ground up, acting as homeowner’s insurance before you move in.

Project Flexibility

Starts coverage as soon as construction begins, with options to extend if your project timeline exceeds the initial estimate.

Transition to Homeownership

Seamlessly transitions from builders risk to standard homeowner’s insurance upon project completion and receipt of occupancy certification.

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Do you need insurance during the
construction of your new custom home?

Yes, most custom homebuilders, as part of their construction contract, will require you to carry a builder’s risk policy during the construction of your new home.

Builders Risk insurance offers protection to you, the future homeowner, not to the builder as its name may suggest, for damage to the property suffered while the home is under-construction. It may be helpful to think about Builder’s Risk as
“homeowner’s insurance while you build”.

Specific coverage varies from policy to policy, but covered perils usually include damage from fire, wind & hail, lightning, theft of building materials on the site, vandalism etc.

Is flood insurance included in my Builder’s Risk policy?

Flood Insurance is a separate coverage from Builders Risk insurance and is also available. If you finance the construction of your new home, in addition to builder’s risk coverage, your lender will also require you to carry flood coverage during construction. In most cases, your flood policy will be written with a different insurance carrier than your Builders Risk policy.

Doesn’t my builder’s insurance protect me? Why do I need to carry insurance?

Your builder is protected under General Liability Insurance, which covers both the builder and homeowner for damages caused by defective products or improper subcontractor installations. However, this does not extend to all potential damages.

Builder’s Risk Insurance steps in to fill this gap, offering protection for your property against damages unrelated to construction faults. This includes unforeseen events like lightning strikes or storm damage that occur during the construction process, which are not the builder’s liability. For instance, if a lightning strike leads to a fire partway through construction, Builder’s Risk Insurance would cover the property damage, ensuring you’re safeguarded against a broad range of risks not covered by your builder’s insurance.”

Get a Quote Today

Ready to secure your peace of mind on for your new home build? Start by getting a personalized insurance quote tailored to your unique needs. Fill out our simple form below, and let us bring you one step closer to comprehensive protection for your dream home. Our expert team at Maury Donnelly & Parr is here to provide you with competitive, customized insurance solutions. Don’t wait to ensure your home’s safety—get your quote today!

(843) 819-3304

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Kiawah/Seabrook Office
Island Center – 3690 Bohicket Road – Suite 2C
John’s Island, SC 29455

Maury Donnelly & Parr
875 Morrison Drive, Suite 475
Charleston, SC 29403