Builder’s Risk Insurance—Building a Case for Coverage in Chicago

You’re building your dream home. How long have you planned and saved for this? You’re excited for your dream to soon be reality! And then you get a call from your contractor. Someone has stolen all the lumber from the job site.

You’re renovating your office. The project is nearly complete, and you’re preparing to get back to business as usual. Then a tornado wipes out the building.

Have you lost everything? Or did you take the proper precautions an obtain a builders risk insurance policy?

Builders Risk Provides Shelter From the Storm

Whether it’s new construction or the renovation of an existing space, builders risk insurance can offer you shelter from the storm by covering you or your organization for damage brought about by a variety of perils, including:

  • Fire
  • Wind
  • Theft
  • Lightning
  • Hail
  • Explosion
  • Vandalism
  • Vehicles/aircraft

Whether you’re adding on, replacing siding, renovating your kitchen, or undertaking some other building project, your builders risk policy protects you from loss. What’s more, builders risk goes beyond homeowners insurance, which will not cover a claim if you’ve left the property during the renovation for longer than 90 days. By that point, your house is considered vacant and your Homeowners insurance won’t cover your loss.

Extending Coverage for Increased Peace of Mind

Extensions to builders risk insurance are also available for risks not covered in the basic policy. It’s important to review all your needs with a qualified, experienced insurance broker like those available to you at Thomas Ward Insurance Group.

Extensions to your policy might include the following coverages:

  • Building materials in transport covering shipping of materials to your job site

  • Building materials at the job site such as scaffolding or temporary buildings

  • Water damage from backed up sewers or drains

  • Property temporarily in storage

  • Important papers such as site plans or blueprints

Don’t Be Caught Off Guard—Call Us Today for a Quote

Disasters, accidents, and crimes happen without notice. It’s not worth the risk to your investment—let alone your long-held dreams—to see it all wiped out because you weren’t protected from loss. Don’t be caught off guard!

If you’re building or renovating, make sure you’re covered with builders risk insurance. Thomas Ward Insurance Group can customize the right type of coverage to make sure you are. Call 312.254.1500 today to get a quote or fill out our form to learn more.