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Construction Insurance

Constructing a new home takes a lot of attention to detail.But while taking the time to select your new kitchen cabinets and front door, it’s also important to be sure your property is sufficiently insured from top to bottom.

Let the industry experts at Árachas Group help you find construction insurance – also known as builder’s risk insurance – at affordable rates today.

Specifically tailored for residences as they are under construction, this type of insurance gives coverage for risks like theft of tools, materials, and equipment being used to construct the house.

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Note that this type of insurance doesn’t typically include liability coverage or protection for the contents of the home because there are usually no personal items at a construction site.

Policies are usually written for a period of nine months to one year, but can be renewed in the event of construction delays and if the insurer determines that progress is being made on the new home.

If you are planning to have a home built for you, you may make the assumption that your builder has all the relevant insurance coverage you’ll need for the duration of the project. This assumption may be right in many cases, but it’s still advisable to confirm your building contractor’s insurance coverage policy.

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It may be possible that you won’t need construction insurance if you do not yet own your residential property or if the contractor does indeed have the relevant coverage. Again, it’s recommended that you ask your contractor what type of construction insurance he carries and what those limits are.

The cost for construction insurance is usually about one to four percent of the amount
budgeted for construction.

Generally, the amount of construction insurance you want to buy depends upon the estimated cost of rebuilding your finished new home.

Talk with the Árachas Group today about construction insurance at 630-289-4410.

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