Builders Risk Insurance for Homeowners
Protection for your investment.
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Phone
(603) 431-4020
Email
insure@portsmouthatlanticins.com
Locations
Portsmouth, NH
Stratford, CT
Builders Risk Insurance for Homeowners in New Hampshire
What is builders risk insurance for homeowners?
When undertaking a major residential project, such as building a new New Hampshire home or putting on a major addition, homeowners face a myriad of potential complications that could delay or halt progress. Purchasing builders risk, for homeowners, may provide financial protection if a problem with a project's progress results in major costs.
Builders risk insurance for homeowners offers specialized coverage for such ongoing work, generally providing financial support if a covered peril interferes with the project's successful completion.
Who in New Hampshire should consider residential construction insurance?
Homeowners who are having large projects completed on their New Hampshire property may want residential construction insurance. A policy is often useful when a construction delay would cause major problems.
In addition to homeowners, developers, home builders, contractors and even subcontractors sometimes purchase a policy. Having insurance in place can help protect a contractor should they be liable for a long construction delay, or if they fail to complete a project as promised.
In many cases, it's a contractor who actually purchases a policy. They might do so of their own accord, or at the behest of a homeowner. When a homeowner insists on coverage, the premium is frequently added to the projects cost.
Homeowner might purchase coverage on their own when a contractor doesn't get it.
Should homeowners purchase residential construction insurance if building their own house?
Homeowners who are building their own house might want to look at residential construction insurance options, for policies frequently protect equipment and supplies on worksites in addition to progress.
Finding a policy for an owner-built house can be difficult, however. Homeowners who are building themselves should work with an insurance agent who specializes in homeowners builders risk policies. A specialized agent will be able to check whether any suitable policies are offered by insurers.
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Coverages to Consider
- Large and specialty equipment
- General and specialty tools
- Construction materials and supplies
- Work that's in progress or completed
What aspects of a homeowner's construction project are protected by builders risk insurance?
Builders risk insurance frequently provides coverage for various elements of a home construction project, including equipment, supplies, and any work completed that may suffer damage. However, the coverage for equipment and supplies generally applies when these items are located at the worksite.
Depending upon a policy's terms and conditions, the following elements can be covered:
- Large and specialty equipment
- General and specialty tools
- Construction materials and supplies
- Work that's in progress or completed
The coverage for structures under construction may extend to all structures on the homesite, or just the house itself. It's important to look for a policy that protects all structures if building a property that includes a guest house, boathouse, barn or other similarly large extra structure. Checking whether other structures are covered by a particular policy is something that a knowledgeable insurance agent can assist with.
When checking what coverage is offered for large and specialty equipment, homeowners ought to determine whether a policy would cover leased and/or rented equipment. It'd be expensive if this equipment were stolen and not protected by insurance.
When checking what coverage is offered for construction materials and supplies, homeowners ought to think about how expensive materials can cost. A full load of materials and supplies could be worth thousands or tens of thousands of dollars. Certain hardwoods, countertops and copper wires can be high-target items of thieves, and especially costly to replace.
What types of homeowner construction projects can be insured with a builders risk policy?
Builders risk insurance can be secured for larger residential construction projects. Homeowners should check coverage options when undertaking projects such as:
- New home builds
- Second house builds
- Large (multi-room) additions
- High-end kitchen remodels
- Secondary structure builds
- Extensive hardscaping projects
- Extensive landscaping projects
Of course, undertaking a multi-faceted project that involves multiple of these only makes coverage likely all the more useful.
What risks are covered under a homeowners builders risk insurance policy?
The specific perils covered by a builders risk policy depend on the policy's terms, conditions, and exclusions. Potential risks that may be covered include:
- Theft
- Vandalism
- Fire
- Water Damage
- Weather-related events
- Other risks
How can New Hampshire homeowners get builders risk insurance for homeowners?
If you're a homeowner in New Hampshire and need help insuring a construction project on your property, the independent insurance agents at Portsmouth Atlantic Insurance are ready to assist. Our agents are familiar with builders risk insurance for homeowners, and will work closely with you to ensure that all necessary protections are in place for your project.
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