At Allen Jones Insurance Agency, providing insurance service to the greater Seguin, TX region, one of the insurance products that we offer is builder’s risk insurance. Builder’s risk insurance is not an insurance product that many people are familiar with. However, if you are building a home, remodeling a home, or renovating a home, it is a product that you should familiarize yourself with.
Here are a few of the frequently asked questions about this coverage:
What Is Builder’s Risk Insurance?
Builder’s risk insurance is an insurance product that helps to protect a building that is in the construction phase, as well as the building materials. For example, if a home is being built and thieves take the plumbing materials or electric wiring, builder’s risk insurance helps to compensate for the loss of these materials. Or if a flood occurs and the unfinished home is damaged, builder’s insurance helps to cover the costs associated with that unexpected event.
Who Should Consider Getting Builder’s Risk Insurance?
Anyone who is having a home or building constructed, remodeled or renovated should consider getting builder’s risk insurance.
Does the Construction Company or Building Owner Obtain Builder’s Risk Insurance?
The owner of the building is the individual who would obtain builder’s risk insurance. If you are having renovation or remodeling work completed on your home, you would be the individual to take out this type of policy. However, if you are having a new home constructed, the builder should take out the policy, as you likely do not own and take possession of the home until it is completed.
Give Us A Call
If you are building, renovating or remodeling a home, builders risk insurance may be perfect for your needs. Reach out to Allen Jones Insurance Agency in Seguin, TX today to learn more about obtaining this type of insurance product.
