How to Get Builder's Risk Insurance Online

Builder's risk insurance provides temporary coverage while a builder is completing renovations or during construction. Online quotes and applications for builder's risk policies are available, but require specific project information. Here are some guidelines on how to get builder's risk insurance online.


  1. 1
    Check insurance company ratings.
    • Use a rating tool like Standard and Poor's to check an insurance company's rating before you buy builder's risk insurance online. This rating reflects the company's customer service rating, financial stability and history. Purchase a policy from a company with at least an "A" rating. It's also a good idea to check the Better Business Bureau to see how the company is rated.
  2. 2
    Utilize a secure site.
    • Only fill out builder's risk applications on sites that are run on a secure server. Most online applications will require information about your company's financial history and project funding information. Using a secure site safeguards against this data being accessed by third parties.
    • Secure sites are designated with "[https" https"] at the beginning of the site address.
  3. 3
    Verify important structures.
    • Count how many fire departments are within 5 miles (8.0 km) of the construction site, and how many fire hydrants are within 1,000 feet (304.8 m) of it. This information affects the calculated value of the policy and will be required in your application. You must provide this information since an agent is not physically assessing the site.
  4. 4
    Choose a company with commercial experience.
    • Ensure that the insurance company you're using specializes in commercial construction insurance, not residential. Online applications should be specific to each classification.
  5. 5
    Determine the project location.
    • Provide the street address of the construction site on your application. The area where construction will be completed and the size of the lot will affect your policy's value and rates.
  6. 6
    Calculate the project's value.
    • Document the value of any existing structures to be renovated, costs for materials, tools and equipment to build new structures and any related construction costs. All of these expenditures will determine the overall value of your project to ensure it covers the full cost.
  7. 7
    Know when agents are available.
    • Determine the availability of customer service and on-site agent assistance in the event of an emergency. Know whether you will have a specific agent assigned to your policy and if the agent is available 24 hours per day.
  8. 8
    Inquire about policy archiving services.
    • Many builder's risk providers archive online applications and policies for free or a small fee. This service allows you to access policy information easily if a claim needs to be filed.
  9. 9
    Money saving tip when applying.
    • Many builders unnecessarily overstate the values to insure which results in significantly higher premiums. Most builders risk coverage forms do not require builders to insure those costs that are not subject to loss or that would not have to be incurred again as a result of a total loss. Examples of these costs that may be deducted from the estimated completed values include real estate sales commissions, closing costs, water taps fees, sewer taps fees, blueprints, engineering studies and land clearing/grading. In addition, the builder may also deduct profit as long as the builder does not expect to be reimbursed for lost profit upon filing a claim.

Article Info

Categories: Insurance