How to Get Builder's Risk Insurance Quotes

Builder's risk insurance is temporary coverage that can cover against natural disaster, theft, loss or damage while a property is under construction. Builder's risk insurance is a competitive field, so know how to get builder's risk insurance quotes to find the best deal.

Steps

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    Contact your current insurance agent.
    • You may qualify for a discount for being a customer in good standing with the company.
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    Check online.
    • Online companies often offer discounted rates for builder's risk insurance to compete with traditional insurance providers.
    • Verify the credentials of any online company from which you request a builder's insurance quote. Check the company's website for information that confirms it as a licensed and bonded insurance provider.
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    Know the location of the project.
    • Builder's insurance quotes will vary based on where the construction site you're insuring will be. Quotes will be higher if you're building in a high-risk area that is prone to earthquakes, floods, fire or vandalism.
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    Assess your business status.
    • The size and status of your business will affect the policy cost you're quoted for builder's insurance. Providers offer different rates for non-profit or charity organizations. Larger businesses completing large-scale projects will be insured on a different scale than small businesses completing minor construction projects.
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    List all construction to be completed.
    • Builder's insurance quotes will vary based on the amount of construction that will be completed during the life of the policy. List all of the work that will take place on the site during this time frame.
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    Include all workers.
    • List work experience information for the principal building company that will be working on the construction site and all workers that will be employed. Quotes will be higher for builders that have less than 2 years of experience in the field of commercial building or workers that are not certified in fields like electrical wiring or heating and ventilation work.
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    Determine the length of the project.
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    The figure you're quoted will depend on the life of the policy. Determine the date that construction is scheduled to start and the estimated date of completion for the project.
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    List property and project value.
    • Add up the costs for all equipment, tools, construction materials and labor. This is the total value of the project. Some insurance companies will also want to know the estimated value of the land upon which the project is being completed.
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    Evaluate what each quote includes
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    Find out if each quote includes details like property taxes or fees for lost or stolen tools or equipment. Considering the extent of these losses, a quote that doesn't cover them could end up costing you more than one that does.

Article Info

Categories: Insurance