Builders Risk – Remodeling Insurance

The remodeling builders risk program provides coverage for basic-to-complex residential and commercial renovation projects, with an option to include the existing structure. Policy options include a six-, nine- or twelve-month term and allow for occupancy when the owner is acting as the contractor.

remodeling

Business owners: Contact your insurance agent or broker

Insurance agents

Call a specialist now 847-762-7178

Appetite

  • Commercial and residential structures during the course of new construction or remodeling

Geography

  • Nationwide

Ineligible risks

  • Mobile homes
  • Registered historical structures
  • Structures built over water

Coverages offered

  • Inland Marine
  • Coverage available on a single structure, reporting form or blanket (deposit premium) basis
  • Provide addresses of project locations
  • Provide total completed value of projects
  • Projects up to $75 million are eligible, subject to underwriting approval
  • Coverage for remodelers (including major structural renovation), purchasers under contract, model homes, model home contents, tools and equipment, trade-ins, and unsold dwellings is available
  • Rating and underwriting guidelines apply
  • Business income coverage, waiver of coinsurance
  • Coinsurance and other coverages are available for commercial structures
  • Residential and small commercial single structure policies are written on an annual basis and may be renewed for up to an additional two years
  • A separate policy will allow two years of additional coverage for unsold dwellings
  • Large commercial policies may be written with customized policy terms
  • $1,000 deductible is standard on all policies
  • A minimum premium ($375 in most states) applies on one-shot policies
  • Admitted
  • Builders are required to have at least two years of general contracting experience