Construction projects represent opportunity, but they can also be risky. To mitigate your risk and safeguard your investment, consider investing in construction insurance. Construction insurance is useful for all kinds of projects, especially commercial properties or when building or materially renovating a home.
To protect yourself against unforeseen risks and damages, ALIGNED can help you find a comprehensive construction insurance policy. As commercial insurance experts, we will ensure you find a policy that suits your needs.
What is insurance during construction?
Construction insurance is broad terms used that typically consists of two specialized products, Builders Risk/Course of Construction and Wrap-up Liability. If, for example, you bought a commercial property that is being built from scratch, construction insurance can come in handy. Also, few property owners realize that their existing coverage typically excludes or voids projects over a certain dollar amount, length of time, or scope. However, construction insurance is designed to cover short to long-term construction and/or renovation projects typically costing $25,000 or more. When you purchase construction insurance, you can be protected against all kinds of threats to your project. From weather-related incidents to stolen building materials, this type of insurance will mitigate the risks that come with building a property.
What does construction insurance cover?
The purpose of any construction insurance policy is to protect your property/structure while it’s under construction. During long-term projects such as these, there are lots of things that could go wrong. While your specific coverages will vary depending on the policy you choose, your construction insurance plan may protect your project against the following:
- Fire
- Weather
- Vandalism
- Theft
- Bodily injury and/or property damage to third parties
Why do I need construction insurance?
You need construction insurance to protect your construction project from financial losses. Think of the risks that come with everyday construction. From stolen building materials to property damage caused by a windstorm or fire, there are plenty of circumstances that could jeopardize your new building or project. Construction insurance can be purchased by the property owner or even by the building’s contractor, but there certainly is piece of mind that comes from buying and maintaining construction insurance yourself.
Protect your property and ALIGNED yourself with construction insurance.
Need insurance during construction? Contact ALIGNED today. We know the ins and outs of the commercial insurance industry and will help you find a policy that suits your unique needs. To safeguard your project and for unparalleled peace of mind, invest in construction insurance for your upcoming long-term construction project. Give us a call to request a free construction insurance quote or click here to get a free quote now.
