Did you know that there is no automatic insurance coverage for construction or renovation projects in property insurance policies? That’s right, construction insurance is not included in standard homeowner’s and commercial insurance policies above very minor and short term projects/amounts. Therefore, if your home or business building is currently being built, renovater or added onto, you’ll need a quality owner builder course of construction insurance to go with it. Keep reading to learn all there is to know about this helpful type of construction insurance.
FAQ
What is an owner builder course of construction insurance?
Owner builder course of construction insurance, sometimes referred to as builder’s risk insurance, aims to protect your property and all related materials while it’s under construction from perils that are traditionally covered by a property insurance policy like fire, theft water damage etc. This type of construction insurance applies to all types of homes and major renovation projects, from renovations, rebuilds, and additions to brand new construction sites.
What are the benefits of having an owner builder course of construction insurance?
The reality is that any construction site comes with risks. Homes and business buildings are especially vulnerable to damage during the construction phase, which is why owner builder course of construction insurance comes in handy. With this type of insurance, you can rest easy knowing you’re protected in the event that a fire, flood, or other insured peril damages your home or construction materials. Plus, owner builder course of construction insurance as a product applies to so many different projects from Small residential builds, large high-rises, multi and single-family dwellings, rebuilds, and even commercial design build and residential renovations can all be covered under an owner builder course of construction insurance policy.
What does an owner builder course of construction insurance cover?
The coverage that comes with owner builder course of construction insurance varies by policy, but generally includes protection against fire, theft, and other weather-related incidents such as floods. Your policy may also cover the costs associated with rebuilding (including both the labour and materials needed to rebuild), off-site coverage and transit, sewer backup, professional fees, bylaws, fire department service charges, valuable papers and records, existing structures, temporary structures, and scaffolding or construction structures.
What is the difference between Owner Builder Course of Construction and Builders Risk Insurance?
Owner builder course of construction insurance and builder’s risk insurance are different terms for effectively the same thing and both provide the same coverage (protecting a building against physical loss or damage while it’s under construction or renovation). Therefore, the terms are often used interchangeably.
Who can buy COC insurance?
Course of construction insurance can be beneficial to a wide range of people involved with construction projects. This includes not only homeowners or property owners but also contractors, developers, engineers, and even project managers.
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