Pfenninger, Claxton, & Estelle Insurance Group

Broken store windowThe process of constructing a building is complex. Numerous risks occur throughout the process. Builders insurance can help minimize the financial loss a company experiences. The key is to understand this policy. You may be able to file a claim for more damage than you realize.

Builders risk aims to help you cover damage while the building is under construction. This is protection remains in place throughout the building process. After the construction ends, a traditional property insurance plan usually goes into place.

When Does Builders Risk Insurance Cover Storm Damage

Your building is going up without delay. Things are going well. Then, a significant thunderstorm occurs. Your materials suffer damage. A lightning strike leads to damage to the building, too. What should you do?

  • Call your insurance agent. Generally speaking, your policy will cover all types of natural disasters. This includes most types of storm damage. It may include storms overall, fire damage from lightning strikes, hail damage, and even damage resulting from blackouts.
  • This coverage may also provide financial protection from resulting damage. This includes broken water mains as well as mold growth that occurs after such an event. However, every policy is different. Some might exclude certain weather damage. Therefore, examine your policy to make sure it covers weather risks common to your area.
  • Keep in mind that most builders risk insurance policies go a bit further. They often can help to cover labor expenses, for example. The cost to replace your materials, as well as the cost to rebuild, is usually a coverage available through this policy. These policies can also help with property damage, theft, and damage from flawed materials or design.

Usually, builders risk is an extensive policy. It is often it is one of the best investments for companies to make during the building process. It is not possible to recoup the lost time on the project. However, you can likely overcome the financial loss.

Do You Need This Insurance Coverage?

Builders risk insurance is sometimes a requirement. This depends on the actual contract for the project. In nearly all cases, it offers benefits. It typically will span from three to 12 months' time. It remains rather affordable as well.

However, the coverage is extensive. And, with it comes a key amount of protection to keep your project on target. Without it, you may face financial struggles to get the project repaired after a storm occurs. With this coverage, you just need to worry about the timeline, not the cost of repairs.

Call us to get a business and commercial insurance quote in Muncie IN at 317.398.9797.

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