It’s no secret that Colorado’s housing market is booming. New builds are popping up all over the place and more people are deciding to stay in their homes to renovate rather than move. Both of these require Builder’s Risk insurance. Builder’s Risk insures a structure while it is under construction. It covers things like materials, fixtures and some equipment during construction or renovation if a loss occurs. It is especially important during a remodel since your homeowners policy could exclude coverage if there is extensive renovation happening. Many issues can make the process lengthen and the cost increase, so it is important to cover extensions of contracts, debris and pollutant cleanup so that it does not fall on the homeowner. Another reason for the homeowner to carry the Builder’s Risk policy is so they are in charge of the finances if a loss occurs. The homeowner would then be able to disperse the funds as necessary, rather than allowing the contractor to maintain control.
If you have questions on Builder’s Risk as a homeowner, or you are a General Contractor in need of a quote, please reach out to us by phone or text at 720-328-4983. We are always available to help get you and your project on track.