The Importance of Builders Risk Insurance in Georgia

Builders Risk Insurance is a specialized type of property insurance.  You may need this coverage if there is construction of a new building, a renovation of an existing, or adding some improvements to your property.  Builders Risk Insurance covers the policy holder against damage to the building during the construction. 

This type of coverage is usually purchased by the owner of the building or the land, but can be purchased by the general contractor if it is stated in the contact.  The owner has the direct exposure for funds expended for any labor and supplies and payments to the General or Sub Contractors.  The builders and contractors are protected from losses to property and finances which include damages due to fires, high winds, and vandalism during the construction period.  Coverages can also include losses due to delays in the time frames, and cleanup and debris, in the event of a claim. 

It is important to speak with your insurance agent about this type of coverage because not everything is covered.  In most cases a policy will not cover damages due to earthquakes, floods, acts of war, or intentional acts by the owner.   Agents at Leigh Shirley Insurance can review your coverages to make sure you have all the insurance coverage you need to keep you protected from claims.