Remodeling Insurance You Won’t Think Twice About

Whether it’s adding new flooring to a residential home or expanding the footprint of a multimillion-dollar retail space, there’s a host of risks owners, contractors or investors face — most of which wouldn’t be covered under a standard permanent property insurance policy.

Remodeling builders risk insurance covers materials, fixtures and / or equipment waiting installation, should those items sustain damage from a covered cause of loss, from the first hammered nail to the final coat of paint — and even when materials are in transit.

Home remodeling and commercial renovations aren’t typically covered by permanent property insurance because it is designed for the completed product only. This means there’s a critical gap between the groundbreaking and final touches.

The good news: That gap is exactly what the Builders Risk Plan insured by Zurich is designed to protect — your materials, equipment, fixtures, as well as the structure in progress.

Project Examples

Commercial and home renovations can range from super-simple interior upgrades to the addition of rooms and walls. Project examples include:

• Bathroom and kitchen improvements
• Building additional stories
• Ground-floor additions
• Removing load-bearing walls
• Stairways and elevators

Eligible Customers

Nearly any party with an insurable interest in the structure can purchase builders risk insurance, including:

• Owners
• Contractors
• House flippers
• Investment companies
• Development companies
• Retail companies
• School districts

Product Highlights

• Insured by Zurich, an “A” rated carrier known for its positive customer claims handling
• Residential and commercial projects valued up to $75 million
• Secure coverage in the name of the owner, contractor or other entity
• Option to insure the renovation value only or include coverage for the existing structure
• 6, 9 or 12-month policy terms, extensions available with underwriting approval; the 12-month policy term for remodeling policies with existing structure included and valued under $50,000 is not available
• Option to purchase higher sub-limits and additional coverage, including endorsements for green building, change orders and many more
• Premium payment installment options for policies more that cost $500 or more