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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.
Commercial and home renovations can range from super-simple interior upgrades to the addition of rooms and walls. Project examples include:
Nearly any party with an insurable interest in the structure can purchase builders risk insurance, including: