We have several versions of Builder’s Risk Policies available.
- You may do the work yourself, sub-contract the work yourself, or use a licensed contractor of your choice.
1. If you want to start a new home from the ground up, we can cover you as long as you are not more than 15% complete. For most insurers, coverage becomes unavailable after 15% is completed. The Builder’s Risk Policy will cover you completely until 60 days of occupancy, at which time we can offer to convert to a Homeowner Policy, Tenant Occupied Policy, or Vacant Property Policy if it is for sale.
2. If you are looking to become a homeowner to substantially remodel before occupying the home we have a renovation policy available. Our rates are based on occupied, unoccupied, or ready-to-be-occupied, and/or not ready-to-be-occupied, based upon the condition.
3. If you are a Landlord looking to remodel or either sell to find tenants to occupy, our area currently is rich with many homes that need Builder’s Risk Policies for our local investors who buy shotgun doubles, hurricane-damaged homes throughout our area to use for rental income, or to flip for a quick return on their dollar. Please be informed that these homes require plenty of renovations, so make sure that you understand that we can offer a Builders Risk or Renovation Policy to accommodate a substantial remodeling before the building is occupied or sold.
4. We also offer Vacant Property Coverage for homes that are unoccupied and are just sitting on the market waiting for a buyer. This coverage is offered for periods of three months, six months, or one year.
5. When Rental Property is completed, the renovation policy can be cancelled and converted to a Tenant Occupied Policy to cover the Landlord’s interest, including Loss of Rent Coverage, which pays a percentage of lost rental income if the home becomes uninhabitable due to a named peril. (Visit website for additional information on Tenant Occupied Coverage).
Our quote department will respond to your email inquiries immediately or you can call us directly at (504) 441-7283, with over 25 years of experience to offer.
Whether you are a new investor or new homebuyer we will assist you in determining your replacement coverage, which may be quite different from the price you paid for the home.
- We will use some of the following information to determine the amount of coverage you need for renovations or builder’s risk:
1. Replacement costs are calculated based on completed value, not the cost of renovation.
2. For adding the cost of renovation enhancement, we can use current or most recent appraisal.
3. Square footage vs. purchase price vs. mortgage lender’s requirement. These numbers may differ.
- Coverage for Builder’s Risk, Renovation, and Vacant Property are available for a period of three months, six months, or one year, pending the estimated time it will take for the renovations to be completed.
Covered perils included on our Builder’s Risk/Renovation/Vacant Dwelling Policies include the following:
- falling objects;
- collision with vehicles or aircraft;
- electrical malfunction;
- broken/freezing pipes;
- injuries to others on and off property;
- damage to others’ property; and
- gas leak explosions, etc.
What else is covered?
- Existing building structure plus the increase in value based on the amount of the renovation to be made;
- Premises Liability can be quoted with or added separately;
- Coverage continues as insured moves into home (See specifics in Zurich policy only).
Proof of Required Documents:
- Alarm System Certificate if you received a discount.
- Pictures of each of the four sides of the building.
- Proof of prior coverage, if applicable.
- Current Appraisal.
- Lien holder requirements and mortgage clause.
- Exact closing date for binder to start.
Products Associated with Builder’s Risk:
- Discounts available on package Builder’s Risk/Flood.
- Mortgage Life - low cost coverage that makes it very affordable to pay off your mortgage in the event of death, disability, unemployment, or critical illness.
- Personal Umbrella for up to $5,000,000.
- Personal Disaster Policy, offered to owner and tenant.
- Multi-dwelling policy discount.