Cheapest Alabama Builders Risk Insurance

Looking for builders risk insurance in Alabama? Your builder has his own insurance to cover his workers and belongings. What will cover your new construction? You need the cheapest Alabama builders risk insurance!

Alabama Builders Risk

Builders risk is also called construction insurance. It’s made to protect your building while it’s under construction and materials used for the building. If you have a mortgage on your new construction, they’ll require builders risk insurance. Builders risk can also cover remodeling and renovation risks. However, they are a little harder to place and may not be the absolute cheapest Alabama builders risk insurance you can buy.

 

Construction insurance is not just for property owners, but builders and contractors as well. Your builders risk will cover lightning, fire, ice, theft, wind, hail, etc. Note that under some policies, you may choose to exclude wind and hail. In fact, if you are building in a coastal area, wind insurance might not be available at all!

Your builders risk policy WILL NOT roll over and become a homeowner’s policy. Once you receive a certificate of occupancy, your builders risk insurance has expired. Usually there is not a cancellation refund. If you see language like, “100% earned”, that means you won’t receive any money back when the policy is complete.

 

Remember, when looking for builders risk insurance, you may be able to request the policy period. Do you need insurance for 3, 6, or 12 months?

 

After your builder’s risk insurance is complete, remember to get another quote from some great companies like Lloyd’s, Lexington, and GeoVera.