During construction? Consider this coverage.

Builders risk insurance functions as property insurance designed to protect properties while they are being built. Property owners can opt to secure such a policy, although it’s more common for contractors to carry it.

Builders risk insurance typically covers damages from incidents like fire and hail storms. It also includes theft, vandalism (usually not by employees), and damage from vehicles or aircraft impacting the building. Policies often set coverage amounts as a percentage of the total construction budget to ensure adequacy. It’s important to verify the policy duration as it generally doesn’t allow for multiple extensions of the construction timeline.