So you’ve finally decided to build your dream home or new office building. Every tile, paint color, and fixture has been selected with thought and care. But as your vision begins to take physical form, a question pops into your mind: Is it protected before it’s finished?
That’s where insurance for new construction — also known as builder’s risk insurance — comes in. In this blog post, we’ll take a close look at why this type of coverage is more than just a good idea but essential for anyone taking their new building from blueprint to reality.
Insurance for New Construction: The Foundation of Protection
Before a single nail is hammered, it’s important to consider safeguarding your investment in your new construction. Builder’s risk insurance does precisely that. Like wearing a helmet when you’re learning to ride a bike, you might not plan to fall, but you’ll be thankful for the protection if you do. This type of insurance policy covers your new construction from a slew of mishaps such as:
- Fire
- Theft
- Vandalism
- Weather damage
- Construction delays
For example, imagine the exquisite custom-made windows you ordered for your new home have just been installed. What do you do if a sudden and unexpected hailstorm damages them? With home insurance for new construction, you’re covered, allowing you to replace or repair without dipping into the finances you’ve set aside for the furnishings, landscaping, or that upcoming housewarming party.
Builder’s risk insurance also covers additional expenses such as indirect costs from property damage, such as:
Lost Rent or Sales
If the damage delays completion and you were expecting to rent or sell the property, the insurance might help cover lost income.
Additional Interest on Loans
Construction delays can lead to higher interest payments on construction loans. Some policies cover these extra costs.
Debris Removal
The cost of removing debris after a covered event can be significant, and builder’s risk insurance can help with that.
Insurance for New Construction: A Blueprint for Protection
New building projects should be an exciting journey, not a nerve-wracking gamble. Insurance for new construction is your first defense against the unpredictable, ensuring your investment and hard work are protected. From covering potential damages to offering peace of mind, builder’s risk insurance is more than a wise choice; it’s an essential component of the construction process.
Experience the excitement of building with the confidence that comes from safeguarding your future. Visit us at Eber & Associates for more insights and tailor-made insurance solutions that shield your investments from the unknown.
Remember, in the construction world, being covered isn’t just about the challenges you see coming; it’s about preparing for the unseen and ensuring your project stands strong for years to come. Eber & Associates is here to guide you through selecting the perfect coverage, ensuring your dream home or commercial building is protected every step of the way.
No two custom construction projects are alike, and similarly, no two builder’s risk insurance policies should be the same. At Eber & Associates, we take pride in tailoring policies to fit your unique needs. Whether you’ve set your heart on integrating modern smart technology or using the latest and greatest eco-friendly materials, we can adjust your policy to cover these features.
