Nowadays, many homeowners are choosing to remodel their homes rather than build a new home. Businesses may also choose to remodel or expand their location(s). However steps should be taken before starting a construction project.
What is Course of Construction Insurance?
Course of construction insurance is a type of insurance that protects against damage to buildings while they are under construction. This type of policy is also known as Builders Risk Insurance. This type of coverage protects a person’s or businesses’ insurable interest in materials, fixtures, and/or equipment being used during the construction or renovation of a project in case the property sustains physical loss or damage from a covered cause. Typically, lenders require course of construction insurance (builders risk insurance), before offering financing for the project or funding remodeling projects.
Most commonly, this type of insurance is required when a land owner or business owner breaks ground on a vacant lot. Vacant lot insurance is different and separate from course of construction insurance. If you are not planning on building on your land in the near future and are interested in insurance for you land please visit our Vacant Land Quote, and we will be happy to help.
Course of construction insurance is designed to cover the location during the time the physical changes are happening, and ends once the remodel or build is finished. Then Culley Insurance Group can start a new type of policy that is appropriate to your needs.
Get a Course of Construction Quote
Whether you are remodeling your current property, or building from the ground up, Culley Insurance Group has the experience and expertise to help you. From small projects to large multi-million dollar condo associations or commercial buildings, we will find the right coverage for your needs. To get started with a course of construction insurance quote click the button below and we will be happy to assist. Get started today.