Builder’s Risk Insurance

Builder’s Risk coverage protects you from the unique risks of major renovations.

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Builder’s Risk Insurance Coverage

If you’re building a new home or cottage, or making major renovations to an existing one, it would be wise to protect yourself and your investment with Builder’s Risk insurance. The larger your project, the more critical this coverage becomes. In fact, you may have already discovered that your bank or lending institution is insisting upon it if you are borrowing money.

Be aware – a standard homeowner’s policy won’t likely cover you or your home until you are living there full time. Whether it is commercial or residential, new construction or major renovation projects can attract the wrong kind of attention when no one is there and be more at risk to the elements before completion. Builder’s Risk insurance will protect your significant investment, and cover the project for:

  • Liability – people can get hurt on a job site, and you would likely be named in a lawsuit as you own the site and are responsible for it.
  • Losses from fire
  • Lightning
  • Wind
  • Vandalism during construction
  • Theft

Have you thought about fences around your construction? This simple step can go a long way in preventing theft and injuries. And be sure your location is well lit at night since this can be a strong deterrent against losses.

In addition, should one of the situations mentioned above occur, your Builder’s Risk policy will cover:

  • The cost of debris removal
  • The value of building materials
  • Any physical loss or damage to the property
  • Soft costs such as additional engineering, architectural and/or legal fees

While it is recommended to have a Builder’s Risk policy in place before work begins, you can still obtain one during your project to cover you until completion. However it is much harder to get a Builder’s Risk policy once the project is under way; your options for companies and coverage are certainly reduced.

To find out more about how Builder’s Risk insurance can protect your Ontario construction or major renovation project, please call us at 1-800-731-2228 or email us at

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