BUILDERS RISK INSURANCE IN MASSACHUSETTS

Is Builders Risk Coverage Available for New Home Construction and Residential Remodeling? 

Builders' risk coverage is widely available for new home construction, and contractors in this particular space usually have no problem finding policies to compare. 

Coverage for residential remodeling is less widely available, and many insurance companies limit remodeling coverage that they offer to only larger projects. Remodelers who would like to explore this insurance option ought to talk with a knowledgeable agent who can search for a suitable policy. 

What Supplies and Equipment Does Builders Risk Coverage Extend To?

The exact supplies and equipment that a builders risk policy will cover are determined by the terms and conditions set forth in the policy. In general, supplies, tools and equipment that are on a worksite often are covered. This may include everything from basic, cheap supplies to specialized tools and expensive equipment.

Additionally, coverage isn't always limited to physical supplies and equipment. Many policies also extend coverage to labor costs associated with whatever work has been completed. This particular protection can help ensure that a contractor is able to pay its workers due wages.

What Sorts of Risks Does Builders Risk Coverage Extend To? 

The incidents that a particular builders risk policy will cover also are determined by the policies terms and conditions. Policies can broadly be categorized based on the types of incidents they cover: 

• Basic form coverage usually extends protection to limited risks, which may include fire, wind, lightning, explosions and some other disasters
• Broad form coverage usually extends protection to more risks, which may include non-flood water damage, falling objects and other listed perils
• Special form policies usually extend protection to any risk that's not explicitly excluded

Of these, special foreign policies tend to offer the most comprehensive coverage. They still typically have exclusions for risks such as war, earthquakes, flooding and similar events. Basic foreign policies usually offer the most limited protection. 

Can Contractors Get Builders Risk Coverage Within A Broader Insurance Policy?

Builders' risk coverage is available as a standalone policy or as part of a larger package policy. Many contractors' policies and some other commercial insurance policies offer this coverage. An insurance agent can help explore both types of policy options. 

How Can Massachusetts Contractors Get Builders Risk Insurance?

For help finding a builders risk insurance policy, contact the independent insurance agents at Garrity insurance. Our agents will work with you to assess risk exposure and find a well-suited policy. Because we're an independent Massachusetts agency, you can trust our agents to recommend the best available policy regardless of what insurance company is offering it.