Building or remodeling a home involves unique exposures that standard homeowners policies don’t address. Builder’s risk insurance protects structures in progress, as well as materials, fixtures, and equipment, against loss or damage during the course of construction.
Prizm partners with carriers experienced in construction-related risks to provide coverage tailored to the project’s scope and timeline. Whether for a new build or a major renovation, this protection helps ensure that work stays on track and investments are safeguarded until completion.
Builder’s Risk Insurance
Coverage for homes under construction or undergoing renovation.
Coverage highlights
Property damage: Covers loss to the structure itself during the course of construction.
Theft and vandalism: Protects against stolen materials or intentional damage to the site.
Fire or lightning strike: Covers fires or lightning damage to structures or stored materials.
Arson: Provides protection if intentional fire damage occurs.
Collapse: Covers structural collapse caused by a covered peril during construction.
Windstorm or hail: Extends protection to weather-related damage common on open job sites.
Materials in transit or at temporary locations: Insures materials and equipment while being delivered or stored off-site.
Backup of sewers, drains, or sumps: Addresses water-related damage during construction.
Debris removal: Covers the cost of removing debris after a covered loss.
Lock Replacement: Covers expenses to replace locks if keys or remote unlocking devices are lost or stolen
Fire department service charge: Reimburses costs if the fire department is called to protect the site.
Ordinance or law coverage: Helps cover additional costs to meet updated building codes after a loss.
Pollution cleanup: Covers cleanup costs from pollutants released by a covered event.
Scaffolding and construction forms: Protects scaffolding, temporary structures, and reusable forms used during construction.
Scaffolding re-erection: Pays to rebuild scaffolding if it’s damaged by a covered cause.
Valuable papers and records: Covers important plans, blueprints, or other project documents.
