You may wonder does builders risk cover theft. While you may be surprised to hear that your policy covers theft, vandalism, and non-severe weather, it is worth checking. In this article, we’ll explore the basics of this type of insurance policy and whether it’s right for you. Here’s a look at what’s excluded and what’s included. If you’re looking to get insurance for your construction project, you should consider purchasing a builders risk policy.
Builder’s risk insurance covers vandalism
If you’re planning on building a home or a business in a high-risk area, builder’s risk insurance can help protect your property. It pays to shop around for the best possible policy, but it’s also important to understand what your options are. This type of insurance covers a range of risks, from vandalism and theft to damage caused by weather and vandals. Builder’s risk insurance is available from The Hartford and other insurance companies. Some insurance companies only offer it to certain types of businesses, or in specific states. However, these brokers can help you select the most appropriate policy for your needs.
Purchasing builders risk insurance is not as expensive as you might think, and it can protect your project against various damages. You can buy a policy for a specific amount of money, or you can buy a short-term, single-project plan. Depending on your needs, there are also a variety of plans that can be extended for a few months if your work is incomplete. If anything goes wrong with your property during construction, your policy will reimburse you up to a certain amount. This limit will most likely reflect the total value of the finished structure. In many cases, land value is not included.
It covers theft
Builders risk insurance protects developers against theft and loss of building materials and equipment. Most builders’ risk policies exclude land, satellites, and antennas. The policy should specify any excluded items. An agent will explain the policy’s coverage, and can help you determine which types of property are covered and which aren’t. It is also beneficial to speak with an independent insurance agent to determine which kinds of coverage will best meet your needs.
Unlike general liability insurance, builders’ risk coverage also covers vandalism. A fire may destroy items being built, and vandals could break in and steal construction materials. Builders’ risk insurance will reimburse you for the loss of such property. However, it won’t cover employee theft. While a builder’s risk policy protects structures, it does not cover piping or equipment that is stolen from the site. That’s why separate insurance is required for theft or vandalism.
It covers non-severe weather events
Severe weather is a category of weather events that can cause damage to property, disruption to daily life, and even loss of human life. The types of severe weather events vary by latitude, altitude, topography, and atmospheric conditions. Severe weather can cause high winds, heavy rainfall, wildfires, and extreme heat. Changes in weather patterns from anthropogenic climate change may also affect the types of severe weather events.