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Home Builders Insurance

Product Overview

Working in construction comes with many important responsibilities. These professionals construct spaces for their clients to live their lives; this means that the expectation is high. A home has to be safe and operational for many years to come. Homebuilding requires many different processes that include woodwork, plumbing installation, and electrical facilities. Like in any other business, things could go wrong. Construction work is especially susceptible to this as it requires the use of power tools, ladders, and scaffolding, and injuries may occur.


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Benefits Of Home Builders Insurance

Home builder insurance is essential for any construction projects as it keeps your business protected in case of an unforeseen situation. Coverage is not limited to people as it also covers damage to materials and vehicles. Here are some other benefits of acquiring this type of insurance. 

  • Broad coverage: It protects your business from general liability risks
  • Vehicle coverage: Covers if any damage is done to your business vehicles. 
  • Workers compensation: Covers you if any of your employees suffers an injury during the construction process. 

The cost of coverage will depend on the type of work that your business does. Not all construction professionals face the same hazards. Other factors that will affect your policy’s premiums are the number of employees, types of vehicles used, your claims history, and your coverage needs. Insurance carriers rate these factors in different ways. It’s advisable to work with an insurance agent to find the best solution for you. At Prince Insurance, we understand the needs of home builders and will work with you to find an insurance policy that covers all your needs. 


Prince Insurance Group helps find the right insurance for you and your needs.


Our team works with you to find the most affordable options for your situation.

Flexible Options

Our products are flexible and we work to find insurance specific to your needs

Unbeatable Service

We are just a phone call away throughout our entire relationship.

Common questions about Home Builders Insurance

Get quick answers to some of the most asked questions about home builders insurance. If you have additional questions, please contact us.

Builder’s risk: who buys this type of insurance?

Several different groups are eligible for residential or commercial builder’s risk policies, which can buy a policy and put it in their own name. These groups include the following:

  • School districts.
  • Retail companies.
  • Investment/development companies.
  • House flippers.
  • Contractors.
  • Builders.
  • Property owners/homeowners.

Our project’s cheat sheet showcases examples of various correction close projects that we have insured. Benefits, policy features, and terms stay the same, regardless of who the insured is specifically identified as. With that said, each policy type will differ based on the client’s needs.

What exposures will it cover?

This form of insurance was developed to safeguard construction worksites from damage and loss. Although specific limitations on coverages will differ per provider, comprehensive policies might provide coverage for vandalism and theft. It might also cover extra expenses, business income, earthquakes, windstorms, floods, and various soft costs. Some policies might even cover damages to landscaping, subdivision signs, scaffolding, fencing, temporary structures, and construction material.

A builder’s risk policy won’t cover liability (specifically for injuries and accidents that happen on a work site). Standalone liability insurance might be secured along with construction course coverage.

Are projects in development eligible?

A builder’s risk policy (as well as the projects covered by them) are generally available for installation, remodeling (excluding or including the current structure), and new ground-up construction.

Projects like these are considered to be either a commercial or residential risk. Be mindful that these categories’ definitions will vary per provider. For example, a builder’s risk plan will recognize residential projects as places that can accommodate a family home (housing between 2 to 4 people, whether work performed is comprised of installation, new construction, or renovation). On the other hand, commercial projects happen to be more varied, and cover anything from wind-powered turbines to office buildings – it will even cover sports arenas worth millions of dollars.
With that said, risk value limits will differ per company. A builder’s risk plan can provide you with coverage for construction projects that are valued as high as $75 million, as an example.

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