Best Home Builder Insurance Packages

Homeowners Associations (HOA) Insurance

Construction projects are fraught with risk, no matter how careful you are. Even if you choose the best contractors in the world, there is always a chance that something could go wrong. That’s why you need home builder insurance. The best packages will offer coverage for you, your team, and your equipment. Accidents happen, and the right coverage will help protect you and attract cautious clients. Ready to find the right insurance for a home builder?

The Best Insurance for a Home Builder

First, let’s understand the coverage. Construction and home building include a variety of complex tasks. After all, the home needs to be durable and livable. You need coverage to protect you while you install electrical, plumbing, woodwork, plastering, roofing, and more. On-site, workers are often required to use power tools or climb scaffolds. If something falls on a car parked at your construction site, would it be covered? While you’re in the process of building someone’s home, you need insurance that covers everyone and everything. This should include broad liability protection, workers compensation, materials coverage, and vehicular protection. Not only is this good for your business, but it’s a great way to gain the trust of your clients.

Man sliding a piece of wood across a table saw.
Make sure your home builder insurance covers everyone and everything on site.

The Importance of Home Builder Insurance

Protection can’t be underestimated in risky businesses like construction. Your reputation is at stake. If you don’t have insurance, and one of your workers gets injured, you might struggle to hire great contractors in the future. Insurance for a home builder is critical from a client’s perspective, too. Your potential customers will want to know that you have robust coverage in case of an emergency.

The right coverage could help you get more business. Ready to explore your policy options as a home builder? Get in touch with Prince Insurance, and we’ll find an option that gives you the coverage you need.

Why You Need Builders Risk Protection

sillouhette of two men a construction platform.

After finally seeing your new home, office, or general property fully constructed, it’s a natural impulse to want to protect it from the elements with insurance – you don’t want something as simple as a flash flood to ruin what you’ve waited so long for.

But what about insurance for your property during its construction, as well?

Construction Risks and the Importance of Builders Risk Insurance

Although people tend to neglect insurance for their property during its construction, the reality is that properties are often more susceptible to damage during construction.

For example, a lack of complete coverings and security features makes properties being constructed much more susceptible to weather damage from wind, hail, or rain, as well as theft and vandalism.

This is why if you want to increase the chances of your property coming out exactly the way you imagined and save money in repair, replacement, and labor costs along the way, protecting it during construction with a Builders Risk policy is a very smart move.

A construction project filled with half built red platforms.
Given the in-progress nature of structures around construction sites, they’re much more susceptible to potentially dangerous elements like weather.

This type of policy can provide the following types of coverage:

  • Structural Coverage: Protects the buildings and other structures associated with the project.
  • General Liability: Protects the at-risk people working on the project.
  • Equipment & Materials Coverage: Protects the equipment and materials being used for construction.

Of course, these are simply the most common forms of coverage that go into most builders risk policies; what ultimately ends up being covered in your policy will depend on the needs and features of your specific project.

In some cases, you may need more comprehensive coverage, such as that found in contractor insurance or construction insurance.

Who Should Get Builders Risk Insurance?

Because of how many moving parts are typically involved in a construction project, it’s very normal for more than one name to be on a Builders Risk policy.

For example, while it’s most common for Builders Risk insurance to be taken out by those funding or managing construction, it’s also just as common for landowners, architects, engineers, and any other specialized professionals involved with the project to sign their names as well.

Getting Set Up with the Right Coverage

There’s no such thing as a one-size-fits-all Builders Risk policy. That is why it’s so important to prioritize working with insurance companies that understand not just how to protect construction properties, but that have enough expertise to be able to provide a tailor-made solution to your specific coverage needs.

Fortunately, these are exactly the types of policies that Prince Insurance Group can help you with.

To learn more about getting the perfect Builders Risk policy from professionals you can trust, contact Prince Insurance Group today.

Why Insurance for Subcontractors Is Essential

Man sliding a piece of wood across a table saw.

Let’s say you’re a construction subcontractor trying to convince a contractor to give you work. You have all the necessary skills and materials, but you’re missing one crucial thing – insurance.

Why does not having insurance affect your ability as a subcontractor to get work on a construction site? To give you a tip, it has something to do with accountability.

Continue reading to learn more about why not having insurance is often the single biggest reason why subcontractors don’t get work.

Risk of Injury

Not having insurance – a seemingly small detail that doesn’t affect your ability to do your job – automatically makes your contractor more accountable. This is because, without insurance, employers become more at risk of having to pay you for any injuries, should they occur.

Construction subcontracting tends to come with more risk of injury, and therefore the need for insurance is higher.

With an insurance policy in place, however, that responsibility becomes your insurance company’s–not your employers. Therefore, employers are much more willing to hire you because they know they won’t have to pay you in the event of an injury.

Best Policies for Subcontractors

Now that you know the importance of insurance for subcontractors, the next step is to choose the right coverage for your needs.

For construction subcontractors, a good place to start is a comprehensive construction insurance policy. With this type of policy, you can expect coverage for:

  • General Liability: A broad type of policy that provides your company with liability insurance for general business risks.
  • Commercial Auto: Covers physical damage and liability coverages for vehicles used by your business.
  • Workers’ Compensation: Offers coverage if an employee suffers injury or illness while on the clock or within the scope of their job duties.

However, as a subcontractor, or someone who owns their own business, you’re also going to probably need one or all of the following additional coverages:

Armed with these types of policies, you’re sure to increase the likelihood of getting hired for construction-related projects as a subcontractor.

Finding an Insurance Agent

The final step to securing the insurance you need as a subcontractor is to find the right insurance agent, looking at such factors as experience, customer reviews, and the ability to provide insurance for subcontractors in the first place.

To start off in the right direction, check out Prince Insurance Group. We offer one of the most diverse insurance menus on the market, with plenty of options specifically designed to work for subcontractors (including the types of policies listed in the section above).

Check out your options by getting in contact with Prince Insurance Group today!