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Builder's Risk AIP can help you find coverage if you need a builders risk property policy in New Mexico, Colorado, California, and Arizona. Low rates with great coverage.
What is “Builder’s Risk” Insurance?
Builder’s Risk Insurance is a form of property insurance specifically designed to cover buildings under construction. Do you cover theft of building materials? Yes. Does builder's risk insurance cover tools and equipment? Yes. Does builder's risk insurance include liability coverage? No. Builder's Risk Insurance is primarily property insurance. Liability coverage is usually purchased under a separate Comprehensive General Liability policy for injuries to the general public or under a Workers Compensation policy to cover workers injured on the job. Do you cover the replacement cost of the lost or damaged property? Yes. There is no deduction for depreciation on new construction. How is builder's risk insurance different from a homeowners insurance policy? Builder’s Risk Insurance is usually less expensive than homeowners insurance because it is designed to cover an unoccupied dwelling under construction. It is a temporary policy with discounted rates. A homeowners policy is a more permanent policy designed to cover an existing home, its contents and the owner’s personal liability exposures. In addition to being more expensive, a homeowners policy would not include some of the special construction related coverage extensions found in a builder’s risk policy. Is builder's risk insurance renewable? Yes. Most builder's risk insurance policies are written on an annual basis and can be renewed if the construction takes longer than 12 months. Can I buy builder's risk insurance after construction has begun? Sometimes, but it is not a good idea to delay coverage. Builder’s Risk Insurance has discounted rates because there is very little property at risk when construction begins. If you wait until the structure is being framed and “dried-in” before you buy insurance, the discounted rates are inadequate for the property values at risk when the policy begins. If your project is more than 20% complete, your application will require special underwriting (ie. increased rates or denial of coverage.) If the structure is more than 50% complete, it may be impossible to find insurance coverage that protects you as the building owner. My builder and my lender both need to be named on my builder's risk insurance. Is there an additional charge for this? No. 
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