Secure New Construction Success With Builders Risk Insurance
Cost Considerations
The cost of builders risk insurance varies depending on several factors, including the project's size, location, and duration. Generally, policies cost between 1% to 4% of the total construction budget. For instance, a $1 million project might incur a premium ranging from $10,000 to $40,0001.
When evaluating options, it’s crucial to compare policies from multiple insurers to ensure you get the best coverage at a competitive price. Some insurers may offer discounts for projects that implement safety measures or use sustainable building practices.