What is Builders Risk Insurance and Why is it Important?

Finnmadisson18 Dec, 2022Business

Builders risk insurance is a type of coverage that protects your building and the materials you use in the construction process. It covers damage caused by fire, wind or lightning, vandalism or theft, falling objects and weight of ice or snow. If a building under construction is damaged or destroyed by one of these covered perils, builders risk insurance ontario will pay for the cost of repairing or rebuilding it. The policy may also reimburse owners for money lost because they can?t rent out the property while repairs are underway. Builders risk coverage usually excludes losses caused by floods and earthquakes. In addition, many policies exclude losses due to water damage caused by faulty plumbing or drains because those are usually covered under homeowners? insurance policies.