Does your builder’s risk property insurance policy provide you the coverage that you need? For example, are you renovating an existing structure? If so, take note that many builder’s risk policies have an exclusion relating to existing structures. In other words, existing structures are not considered covered property. This exclusion, however, may not work for you based on the type of construction you are performing. Remember, builder’s risk is designed to cover during-construction risks to property covered under the policy. Thus, make sure the policy meets the risks of the project so that you have the coverage that you realistically need for during-construction risks.
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