You should apply for builders risk insurance coverage for a little peace and security. Time and again the home builder ignores the basic fact that they need to have a builder’s risk insurance. They normally ignore such a necessity may be deliberately or are ignorant about the fact. Right from the day you start work as a builder at any site, you get lot of material required to build the building, this requires lot of labors. All labors are not honest; after all you have invested so much money in arranging the material, what will happen if some material goes missing.
You cannot waste your time in investigation as this is not your job, here comes the builders risk insurance to your rescue. Some builders leave it to home owners; home owners are not responsible for your material which is lying at the construction site. It is in own interest to save you from unforeseen situations. Never try to save few dollars as this can cause you a great loss. Before accepting the contract and finalizing the plan, immediately seek the help of insurance advisor to have builders risk insurance. You can have peace of mind, if something happens to your material or any of your labor gets injured, your insurance company will compensate you. You can contact number of contractor insurance companies and compare the quote and finalize the best policy which suits you and takes care of all the liability. Never be over confident that nothing is going to happen. Some builders overvalue their material, this is of no help to you, and this will only increase the premium amount. There are so many policies available but blanket annual deposit is the best, this policy is subject to audit and reduces the administrative hassles to a great extent. But there are other good options also available. Before the start of a project always remember that the best way to safeguard your interest and any financial loss, go for builder’s risk policy.