There are several insurance policies for builders but for a builder who doesn’t do so many projects in a year, save for a few high net-worth building projects, the single-shot builders risk insurance policy is the best for you.
To get the single-shot builder’s risk insurance policy, you only need to do two things, which are payment of the minimum premiums which usually hovers around $350 and then provides the insurer with the details of the construction and the construction site. The details include things like the address of the construction site, the whole specification of the construction itself, etc.
This form of builders risk insurance policy is one that requires a lot of communication between the builder and the insurance as details about the property and risks have to be updated regularly. This is why it is best for persons with little building jobs to do in a year. The administrative difficulties associated with this is one that will make it a bad choice of insurance policy for people that have to do 10-20 projects in a year.
When choosing to buy your insurance policy make sure that the insurance agency will be capable of handling any problems that could arise in the process of the construction work going on. You don’t want a scenario where you need the insurance company to step into a case, and they fail you.
Choosing a good construction insurance agency is as easy as asking your insurance adviser or looking around online to compare quotes, prices and performance.