Builders Risk Insurance Rhode Island

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Builders Risk Insurance  in Rhode Island

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Get a builders risk insurance quote from our Rhode Island experts.

What is builders risk insurance?

Major construction projects can be interrupted by major delays. If a customer tries to hold a contractor financially responsible for the costs of a delayed or canceled project, builders risk insurance might offer protection. It’s something that many contractors in Rhode Island may want to consider.

Builders risk insurance generally provides specialized protections for major construction projects. Policies may cover delay or failure to complete, and some offer additional protections as well.

What construction projects in Rhode Island does builders risk coverage make sense for?

Builders risk coverage is often advisable when working on a large construction project. Commercial contractors and those bidding on public projects might get this coverage.

For example, policies might be purchased for retail buildings, office buildings, manufacturing facilities, warehouses, municipal buildings, hospitals, schools, and public infrastructure. Other projects of comparable size could call for a policy too.

In many cases, coverage isn’t just recommended for these projects but may be required. Many commercial and government customers require that the hired contractor obtain a builders risk policy.

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Can builders risk coverage be procured for a single-family house?

Builders risk coverage is frequently purchased for the building or renovation of multi-family housing, and also is often needed when building out a residential development.

The coverage isn’t often used if building a single house. The potential cost of not completing a house’s construction on time is comparatively less. It normally isn’t enough to justify paying for a policy.

In select situations, home builders might still want coverage for the construction of a large and expensive house. An insurance agent specializing in builders risk can check what policies are available in these situations.

What things can builder risk policies cover?

Builders risk policies may extend protection to most items that’d be found at a construction site. A policy’s terms might give protection for:

  • Specialized and large equipment

  • General equipment and tools

  • Construction materials and materials

  • Structures (completed, or in progress)


While all protections can vary from policy to policy, there’s an especially wide variance in what structures these policies cover. Some might only cover structures once they’re completed, some might only cover structures while they’re being worked on, and some might protect each or neither type of structure. A knowledgeable insurance agent can review which structures at a construction site would be covered by a chosen policy.

Builders Risk Insurance Rhode Island

What perils can builders risk policies cover?

Builders risk policies typically protect against perils that could damage or destroy the covered items at a construction site. Perils that a policy covers could include fire, smoke, wind, severe weather, theft, vandalism, and more. A knowledgeable agent can review precisely what perils are included in a policy’s terms.

Can a builders risk policy be extended if there’s a construction delay?

Sometimes builders risk policies allow for an extension in the event of a delay. Extensions are usually limited to one, and not all policies offer this option. If more than one extension is needed, a new policy will likely have to be purchased.

How much do contractors pay when getting builders risk policies?

The cost of builders risk coverage varies, as premiums are based on numerous different factors. Some factors that often impact cost include category or project, scope of work, time frame for completion, heavy and specialized equipment use, and the contractor’s claims history.

To get accurate quotes from several insurance companies, contractors can work with an independent agent. Independent agents are able to show options from multiple insurers since they aren’t connected to any specific one. They can then help compare coverages and prices.

Builders Risk Insurance Rhode Island
Podmaska Insurance Agency

Where can contractors find builders risk insurance for construction projects in Rhode Island?

If you need builders risk insurance for a Rhode Island construction project, contact the independent insurance agents at Podmaska Insurance. Our agents have the expertise to help you find the best policy, with the right coverages at an affordable rate, for your project.

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