Does State Farm do Builders' Risk Insurance?

When you are investing in a construction project, a custom home, commercial development, or renovation, it is important to protect your investment. Builders risk insurance Texas is one of the most effective ways of doing that. However, when you are thinking about State Farm as your insurer, you may ask yourself: Does State Farm provide builders risk insurance? The answer is yes, but with some considerations.

What is Builders Risk Insurance?

Before we jump into what State Farm can do, it is important to break down what builders risk insurance actually covers. Alternatively referred to as course of construction insurance, builders risk policies cover construction projects against fire, vandalism, theft, weather-related damages, and some natural catastrophes. This special insurance is meant to cover:

• The building in progress
• On-site and transit building materials
• Temporary work such as scaffolding
• Construction equipment

It is important to realize that builders risk insurance coverage is not universal. Depending on the size of the project, the nature of construction and any risks involved, policies may be tailored.

Does State Farm Provide Builders Risk Insurance?

Yes, State Farm offers builders risk insurance but it is normally incorporated into a homeowner policy or a commercial policy that is specifically designed to cover contractors and builders. Nonetheless, this coverage may be limited by location, project type, and the nature of the policyholders requirements.

An example of this is that a residential client constructing a new house can purchase a State Farm policy with builders risk insurance as an endorsement to a homeowners policy. Commercially, general contractors or developers can collaborate with a State Farm agent to design a tailored commercial policy that fits their needs in terms of builders' risk.

What Does State Farm Builders Risk Insurance Cover?

Builders risk policies offered by State Farm usually include:

• Destruction of the building or structure in construction
• On-site or stored materials and supplies
• Theft and vandalism
• Fire, wind, lightning, and other named perils

Additional coverage can involve coverage of tools, building trailers, or even loss of income associated with the delay of a project by a covered peril. But it is important to speak to a State Farm agent to know what is covered and what is not. Policies are not similar.

When Do You Need Builder's Risk Insurance?

Builders risk insurance should be bought before any work takes place. When you are financing the project, most lenders will want it and some municipalities will actually require proof of coverage before issuing permits.

It is one of the smartest investments you can make to guard your time, money, and efforts in a construction project, even though you may not be required to carry it.

Is State Farm the Right Choice?

State Farm is one of the most well-known insurance providers in the nation and their builders' risk coverage can be trusted on a variety of projects. Nevertheless, it is always wise to compare policies, coverage limits, deductibles and prices with other insurance providers to make sure you are getting the best deal to suit your unique needs.

The team at Dunbar Bedding Field offers property owners, developers, and contractors the most thorough and reasonably priced builders risk insurance policies in Texas, either through State Farm or a trusted carrier.

Cover Your Project with the Proper Builders Risk Insurance

Are you prepared to protect your construction project? Never leave your investment to chance. When it comes to finding the right builders risk insurance coverage, trust the experts at Dunbar Bedding Field to guide you and help you create the perfect coverage that fits project size, budget, and schedule.

Find out more by calling us today or contacting us online to get a consultation and quote. Getting a policy is all it takes to have peace of mind.