Builders Risk Insurance in North Carolina


If you’re a contractor that is looking to protect yourself from what you can’t see coming, a North Carolina builder’s risk policy from Charlotte Insurance may be just the thing for you. Charlotte Insurance has been in the insurance industry in North Carolina since 1992, and we can get you the appropriate safeguards for your business. We have three locations throughout North Carolina, and we’re ready to meet with you today.

If you are a local contractor in South or North Carolina, you probably have business insurance but do you have builders risk insurance? This is especially important for those in the construction industry, as there is no way to predict the weather and so many unexpected things which can occur. It's important to not only insure your business and workers, but also the work you perform. When you are in the course of building something and it is damaged or destroyed before completion, what type of backup plans do you have in place? If you have not considered this, you could be dealing with major financial losses at some point in the future. Let's look at an example.

Sam L loved the construction business. While he was in high school he attended vocational training to become one of the men wearing a hard hat and building homes and businesses. After graduation, he took a job with a local builder and Sam eventually learned all aspects of the business. After ten years time, Sam was ready to start his own home remodeling company, and it didn't take long before he had a thriving business.

A few months ago, Sam started work on a major project. He and his men were turning an attic space into a second floor apartment. During the process, they needed to cut several dormers into the roof, in order to increase the space. Everything was going well until one day when a large storm blew up in the Charlotte area.

The dormers were not totally complete but were temporary protected with tarps. However, the storm had very high winds and hail and a microburst suddenly dropped down from the clouds. This demolished all the hard work Sam and his crew had done. In addition, a great deal of rainwater made its way into the lower section of the house, ruining wallboard, floors, and furniture.

As Sam came back the next morning to survey the damages, he was horrified. Thankfully, he had a good insurance agent on his side. When Sam first started his business, he and his agent went over the many risks he faced and he made sure to take out course of construction insurance before each major project. If not for this insurance coverage, he would have been ruined. Sam's agent was there to help him with the claims process and before long he was back in business. In fact, his customers were so impressed with their new upstairs apartment, they referred several neighbors to Sam's business.

What is Builders Risk Coverage?

If you are in the business of building, your work needs to be fully protected until it is completed. Builders risk insurance covers many damages that you could face.

Who Needs This Insurance?

Are you a building contractor? Here are businesses which could benefit from a builders risk or course of construction policy:

  • Construction contractors
  • Home renovation or remodeling services
  • Handymen
  • Subcontractors
  • Construction project managers
  • Architectural and engineering consultants
  • Landscape businesses

Standard Course of Construction Insurance Coverage

When you take out a typical builders risk policy it usually covers the time you are in construction and a specific project or projects. It will protect you from a number or hazards, such as:

  • Fire
  • Theft or burglary
  • Wind and hail damages
  • Lightning strikes
  • Explosions
  • Vandals
  • Damage from passing vehicles or aircraft

Insurance Options

It's important to read over your builders risk insurance policy to make sure it covers as many incidents as possible. For example, some builders risk policies may not include these options:

  • Floods
  • Earthquake
  • Damage debris removal
  • Faulty workmanship or design
  • Fire department assessments
  • Sewer backup
  • Equipment breakdown issues
  • Inland marine insurance - protects materials and equipment while they are in transit
  • Landscape damages
  • Damage to neighbor's property
  • Liability insurance
  • Subcontractor work
  • Acts of war
  • Coverage for signs, scaffolds, fences, and other materials involved in your project

Talk to Your Insurance Specialist Today

Not all insurance agents in North Carolina are the same, especially when it comes to builders risk protection. For example, Charlotte Insurance has trained insurance people with knowledge on risk management for construction companies. They can help you find the right course of construction policy at the right price.

Charlotte Insurance is not an insurance company. We are independent agents who do business with some of the most respected insurance companies in the industry. As an independent agency, you receive the benefits of unbiased advice on the right kind of coverage for your business.

If you’d like to find out more about our builders risk programs, get in touch with us! Call us to speak to us over the phone or stop by one of our offices in North Carolina. You can also get a free quote by simply filling out the form to the right.