5 Best Builders Risk Insurance Companies in 2024

For a quote, you can email, call The Hartford directly, or find a local agent.

Some standout features for the builder’s risk coverage include a single deductible. If multiple deductibles apply to the same loss, it will only apply to the largest applicable deductible, saving you more out-of-pocket money. It also has $100,000 in coverage to find, restore, and, if necessary, replace any electronic data or documents lost in a claimable loss.

Construction material is covered on a replacement-cost basis, and the policy does not have a coinsurance clause. There are coverages related to green building supplies and renewable energy options. This includes additional coverage for certification expenses and even vegetative roofing materials.

The Hartford offers a quality online experience, including filing a claim, managing and paying for your policy, and obtaining a COI.

Despite writing substantial amounts of insurance for commercial property—over $700 million in premiums in 2023—it had only one complaint recorded by the National Association of Insurance Commissioners (NAIC). This is well below the national average.

The Hartford works with independent insurance agents, and independent agents have voted it as one of the best carriers to work with, according to a 2023 survey by J.D. Power.

To get a builder’s risk insurance quote, call Nationwide directly or look up a local agent in your area.

Nationwide offers builders risk insurance for general contractors, developers, individuals, owners, corporations, and more. It has coverage for business income, soft costs, equipment breakdown, debris removal, and installation coverage. Some of its coverage is automatically included, like $5,000 for property in transit, but can be increased if necessary.

In some situations, such as when a policy is taken out with an owner and general contractor listed as named insureds, general liability is available. Because Nationwide is a large commercial insurer, construction companies can get the other coverage needed, including workers’ compensation, commercial auto, and commercial property.

While builder’s risk quotes are unavailable online, most other forms of commercial insurance have that option. Nationwide runs a 24/7 call center to file claims and for customer service.

It has almost 130 risk management professionals throughout the country who can visit your job site and provide evaluation and feedback to mitigate risk. The team includes fire protection specialists, construction engineers, and mechanical engineers. Nationwide even utilizes drones.

Complaints with the NAIC are well below the national average. This matches with Nationwide being ranked first by customers on J.D. Power’s 2023 US Small Commercial Insurance Study.

Builders risk insurance quotes are available by calling Chubb or reaching out to a local agent.

To accommodate the needs of residential homebuilders, Chubb has several specific coverages. These include coverage for construction trailers and contents, infrastructure development, and vacant lot debris removal. It also has coverage for dwellings that are completed but empty while you are selling them or waiting on the closing. It even has delayed opening coverage for financial losses that result from the opening of the property being delayed.

Chubb has also developed a unique feature for builders operating in coastal regions—SPECTRA® for Builders Risk. This policy focuses on coverage for named storms and is available as a standalone coverage or can be purchased to add coverage for a named storm. It has an annual aggregate deductible cap in case multiple named storms occur during the process.

While Chubb does have online account maintenance, the details on what you can or cannot do are not readily available. However, it offers 24/7 accessibility for losses and customer service and has lower-than-expected complaints with the NAIC.

Chubb offers risk engineering services for its builders risk customers, including consultation services from engineering specialists and risk managers. It can also offer engineering evaluations and risk management for homebuilders.

For a quote, you can enter your local ZIP code on the website, and Travelers will provide information for a local agent.

The builders risk policy sold by Travelers is called Construction Pak®. This policy is targeted at specialty trades and general contractors and is written in a broad form to increase eligible coverage with replacement costs and soft costs coverage.

This means, for example, that you do not need to add endorsements or individual interests, as the wording is built to include others in the coverage. Rental value is included in the business income coverage as well. It even has automatic green building coverage and a broad definition of covered property to include temporary and permanent works like signs and scaffolding.

Travelers is available nationwide. You can file a claim online or call 24/7. Unfortunately, complaints rose higher than expected between 2022 and 2023. A feature I’ve not encountered with any other insurer when researching is that Travelers has a customer service advocacy hotline available 24/7.

For risk control services, Travelers has several programs. Some are free for its policyholders, whereas others come at a discounted rate. For instance, Procure, discounted for Travelers customers, is a system that helps construction projects manage deadlines across locations and jobs. It also has a tool called ZoneCheck to measure the potential risk of ground vibration from work. There are many more online resources, including a dedicated risk control portal.

You cannot get a quote online from Tivly, but the process is very straightforward. All you need to do is enter three points of information: your ZIP code, name, and phone number, and within minutes, a representative from Tivly will contact you to finish the quote.

If you are looking for options or want to work with an expert advisor, then Tivly is a great place to start for finding builder’s risk insurance. But, as a marketplace, Tivly’s offerings are limited to helping you find coverage.

If you’re seeking to get insurance online, manage your policy online, or contact a 24/7 call center, Tivly does not have any of that. It is available during much of the week. Its hours are Monday through Saturday, from 8 a.m. to 8 p.m.

It is nearly impossible to find a provider who will give builders risk insurance quotes online. To find out the actual cost, you will need to speak with an agent. However, builders risk costs are usually 1% to 5% of the total cost of the project.

Any party with a financial interest in the project should ensure their name is listed on the policy. This can include owners, developers, general contractors, architects, engineers, or the lending institution.

Builders risk policies are either named peril or all-risk policies. Named peril policies cover only losses outlined in the policy, like fire, theft, or vandalism. All-risk policies cover all risks, except for the listed exclusions. Builders risk is a first-party policy, meaning it does not cover liability.