5 Best Builders Risk Insurance Companies for 2023

You can start a quote online or call Nationwide directly. Alternatively, you can 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 included automatically, such as $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 builders risk quotes are unavailable online, most other forms of commercial insurance have an online quote. Nationwide runs a 24/7 call center to file claims and for customer service.

It has almost 130 risk management professionals throughout the country to 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 National Association of Insurance Commissioners (NAIC) are well below the national average at zero. This matches with Nationwide being third on J.D. Power’s 2022 U.S. Small Commercial Insurance Study.

Nationwide has the financial stability you want to handle claims. The financial rating organization for insurance companies, AM Best, has given Nationwide an A+ (Superior) rating.

Quotes are available by either calling The Hartford directly or filling out information to locate a local agent. It does offer “quick quotes” for smaller jobs. If the job qualifies, a quote will be returned within 16 business hours.

Some standout features 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 doesn’t have a coinsurance clause.

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

With an over $500 million premium for commercial property in 2021, it had only five complaints through the NAIC, which 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 survey by J.D. Power.

Conveniently, it has a clear overview of coverage and exclusions for builders risk, giving you a better idea of how it works before purchasing.

The Hartford has been financially stable for more than 200 years. AM Best has awarded it a rating of A+ (Superior).

Quotes are available by calling Chubb or reaching out to a local agent.

To accommodate the special needs of residential homebuilders, Chubb offers several specific coverages. These include 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.

For builders operating in coastal regions, Chubb has developed 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 there are multiple named storms during the process.

While Chubb does have online account maintenance, the details on what you can or cannot do aren’t readily available. It does, however, offer 24/7 accessibility for losses and customer service. It also has lower-than-expected complaints with the NAIC and was voted second for customer satisfaction in J.D. Power’s customer satisfaction survey.

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

Chubb is a global insurer with a great financial position. It has a rating of A++ (Superior) from AM Best.

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

It has a builders risk policy called Construction Pak^®, which is targeted at specialty trades and general contractors. The policy is written on a broad form to increase eligible coverage with replacement cost and soft costs coverage.

This means, for example, that you don’t 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.

Installation, equipment breakdown, and equipment are available as additional options.

Travelers is available nationwide and offers an online policy management platform. You can file a claim online or call 24/7. It has lower-than-expected complaints filed with NAIC. It also offers a customer service advocacy hotline that’s available 24/7.

For risk control services, Travelers has several programs. Some are free for its policyholders, others come at a discounted rate. Procure, discounted for Travelers customers, is a system to help 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.

Travelers is a global insurer with over 100 years of experience. AM Best has awarded it a rating of A++ (Superior).

You can start a quote online or call CoverWallet to begin the quote process. Once the questions are completed, CoverWallet’s advisors will work to provide you with quotes from multiple carriers. Some of the carriers they work with are:

• Hiscox
• CNA
• Travelers
• Chubb
• Berkshire Hathaway Guard

CoverWallet has advisors who are available to help you determine the right type of coverage, endorsements, and limits for any project. It’s available Monday through Saturday online or over the phone.

When you purchase a policy through CoverWallet, you gain a “smart digital wallet,” which is your online account. CoverWallet provides 24/7 access to your policy documents. You can also manage your policy, file claims, make payments and get an instant COI.

As a brokerage, there are no complaints filed with NAIC. On eKomi, an independent review company, it has 4.8 out of 5 stars from more than 700 reviews.

CoverWallet is owned by Aon, which has a rating of A (Excellent) from AM Best.

It’s nearly impossible to find a provider who will give builder risk insurance quotes online. To find out the actual cost, you’ll 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, such as fire, theft, or vandalism. All-risk policies cover all risks, except for the listed exclusions. Builders risk is a first-party policy, meaning it doesn’t cover liability.