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Comprehensive Builders Risk Insurance for Your Construction Projects

Secure Your Construction Site in Ohio with Parson Insurance Agency
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Parson Insurance Agency/ builders risk insurance

Understanding Builders Risk Insurance

Builders risk insurance, called the course of construction insurance, protects structures still under development. Each construction project is unique, and so are the builders' risk policies that cover it. At Parson Insurance Agency, we offer customized policies tailored to meet the requirements of your project in Ohio.

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Property damage
Debris removal
Law/Local ordinance changes
Labour expenses
Material Cost escalation

Property damage coverage

Risk Factors

Your construction property can get damaged by any unspecific event like fire, explosion, hail, etc and you become liable for the same.


A builder’s risk insurance policy helps protect your construction projects from certain kinds of property damage. It can also help cover additional soft costs if property damage causes a delay. This can include lost sales, rental income, additional interest on loans and real estate taxes.

Debris removal coverage

Risk Factors

The debris can be a major issue if you are into the construction of buildings and other structures.


Debris removal coverage covers the cost of clearing and disposing of the debris and materials from a covered loss, which can often be a massive expense. Some insurers will also cover demolition costs if the remaining parts of a damaged structure must be torn down.

Law/Local ordinance changes coverage

Risk Factors

There can be a possibility that the rules, regulations, and other laws change during your construction project and make an impact on the same.


Suppose a law or local ordinance changes during the construction project. In that case, this policy protection will cover the added costs of complying with the new laws, plus the costs of any delays that the new compliance adds to the project.

Labour expenses coverage

Risk Factors

There can be instances where your labor expenses increase due to commitments and labor strikes for an increase in wages.


Some policies will cover the additional labor costs that result from a covered loss; others will offer that coverage as an optional extension. Almost all insurers will offer this form of coverage.

Material Cost escalation Coverage

Risk Factors

There can be a possibility that you gave a quotation for a construction project, but the material prices increased due to changes in the economy.


This protects the policyholder from any significant increases in the cost of materials and services during the project. If unforeseen economic changes lead to a drastic change in price for certain materials, this policy extension covers that cost.

What Does Builders Risk Insurance Cover?

Builders risk insurance protects against various risks that could damage your construction project, including:

  • Fire
  • Wind (note: coverage may be limited in coastal areas)
  • Theft
  • Lightning
  • Hail
  • Explosion
  • Vandalism
  • Damage caused by vehicles or aircraft

Why Builders Risk Insurance is Essential

Builders risk insurance protects your construction projects from unexpected property damage. Moreover, it helps cover additional soft costs or non-construction expenses that might arise due to delays caused by such damage. These costs can include:

  • Rental income loss
  • Real estate taxes
  • Additional loan interest
  • Lost sales

By customizing your policy with coverage extensions, you can ensure comprehensive protection for your unique project needs.

Distinguishing Builders Risk Insurance from Contractor's General Liability Insurance

It's common to confuse builders risk insurance with contractor's general liability insurance. While they might appear similar, they serve different purposes. Builders risk insurance covers the contractor's property and equipment during construction. In contrast, a contractor's general liability insurance covers bodily injury, property damage, and liabilities that arise from accidents or injuries. This liability insurance protects contractors if they are accused of causing injury or property damage.

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Ensure your construction project in Ohio is well-protected with the right builders risk insurance policy from Parson Insurance Agency. Contact us today to learn more about our customized insurance solutions.

Setting the Right Insurance Limit

To ensure adequate coverage, the builders risk insurance policy must meet the maximum coverage limit, which should accurately reflect the structure's completed value (including all materials and labor costs, but excluding land value). The construction budget is a helpful guide for determining the appropriate insurance limit.

Secure Your Construction Project Today

Protect your construction investment with a tailored builders risk insurance policy from Parson Insurance Agency in Ohio. Contact us about your unique requirements to ensure your project is handled from beginning to end.

Already have Builders risk Insurance? Switching is easy

It might be time to switch insurers whenever the service that your existing insurer provides doesn’t meet your needs. For example, if you have a poor claims experience or an unexplained rate increase, it might be time to consider other options

If you cancel a previous policy before a new policy is effective, you could run into some serious financial problems.

Contact us today to help you with multiple options to choose from.
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