The recently introduced plans provide builders with a financial safety net should untoward events happen on a construction site. They cover damage caused by fire, lightning, hail, theft, vandalism, and acts of God.
More information about Midland Empire Insurance is available via http://midlandempireinsurance.com
These newly added insurance packages can likewise cover materials and supplies, whether they’re already onsite or still in transit. They are geared toward businesses like general contractors, home renovation companies, and architectural firms.
According to data from Rocket Mortgage, building a typical house costs roughly $282,000. Even modest remodeling projects can still command upward of $20,000.
A significant reason for these steep costs is the burgeoning prices of construction materials, which grew 20% between January 2021 and January 2022. Builder’s risk insurance gives contractors greater peace of mind as they can rest assured that any lost materials will be reimbursed.
A company representative says: “Construction has many moving parts, so a lot can happen between when you start and finish a project. That’s why you need builder’s risk insurance.”
Depending on the specifics of a plan, a builder’s risk insurance can also protect against lost income should construction be halted. Furthermore, customers have the option of extending the coverage period if project completion is delayed. A standard plan costs between 1% to 5% of the total construction budget.
To better understand the cost of a builder’s risk insurance, prospective clients can request an online quote. They may also bundle their package with corporate auto insurance or another insurance plan.
About Midland Empire Insurance
Midland Empire Insurance sells policies that help individuals and businesses recover from unforeseen events. In addition to builder’s risk insurance, it also sells home, auto, agriculture, health, and life insurance packages. Serving Customers in Oregon and California with offices in Grants Pass and Klamath Falls.
A spokesperson says: “Construction is a rewarding trade, but it is not without risk. That’s why it’s important to get an insurance policy that covers your project site. Builder’s risk insurance allows you to focus on what you do best: build structures that delight your clients.”
Interested parties may visit http://midlandempireinsurance.com if they need further details about the company and its policy offerings.
Midland Empire Insurance Agency
814 SW 4th Street
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Prestige Standard journalist was involved in the writing and production of this article.