Builder’s Risk Insurance


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As an independent insurance agency, we are associated with over 50 top rated insurance companies that offer the products that most appropriately meet the needs of our clients. Contact us today for a FREE quote!

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Unlike a captive agency that only represents one company, we are an independent insurance agency allowing you the choice of company, policy, and pricing. Our team is staffed with proven professionals to help guide you through the quoting process. We find the coverages you need at the prices you want. Once you become a client we are committed to providing you with the quality service you expect.

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Builder's Risk

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Builder's Risk

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Builder’s Risk Insurance

Construction projects are expensive, time-consuming investments. Whether you are an architect or contractor, you must ensure the safety of your assets. That’s where builder’s risk insurance comes in.

Builder’s risk insurance (also called course of construction insurance) is a type of specialized property insurance that helps cover a building or structure which is under construction. It generally protects from a variety of risks throughout the building project, including theft, fire, hail, wind, and vandalism. This type of insurance can be obtained for a wide range of structures, from single-family homes to high-rise buildings.

When purchasing builder’s risk insurance, you must assess the risks that are likely to occur during the building process. Additionally, other factors such as the location and size of the structure need to be taken into account. It is important to note that builder’s risk insurance does not cover liability for injury or damage to third parties.

Builder’s risk insurance has two main components: the actual value cash policy and the replacement cost policy.

Actual cash value policies are the most common form of builder’s risk insurance. They cover only the actual cost of the materials and labor used in the construction process. Replacement cost policies are more expensive and more comprehensive, as they cover the full replacement cost of the building or structure. They also cover the cost of demolishing the completed section and the cost of access to the building site.

When choosing between these two policies, it is important to consider the total cost of the project, including any materials, labor, and other expenses. Additionally, the size, features, and design of the building should also be taken into consideration. A policy that is too costly may lead to a higher premium, while an inadequate policy may leave your assets vulnerable.

Builder’s Risk Insurance allows you to protect your investments and ensure the safety of your structures. It is an essential element of any building project, and the right policy can provide comprehensive protection against numerous potential risks.

Insurance Services

At Insurance Group of Minnesota LLC, our policies are tailored to meet the unique needs of each customer. We offer flexible coverage options, competitive rates, and exceptional customer service to ensure that our clients have the peace of mind they need during their construction project. Our builder’s risk insurance products can provide additional insurance coverages including:

    • Course of Construction Coverage
    • Materials in Transit Coverage
    • Soft Costs Coverage
    • Delay in Completion Coverage
    • Ordinance or Law Coverage
    • Green Building Coverage
    • Atmospheric Conditions Coverage
    • Debris Removal Coverage
    • Property in Temporary Storage Coverage
    • Property in Transit to a New Location Coverage
    • Flood Coverage
    • Earthquake Coverage
    • Equipment Breakdown Coverage
    • Water Damage Coverage
    • Fire Department Service Charge
    • And more!

    Learn More

    With countless options and so much jargon to sift through, navigating the world of insurance can be daunting. But fear not! Our team of experts is here to help you learn more about insurance and the multiple companies and products available to you. View our Blog page to read more!