Existing buildings under renovation
It covers residential and commercial buildings undergoing structural or non structural renovation, for the building owner or the contractor performing the work.
Builders Renovation Insurance
Protect the existing building and the new work while you renovate. We request quotes for your project.
Builders renovation insurance covers an existing building and the new work while it is being renovated, for the owner or the contractor doing the job. The programs we use write residential and commercial renovations, structural or not, including second story additions. One program writes renovation terms in one month steps up to 12 months.
- Who qualifies
- The owner or the contractor on a residential or commercial renovation, structural or not, but not a condemned building
- Typical limits
- Existing building from $150,000 to $1 million and renovation cost from $10,000 to $1 million per site on one program
- Terms
- 1 to 12 months, month by month, on one program
- Starting price
- One program's minimum premium is $400 per policy term
We shop the market for you, no broker fees
What the renovation market writes
Projects to $5 million by market
Projects up to $5 million can be written, depending on the market, and terms and extensions vary by market. One program offers 3, 6, 9 and 12 month terms extendable to 18, with the renovation cost scheduled alongside the existing building limit.
The structure's condition decides the route
The building's condition decides where it can go, and condemned or scheduled-for-demolition buildings are outside the current programs. Contractor licensing and who performs the work vary by market, so the broker routes those answers instead of applying one program's gate to all.
Renovation-specific coverages
Renovation policies can include a replacement cost option on the existing building, theft of building materials, vandalism and malicious mischief, second story additions, post loss repair work, and project starts.
How it works
One short form
A few questions about your business or home.
We shop the market
We compare carriers and read the forms line by line.
Quote and bind
We pick the best policy and get you covered.
Describe the existing building and the work separately
A renovation is quoted on three facts: the value and condition of the building already there, the cost of the planned work and who will perform it. Those facts help a broker compare the terms each market can consider.
Existing value and project cost
Provide the existing building value separately from the declared renovation cost. The requested coverage and proposed valuation terms need their own review.
Structural work and contractors
Describe repairs, additions and structural changes. Identify who performs the work and whether the contractors hold the licenses required for it.
A schedule that matches the project
Have the planned start, expected completion and any work already underway ready. Policy terms and extensions depend on the market and require confirmation.
Second story additions
Describe the addition and any structural work. The broker reviews the scope with the available markets.
Written for renovation projects, including:
- Structural renovations of existing buildings
- Non structural remodeling and repair
- Residential and commercial properties
- Second story additions
- Repair of existing damage after a loss
- Work already underway, by review
- Modular homes by review
Choose the request that describes the project
Builders risk insurance
Start here for a new building or a construction project that needs a broader builders risk review.
Vacant commercial property
Describe an empty commercial building and disclose any planned work during the vacancy review.
What sets the price
The national program that writes renovation terms month by month has a minimum premium of $400 per policy term. The existing building's value, the renovation cost and the term set the actual price above that.
- Existing building value and declared project cost
- Whether work is structural and who performs it
- Construction type and age of the building
- Roof age bands and protection class
- Requested term and expected completion
Questions we get asked
Is renovation insurance different from builders risk?
Renovation insurance is builders risk for work on an existing building. Its application separates the existing building value from the project cost and asks about structural changes, occupancy and condition. For a new building, start with the builders risk request.
Who buys it, the owner or the contractor?
Either one can buy it, since the application can describe an owner or a contractor. Identify the applicant's role and the company performing the work so the broker can review the appropriate named insured and project requirements.
How long can the policy run?
The term depends on the market and project, and one program writes renovation terms in one month steps up to 12 months. Provide your expected completion date and ask the broker to confirm the proposed term and extension conditions.
Are building materials covered against theft?
Materials theft can be covered, and it is a coverage to review with the broker. Ask which materials, locations, limits and deductibles the proposed policy includes before relying on that protection.
Can a second story be added under this policy?
A second story addition can be requested: describe the addition and any structural work in the request. The broker reviews the scope, condition and timing with the available markets. Starting the application does not confirm acceptance of that project.
Can you write this where my business is?
We offer coverage in the states where we are licensed. Begin a quote with the address of your business or risk, and we'll let you know which markets can write that location before you spend much time on the questions.
What happens after I start a quote?
Tell us about the coverage you need and complete the application. We use those details to approach suitable markets and may ask follow-up questions. Requesting a quote does not put coverage in force.
Review your coverage options.
A licensed broker can review eligibility and policy terms with you.