FAQ Disclaimer
The information provided in these FAQs is intended as a general guide only and may not address every coverage, condition, limitation, or exclusion. Eligibility, underwriting, rates, premiums, and coverage are subject to underwriting review, carrier approval, and applicable program guidelines. Final coverage is governed solely by the policy issued.
Builders Risk Insurance is designed to safeguard your construction projects from unexpected events like fire, theft, vandalism, and weather related damage. This specialized property coverage applies while the home is under construction and remains in your inventory ending only when the project is complete, sold, or abandoned.
The primary purpose is to protect your financial interest while the home is under construction. Homeowners and standard property policies don’t always cover buildings in the course of construction. Builders risk insurance helps fill that gap, protecting against risks like fire, theft, vandalism, and weather related damage.
Total Insured Value (TIV) refers to the total cost to design and construct the building, including labor, materials, and overhead, but excluding the cost of land. Some builders may also choose to include a portion of their projected profit in the TIV. Determining an accurate TIV helps ensure you are adequately protected in the event of a loss. With EZBuild, this figure is used to make sure your coverage aligns with the true cost to complete your project.
Coverage ends when the project is completed, sold, or put to its intended use, or at the policy’s expiration, whichever comes first. With EZBuild, coverage periods vary by product:
- Annual Reporting Policy: Initial coverage is 12 months.
- Monthly Reporting Policy: Initial coverage is 5 months.
- Easy Build Blanket Policy: 12 month blanket policy, but you’re only billed for the actual time under construction.
- Single Shot Policy: Coverage terms available in 12, 18, or 24 months.
All policy types can be extended if your project runs longer. We offer flexible options to fit your construction timeline.
If your project runs longer than expected, an extension may be available. For reporting policies, extensions can be issued for up to 24 months. Single shot policies may also be extended, subject to approval. Requests for extensions on Single shot policies should be submitted prior to the expiration date.
The named insured is the primary policyholder with the ability to manage coverage limits, request extensions for delays, and make adjustments as the project evolves. An additional insured is protected under the policy but does not have the same rights or responsibilities. For this reason, we recommend that the builder is always the named insured.
Property owners and lenders, with a financial interest in the project should be added as additional insureds on your EZBuild policy.
The effective date is when your policy coverage begins. Any losses before this date are not covered.
The expiration date is when your policy coverage ends unless an extension is requested and approved.
The deductible is the amount you pay out of pocket before insurance coverage applies to a covered loss.
This refers to the period when a home is actively being built and has not yet been completed, sold, or put to its intended use.
A blanket 12 month policy automatically provides coverage for all your residential construction projects without requiring monthly reporting. You are only billed for the actual time each project is under construction. This option is designed for high volume builders who want reporting flexibility and audit based accuracy.
Reporting is how builders share project details with us each month or year, depending on the policy type. All reporting is done online through EZBuild. It’s fast and EZ. Accurate reporting ensures your coverage and billing match your construction activity.