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Construction Insurance

Construction Insurance Information

Contractors Insurance, Builders Risk Insurance, New Home Insurance, Constrtuction Insurance, Artisan Insurance

Voted as The Best Insurance Agency of Ocean County for 2014--- dated 10-16-2014!

I & E Insurance Agency of Point Pleasant NJ has won the 2014 Asbury Park Press Annual Readers Choice Award
as The Best Insurance Agency..

Building a New Home, Building or Structure?

Construction insurance on a new home being built is covered under a construction Insurance Policy or Builders Risk Insurance. This type of insurance places coverage on the house during the construction phase, which is the time from ground breaking through the day the house becomes occupied or a certificate of occupancy is issued. As soon as building materials are ordered and delivered to the site, construction or builders risk insurance can provide coverage. This type of insurance does not absolve the builder from his responsibility but protects the home owner from loss while the house is being built from issues outside of the control of the builder or General Contractor. 

Home insurance and commercial property insurance are both designed to protect a structure that is already finalized. Buildings that are under construction have different risks than property that is already built and, thus require different insurance. Homes that have been damaged from hurricanes or other disasters have to be rebuilt using a builder’s risk policy, NOT Home Insurance.

Construction insurance covers your property only during the time that it is being built or under some form of construction. As soon as materials are delivered to the site, a policy can be effective and it is cancelled as soon as the property is sold or occupied, unless the policy’s expiration predates these events in which case you may need to renew the policy or take another.

Insurance policies are designed to make policyholders whole after a financial loss. This is an important distinction to make when it comes to construction insurance because it means that only actual financial damages are covered by the policy, not the loss of the potential or market value of the home. So if a fire destroys a building under construction , say it’s a 50% semi-built structure and the supplies, the insured will not receive the potential value of the home had it been finished, but instead will receive the actual financial loss they've experienced through the loss of the semi completed building and the materials that were damaged. Some policies may include coverage for additional losses, such as interest spent when a project takes longer to complete than originally anticipated.

Construction policies can be purchased for both residential and commercial properties. This includes vacation properties or properties intended to be quickly sold to residential buyers.

For more details contact I & E Insurance at 732-295-5584 today!


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I & E Insurance Agency | 2900 Route 88 | Point Pleasant, NJ 08742 | Phone: 732-295-5584 | ineagency@gmail.comPowered by Insurance Website Builder

This web site may contain concepts that have legal, accounting and tax implications. It is not intended to provide legal, accounting or tax advice. You may wish to consult a competent attorney, tax advisor, accountant or your own financial advisor. EMC Insurance Agency & Financial Services LLC dba I & E Insurance Agency & Financial Services is an Independent Insurance Agency, a Member of the Trusted Choice , Independent Agents of America and member of the ANE Network of Independent Insurance Agents, contact your own advisors before making any decision.

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