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Builder's Risk Insurance Ontario

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What is Builder's Risk Insurance?

Builder’s risk insurance in Ontario protects your property while your home is being constructed or you are doing any major renovations or additions to your property. The builder’s risk policy itself provides protection for damage to the building or materials during the course of construction, along with liability insurance.  With a builder’s risk policy you receive coverage from the beginning of a project until it is fully completed. Builders in Ontario should ensure they have adequate builder’s risk insurance to safeguard their investment and mitigate potential financial losses.

Builder’s risk insurance is typically required by property owners for various construction projects, including:

  • Major renovation projects, such as overhauling existing structures or significant remodeling efforts
  • New home construction, encompassing the building of residential properties from scratch
  • New commercial build construction, involving the creation of commercial buildings or spaces
  • Adding a second story or addition to the property, which includes expanding existing structures vertically or horizontally



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Do I Need Builder’s Risk Insurance in Ontario?

If you are building a new home yourself or acting as your own general contractor then you definitely need a builder’s risk insurance policy. Even if you have hired a construction company to build your house, you still require a builder’s risk policy as the property owner. The construction company carries their own insurance but it does not protect any damage that may occur to the building being constructed or any liability on your premise.

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How much does a Builder’s Risk Policy Cost?

The premium for a builder’s risk insurance policy can vary significantly based on the project. When you are completing an application you will need to know the type of project; is it a commercial building, a home, a renovation or addition. You will need to know the value of building. You will also need to know the project cost which includes both hard costs (materials, labour) and soft costs (financing, legal accounting).

What is not covered in a Builder’s Risk Policy?

With almost all builder’s risk insurance policies you do not receive coverage for any water damage including flooding. You also do not receive compensation for mechanical breakdowns, faulty design or materials. For more information about what is covered and what the limitations are on your policy please contact your home insurance broker in Ontario.

FAQ’s: Builder’s Risk Insurance

Builder’s risk insurance typically covers property damage or loss during construction, including theft, vandalism, fire, and certain natural disasters.

Builder’s risk insurance is essential for property owners, contractors, and builders involved in construction projects, including new construction, renovations, or additions.

No, builder’s risk insurance generally does not cover liability for injuries or accidents on the construction site. For liability coverage, contractors usually need a separate general liability insurance policy.

Builder’s risk insurance policies typically last for the duration of the construction project, from groundbreaking to completion. The policy may be extended if the project takes longer than initially anticipated.

Some builder’s risk insurance policies may extend coverage to subcontractors working on the project, but this varies depending on the insurer and policy terms. It’s essential to clarify subcontractor coverage with your insurance provider.

In some cases, builder’s risk insurance policies are transferable to the new property owner upon project completion. However, this depends on the policy terms and insurer’s guidelines. It’s crucial to discuss transfer options with your insurance provider.

Builder’s risk insurance is generally not mandated by law in Ontario, but it is often required by lenders and project stakeholders to protect their investment in the construction project.

Yes, builder’s risk insurance policies can often be tailored to meet the unique requirements of each construction project. Builders and property owners can work with their insurance provider to customize coverage limits, deductibles, and additional endorsements as needed.




What Our Customers Are Saying

Garrett Everding

Great time working with Scott F. Quick and straightforward and a wrath of knowledge.

Shane Saunders

My first experience with McDougall Insurance in Arnprior was amazing. Referred by a friend who had nothing but good things to say. I would highly recommend, 10/10.

Brenda Adams

I have dealt with this branch for over a decade for many different insurance policies. Patti and Shannon have always been exceptional in service and professionalism for each and every policy. I’d highly recommend the team of two for always looking out for your best interests…they have demonstrated that time and time again!

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