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Builder's Risk Insurance

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Home Insurance Builder’s Risk Insurance

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.

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Do I Need Builder’s Risk Insurance?

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 broker.

Areas We Serve

  • Arnprior
  • Bancroft
  • Barrie
  • Barry’s Bay
  • Belleville
  • Brighton
  • Brockville
  • Carleton Place
  • Cobourg
  • Cornwall
  • Courtice
  • Crysler
  • Eganville
  • Embrun
  • Gananoque
  • Kemptville
  • Kingston
  • Madoc
  • Midland
  • Morrisburg
  • Napanee
  • North Bay
  • Orillia
  • Oshawa
  • Ottawa
  • Parry Sound
  • Pembroke
  • Penetanguishene
  • Perth
  • Petawawa
  • Peterborough
  • Picton
  • Prescott
  • Prince Edward County
  • Sudbury
  • Trenton
  • Wellington
  • Winchester

What Our Customers Are Saying

Garrett Everding

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

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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.

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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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