Builder’s Risk Insurance – Do I get Theft Coverage or not?
I get several calls a day inquiring about Builder’s Risk insurance right here in Maryland. There seems to be two kinds of customers, those that “want the BEST coverage available” and others who just want the “cheapest policy available”. The level of coverage can differ between replacement cost and actual cash value, covered perils, and some even offer water damage coverage. The biggest difference in the price usually stems from “Theft Coverage”. I can tell you from 20 years experience, that 8 of 10 claims on Builder’s Risk policies come from theft and the resulting damage that occurs. The average theft endorsement runs between $100 to $150 for a 6 month period on most policies and is worth the extra investment. It pays to keep this in mind when purchasing your next builder’s risk policy.
Luray Insurance offers Builders Risk Insurance in the states of Maryland, Virginia, Pennsylvania and in Washington DC.