How is builders risk insurance different from a homeowner insurance policy?
Builders Risk Insurance is usually less expensive than homeowners insurance because it is designed to cover an unoccupied dwelling under construction. It is a temporary policy with discounted rates. A homeowner policy is a more permanent policy designed to cover an existing home, its contents and the owner’s personal liability exposures. In addition to being more expensive, a homeowner policy would not include some of the special construction related coverage extensions found in a builders risk policy.
