Securing your project: A complete guide to builders risk insurance in Calgary

TLDR

Builders Risk Insurance is essential for Calgary contractors to protect projects, materials, and equipment from unforeseen events like hail, fire, or theft. Understand coverage, choose the right provider, and avoid common mistakes to safeguard your investment and reduce financial risk.

What is Builders Risk Insurance?

Builders Risk Insurance is your safety net during construction projects. It covers damages to structures, materials, and equipment on-site due to unexpected events like weather, theft, or accidents. Think of it as protection against the “what ifs” that can derail timelines and budgets.

For Calgary builders dealing with hailstorms, snow, or sudden weather changes, this coverage isn’t optional it’s a necessity.

Why Every Calgary Builder Needs This

Imagine this: a freshly framed home, new woodwork, and open-air materials. Then hail the size of golf balls pounds down. Without Builders Risk Insurance, that bill comes out of your pocket.

A single day of weather damage can erase weeks of hard work. Proper insurance ensures your project, timeline, and finances remain protected no matter what Calgary throws your way.

Understanding Standard Coverage

Typical Builders Risk Insurance policies include coverage for:

• Structures and buildings under construction
• On-site materials (even high-end items like imported marble)
• Equipment and tools

Local providers in Calgary understand regional risks, from hail to extreme temperature fluctuations, making tailored coverage essential.

Choosing the Right Insurance Provider

When selecting a provider, consider:

• Quote comparisons: The cheapest policy isn’t always the best. Look for comprehensive coverage and value.
• Policy specifics: Ask detailed questions to understand what’s included and excluded.
• Local expertise: Calgary-based providers are familiar with regional construction challenges and regulations.

Leveraging tools like Bolster’s AutoCost can help you estimate insurance needs accurately alongside project costs.

Common Mistakes to Avoid

• Underinsuring: Don’t cut corners. Make sure all materials, equipment, and structures are adequately covered.
• Ignoring local nuances: Calgary has unique regulations and weather risks factor them into your policy.
• Failing to update coverage: Projects evolve, and so should your insurance. Adjust coverage as new materials, phases, or equipment are added.

Conclusion

Builders Risk Insurance is an essential investment for any Calgary contractor. It safeguards your project, protects your financial investment, and ensures peace of mind against the unexpected.

Couple insurance with smart estimating practices, like understanding the differences between estimates, bids, quotes, and proposals via Bolster, and you’re set up for success.

Preparation and foresight today mean fewer headaches tomorrow. Happy building!