Save big on home builders risk insurance.
Believe it or not, but the average insurance agency isn’t well equipped to handle the special insurance needs of a homebuilder. Builders risk insurance is important to have, and it’s incredibly expensive to go without it. Even though you may not think that you need this added expense, the coverage is essential, and there are easy ways to save on your premium!
Use these tips to save on your insurance without sacrificing coverage.
Do business with a homebuilder insurance specialist. Work with those that know how to protect projects and finances, and handle claims and coverage. Talk to the professionals who specialize in builders risk insurance.
Know classification rules. Not getting the right advice on how to deduct from insured subs, properly classify your workers, and how to make sure that your Certifications of Insurance are valid can cost you big money. If you’re unsure of how to do this, talk to your insurer.
Choose the right coverage and terms. Firstly, figure out the value of your project, the risks, and then assess what coverage you’ll need. Secondly, determine how much you should buy. You’ll want to ensure that you don’t face substantial loss during or after the building work.
Review your Workers’ Compensation policy. If you have an experience modification on your Workers’ Compensation policy, ensure that your agent verifies it for accuracy. You should ask your insurance agent to review your Workers’ Compensation losses nine months before your renewal. If a certain loss has had a large reserve established in anticipation of a future payout, an investigation of such loss should be made to ensure that the reserve is valid.
These tips can steer you in the right direction in saving money and securing coverage! But if you really want to be certain you’ve picked the right policy, contact Nahai Insurance Services. We can tailor the right builders risk insurance for your upcoming project. Call us today!