Honestly, builder's risk insurance is worth every penny. You hope you never need it, but when things go sideways...
I've been wondering about this myself lately. Builder's risk insurance sounds great, but does anyone know if there are more budget-friendly options out there? Curious if smaller projects really need the full coverage or if there's a middle ground...
I had similar thoughts when we started our build last year. Our project wasn't huge, so I debated skipping builder's risk insurance altogether or just getting minimal coverage. But after a big storm caused some water damage halfway through framing, I was relieved we had it. Maybe check with your insurer about scaling coverage to your project's size or duration—could be a practical middle ground.
Interesting point about scaling coverage—I hadn't really considered that insurers might offer flexibility based on project size or timeline. Makes sense though, since not every build faces the same risks or duration. I'm curious, did your insurer give you clear guidelines on how they adjust premiums or coverage limits for smaller projects? I've found some insurers can be pretty rigid with their policies, especially when it comes to construction-related risks. Also, did you have to provide detailed project timelines or cost breakdowns upfront to get that tailored coverage? I've seen some builders get caught off guard because they underestimated the level of detail insurers want before issuing a policy...
When you mentioned insurers being rigid, that definitely matches my experience. Last time I checked into coverage for a smaller reno, they wanted a full breakdown of costs and timelines upfront—felt like overkill for something pretty straightforward. Did your insurer offer any flexibility if your project timeline changed mid-way through? Curious if they'd adjust premiums or coverage limits on the fly, or if you're locked in once you start...
My insurer was pretty strict about timelines too, unfortunately. When we had a delay due to materials arriving late (classic!), I reached out hoping they'd adjust things a bit, but nope—they basically said the original terms were locked in. They did mention something about reassessing if the scope changed significantly, but minor timeline hiccups didn't seem to count. Felt a bit rigid for sure, especially since delays are practically guaranteed in renos...
