Builder's risk insurance during construction
A construction all-risk policy (seguro de obra civil) that covers the work, the materials on site and damage to neighbors until the house is finished.
Why it matters
Hurricanes, theft and site accidents happen, and a regular home policy doesn't cover a house under construction.
Who helps
An insurance broker. Ask whether your contractor's policy already covers your project and names you.
What to do: Get builder's risk insurance in force before ground-breaking.
Documents
- The license, the contract, the budget and the schedule.
Costs Estimate
- Premium: usually a small percentage of the construction budget. Ask a broker for written quotes (confirm with the insurer).
Estimates only. Get written quotes.
Common mistakes
- Assuming the contractor is insured without seeing the policy.
- Letting the policy lapse when the work runs late.
Confirm the details for your case with the office, your gestor or your architect.