Builders Risk News Roundup: February 2022
For this month's edition of our Product News Roundup, check out the three remodeling topics we’re featuring to help you sell and service construction clients with confidence.
- New Construction vs. Remodeling
New construction is defined as construction from the ground up. Projects are considered remodeling when there is already a completed structure in place.
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- Insuring Existing Structures
The existing structure and remodeling work can both be insured on our builders risk policy, in many cases. Zurich values the existing structure at actual cash value; renovations are valued at replacement cost.Product Info >
- Policy Extensions
Remodeling policy options include six, nine or 12-month terms. Coverage can be extended with underwriter approval. Submit your request to firstname.lastname@example.org prior to the policy expiration date for consideration.
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See you next month when we deliver with another roundup of product news. Until then, you can leverage our resource center to boost your knowledge even more.
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Effective May 13, 2023, the 12-month policy term for remodeling policies with existing structure included and valued under $50,000 will no longer be available.