New Construction

New construction insurance for investors

When building a new construction property, it is important that you, the owner, have appropriate insurance coverage for the project, regardless of the General Contractors’ coverage. National Real Estate Insurance Group’s Builder’s Risk policy can help protect your property and your investment during the construction process.

Submit your property information using our online proposal request, and receive a custom proposal. An agent will contact you to go over your custom insurance options and help you choose the best coverage for your specific situation.

Start a proposal request to get your new construction insurance today!

What does new construction
insurance cover?

When building a new property, Builder’s Risk coverage can protect your property against direct physical damage to the property, such as:

  • Fire
  • Lightning
  • Windstorm and Hail
  • Riot or Civil Commotion
  • Vandalism and more

After you request a proposal, your agent will discuss with you what is included with your property coverage.

Liability insurance for
new construction

Liability coverage is needed to protect you, the owner, from claims that happen during the construction process. As soon as you break ground, your liability exposure changes and it is critical that you transition to a New Construction liability policy. Liability claims examples may include:

  • Accidental injury on the premises
  • Wrongful death
  • Medical expenses if someone is injured on the property
  • Defense costs

Liability coverage does not extend to general contractors or anyone hired to be on site. Ask your agent if you would like to learn more about General Contractors Liability or Products & Completed Ops policies.

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How much new construction insurance coverage do I need?

As a rule of thumb, you should insure your new construction project to your allocated budget (including hard and soft costs) or loan value, whichever is greater. In the event of a total loss, your payout will be based on your invested capital at the time of loss. After you request a proposal, an agent will discuss with you how much coverage you need as everyone’s situation is different. You can request a proposal or call 888.741.8454 to discuss your proposal with one of our licensed insurance professionals.

What deductible is right for a new construction property?

Property deductible is a portion of what you are responsible for paying “out-of-pocket” toward a loss at your property before your insurance carrier will pay for a claim. When deciding on a property deductible, think about the minimum claim you would have to turn in before it harms your business and do as much as double it. If you would never file a $1,000 claim, don’t carry a $500 deductible. Remember, the lower your property deductible, the higher your rate. Our liability insurance has no deductible.

How much does new construction insurance cost?

Insurance costs on properties being built vary greatly based on the coverages you choose to carry, geographic area, deductible, and value of the project. Because of our monthly reporting form, you can increase your coverage amount as you allocate more resources to the project, never overpaying for insurance on a new construction property.

Why choose us when insuring a new construction project?

Request a Proposal

Add more coverage to your new construction insurance

With NREIG, you can add extra coverage options to your new construction insurance coverage. After you request a proposal, an agent will contact you to discuss your proposal and offer additional coverage options to limit your exposure. We have products ranging from flood to additional umbrella liability options.

Manage your new construction insurance coverage with ease

When insuring your properties with NREIG, you can make coverage changes and pay for coverage as-you-go. Our clients can choose to manage their account online 24/7 or with a dedicated Client Service Representative.

NREIG Client Portal
Request a Proposal

Need to speak to an agent?

Please give us a call at 888.741.8454 to speak to a licensed insurance professional. If you would like to discuss your specific location, please request an insurance proposal and one of our agents will contact you shortly.

Want to learn more about new construction insurance?

Read one of our articles about new construction insurance or go to our Resource Center to learn more about different insurance topics.