An average of 1,000 people moved to Florida each day in 2020, causing home sales to increase dramatically in many areas of the state. With this boom in construction, contractors are enjoying an increase in jobs. However, with additional business comes more risk. Here are some reasons that it is more important now than ever to have dependable builders risk coverage in place.
Construction Is Often Delayed
In this uncertain economy, financial and regulatory situations can change overnight. Insurance helps finance soft costs incurred when construction is forced off schedule by circumstances beyond your control.
Vandalism Can Happen
Depending on the specific location of the job site, vandalism might be a fact of life you must face. Most builders risk policies cover loss of property and additional cost of repairs due to the destructive, random acts of other people.
Florida Weather Is Unpredictable
Although you can count on high temperatures in the summertime, heat is the only aspect of Florida weather you can predict with certainty. Hurricanes, lightning strikes, tornadoes, and hail are all possible weather events your construction project may have to endure.
Experienced contractors know that almost anything can happen when you are working in Florida. Be sure that you are prepared by investing in a builders risk insurance policy.