Home Builders Insurance in Wisconsin
What is Residential Home Builders Insurance?
Home builder’s insurance is general liability insurance. Home builders are commonly referred to as paper contractors. It is a very important part of your builder’s insurance program and normally the first policy you will buy.
It is the primary or core insurance policy for your Wisconsin home building business. General liability insurance covers bodily injury and property damage claims presented by third parties. There are several different limits of liability coverage, like $300,000/$600,000, $500,000/$1,000,000 and $1,000,000/$2,000,000, which is most common and highly recommended. Many home builders will carry a commercial umbrella which goes over and above the general liability and some other coverages. There can also be a property damage deductible.
This means you would pay the first say, $1,000, $2,500 or $5,000 if you were to be damaged something “other than” what you are were working on. This should be taken into considered before purchasing your home builder liability insurance policy. General liability insurance covers your premises, products, operations and completed operation (once your work is done). Feel free to click here if a more detailed definition on general liability insurance:
How much does Home Builders Insurance cost in Wisconsin?
Being an independent insurance agency and independent insurance advisors, we believe shopping multiple Wisconsin insurance companies (for maximum savings). Also, working with an experienced contractor’s insurance agent is key to finding low cost rates for construction business insurance. Wisconsin home building contractors might expect to pay $1,300 and up per year for a start up with one active owner. The insurance is rated using payroll and sub costs or gross sales. So, basically the more houses you build or the bigger you are, the more the insurance premium each year. If you have been in business awhile, then having a good claims history (loss runs/loss history) can have a positive or negative effect on your home building business insurance premiums. Insurance companies also audit your operations/books, and this keeps the rates fair for everyone. They are looking for sales, payroll, number of owners and a portion of your taxes.
Here are some tips on handling & purchasing Home Builders Insurance in Wisconsin?
- Do business with an agency that are home builder insurance pros. Most agent’s certainly wish to sell you a policy, but is it the right policy, best for your needs now and in the future? Our office specializes in contractor’s insurance and will help you make the best choice for your residential home building business. An experienced agent makes the difference.
- We offer you a choice. Working with multiple companies and shopping the market, offering you the best combination of coverage and claims service. Homebuilder insurance / paper contractor’s general liability insurance can be difficult to find, especially if you are new in business.
- Only do business with insured subs. Insurance companies don’t want you work with uninsured sub-contractors. The rate for an insured sub is 1/10th the rate of an uninsured one. Why are they rated, you will be drawn into a claim because you are the general, that’s what attorneys do. Defense cost is a common expense.
- Have a written contract signed and certificates in hand for all sub’s BEFORE they start working. The contract should include a hold harmless agreement and insurance requirements. Some typical insurance requirements are: additional insured, waiver of subrogation, go going and completed operations, primary / non-contributory language, per project, commercial auto coverage, workers compensation coverage (even if you don’t have employees), a commercial umbrella policy, to name a few.
- Your agent should be able to quickly assemble a builder risk policy to cover the home(s) while being built.
- Your contactor agent should be familiar with the audit process and even double check things for you, so you are not over charged.
- An experienced contractor insurance with help explain things, making it an easy process. You don’t handle insurance every day, but we do and have your best interests at heart.
Let us compare your Wisconsin Homebuilders Insurance with multiple companies and help you choose wisely.
Our goal is protecting your WI home building business, then we save you time and some money. We do this by shopping multiple Wisconsin contractor insurance companies to find you the very best protection and very affordable rates. By bring multiple options to the table, giving you a choice in insurance plans. Helping you customize a home builders business insurance program that is not only cost effective, but right for your growing Wisconsin business.
Contact Us for a Quote
We are ready to discuss your residential home builder’s insurance and know we can help. You know the WI home builder’s business and we know Wisconsin contractor’s insurance.
If you are looking for home builder’s insurance in Wisconsin, you came to the right place. We cover home building contractors statewide! Read our BIO, then just pick up your phone or complete our quick quote form to the right. We promise to make it easy, fast and very affordable.