Most home building companies know they should be using a comprehensive insurance package to protect themselves against the risks they face during construction. However, even if they know they need home builder insurance, they will also need to decide which insurance agency to trust with their policies.
A lackluster insurance partnership can mean a cumbersome claims process and potentially missed additional coverage or bundling opportunities. Residential construction companies can face consequences when choosing a less-than-stellar insurance provider.
Thus, home builders and contractors at any scale seeking guidance on selecting the best insurance provider should decide based on coverage needs, customer service, claims processing, and expertise in the construction industry.
Here is more insight into how to make a smart choice:
What is Home Builder Insurance?
Before you can determine the ideal provider for your home builder insurance, you should understand what this type of insurance does. This way, you can evaluate the insurer to see how comprehensive and valuable their offerings are.
While each home builder insurance policy (also called a builder’s risk policy) will be slightly different, teams should expect that the baseline protection includes many of the most common types of damage a new construction can face before completion. This includes fire, theft, vandalism, and numerous natural events such as wind damage, lightning strikes, and hail.
Customer Service Matters
Once you have assembled a list of one or more insurance providers you are considering for your company, the first thing to consider is whether they provide well-rounded customer service. In the insurance industry, responsiveness matters.
Partners who are slow to react when a construction team reaches out can leave them floundering with essential questions, slowing their timelines and potentially delaying progress. Good customer service involves agents who are quick to answer questions, thorough in their responses, and active participants in the conversation.
They may pose questions to ensure their clients receive the best support and have considered all possibilities. They should also be pleasant to speak to. Reading company reviews is an excellent way to measure how other customers have experienced the insurance provider’s customer service.
How Efficient is Claims Processing?
Another non-negotiable element of a good insurance agency is efficiency in claims processing. When something goes wrong, and your construction company needs to file a claim, it is essential that you can do so quickly. Some insurers offer 24/7 customer support for these situations; others provide an online portal where clients can upload claims documentation anytime.
Look for insurers who offer speed and simplicity when filing claims so that you can receive the compensation you need as soon as possible. Also, consider how easy it is to check the claim’s status and review the agency’s claim settlement records to see their success in making, approving, and expediting claims.
Industry Expertise Counts
Even the most famous insurance provider may not be a good fit for your construction company. They may have no experience with home builder insurance or the construction industry. Choosing providers who understand construction is non-negotiable because they can proactively identify potential gaps in coverage that could cost you thousands later.
Whether exclusions within a single policy or a missing type of insurance coverage within a home construction bundle, industry experts have the experience to see when something important is missing. They will tailor coverage based on how your business operates.
Considering the Costs
Finally, evaluate any insurance provider for how they incentivize working with them. Construction teams need to find the balance between cost and coverage, and good insurers will help them secure a good deal without compromising on protection. They most often do this by offering incentives such as bundling, which reduces insurance coverage costs if the construction team gets multiple policies from the same insurance provider.
Choose Burton & Company for Your Home Builders Insurance Needs
Selecting a trustworthy insurance provider for your construction business is just as important as partnering with reputable material suppliers and hiring skilled workers during the job.
Never compromise on insurance protection because it could cost you later. Instead, stick with industry experts such as Burton & Company, who have years of experience partnering with construction teams for residential and commercial projects of any size and scope.
We tailor home builder insurance solutions to address your company’s most significant risks without wrapping in unnecessary, expensive coverages. Contact Burton & Company to learn more about the construction insurance we offer.
