New Housing Construction Insurance

New housing construction companies are responsible for the planning and building of new single and multi family homes. Building new homes from the ground up carries a certain level of risk that can result in a claim or lawsuit.

Having new housing construction insurance will safeguard your business from claims and lawsuits related to bodily injuries, property damage, unsatisfactory work, and more.

There are a few key reasons why new housing construction companies need insurance.

First and foremost, building a home from scratch is a risky business. There's always the potential for accidents or injuries to occur, which could lead to costly claims and lawsuits.

There's also the risk of property damage. If something goes wrong during the construction process, your company could be held liable.

In other cases, if the finished product is not up to par, you could face lawsuits from developers, homeowners, or other third-party involved that might be directly affected by your company's construction work.

Having new housing construction insurance can protect your business from these risks and help you avoid costly legal fees and settlements.

New housing construction companies can benefit from a variety of different policies. The level of coverage you should get will typically depend on the state where your business is, the number of employees and company cars your business has, the construction work you deal with, and more.

Please take a look below for an overview of some of the most recommended new housing construction insurances on the market.

The cost of new housing construction insurance will typically depend on the size and scope of your business as well as where you're located. Generally speaking, the average new housing construction company pays between:

• $80 and $100 for general liability insurance every month
• $150 and $170 for commercial auto insurance per month
• $250 and $270 per month on worker's compensation insurance
• $15 and $20 monthly for contractor's tools and equipment insurance
• $70 and $90 per month on professional liability insurance

One of the most common new housing construction insurance claims are related to bodily injury or property damage. For example, if one of your employees gets injured on the job, they could file a compensation claim against you.

If an individual slips and falls during construction because your company failed to properly clean up, you could be held liable for injuries, medical bills, and other related expenses.

There are also cases where owners or developers might file claims against your business because the home that was just built was not up to par with their expectations. For example, if there were hidden structural problems that weren't identified during the inspection, the owner could file a claim for the cost to fix those issues as well as other damages that occurred.

In other cases, new housing construction companies claim insurance in the event of a road accident involving company vehicles, payment disputes with clients, and lost, stolen, and damaged tools and equipment.