Home Builders Insurance

Minnesota Home Builders Insurance

Are you searching for home builders’ insurance in Minnesota?  Your search has ended.

Home Builders Insurance – As a home builder in Minnesota, you need good new home construction insurance. Requesting a general liability insurance quote for your home building and development company from us is a significant first step.

You work so hard each day to build your contracting business. Some people would refer to you as a land developer or a builder, as you construct homes and develop land. Don’t take the risk of not having coverage or not having the proper coverage.

Our experienced professionals speak contractors’ insurance! Minnesota contractors’ insurance is what we do. How about you?

The home-building market is making a comeback in Minnesota. We insure contractors throughout the state, from Minneapolis to Rochester and from Lakeville to Duluth. Please do yourself a favor and contact us today.

Our goal is to help home builders find affordable coverage. We do 100s of certificates for the Minnesota Department of Labor and Industry each year. Can we do yours?

We quote multiple new home builder insurance companies to find you the best rate and the proper coverage. Please provide your information once, and let us shop for you. For Minnesota home builders insurance, make us the first and your last call, 952-222-8073.

General Liability Insurance for Home Builders

Minnesota home builder insurance is a general liability policy and serves as the core coverage for Minnesota home builders. General contractors, paper manufacturers, and home builders typically purchase this policy first.

What does general liability insurance cover? General liability/public liability insurance covers claims for bodily injury and property damage. A Minnesota house builder’s insurance protects your premises, product, operations, and completed operations.

Often, MN insurance companies will include a $1,000 property damage deductible. Please consider the property damage deductible when picking the best insurance for your contracting business.

Typical limits of liability coverage are $1,000,000/$2,000,000. The $1,000,000 represents the per-occurrence limit or claim. The $2,000,000 represents the aggregate limits or maximum per policy term limit for all claims presented.

You must understand the basics here, as you should have a contract with a hold-harmless agreement and insurance requirements in place for your subcontractors. Please ask us for some examples; we would be happy to share them with you.

Rates for General liability insurance are derived using gross sales, owner payroll, employee payroll, subcontractor labor costs, and materials, in some cases.

Minnesota home building contractors often require builders’ risk insurance for renovations or their building properties until they are sold.

Securing and matching insurance policies for home builders & construction companies is a fine art.  We enjoy working with residential builders like you every day and can find you insurance for homes under construction.

Why don’t you take the next step and ask a question? Would you please request a Minnesota General Contractors Insurance quote today? You might be delightfully surprised when you call 952-222-8073.

My General Contractor is Looking for Proof of Insurance

Often, a general contractor will request a certificate of insurance to ensure you can work and get paid.

They are just looking for general liability insurance / public liability insurance fifty percent of the time. Sometimes, the general contractor is also looking for additional insured status.

What they should also be asking for is workers’ compensation insurance.

Less common are requirements like a commercial umbrella and commercial auto insurance.  Proof should also be obtained for these things.  

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Contact Us for a Quote 

It would be best if you had homebuilders’ insurance for your business. Tell us about your contracting business; we are listening. We are ready to discuss your insurance needs.

Do yourself a favor and call 952-222-8073 right now or use the quick quote form on this page. Request your MN home builders insurance quote now. You will be happy you did!

Home Builders Insurance Coverage Frequently Asked Questions (FAQs)

Q: What insurance is required for a builder?

Ans: Licensed builders and contractors in Minnesota are required to have general liability insurance. The Department of Labor and Industry (DOLI) requires you to have a minimum of $300,000 of coverage per occurrence and include $10,000 or more in property damage coverage.

Q- How much does builder’s insurance cost?

Ans:- It can vary greatly depending on the project. A one-person operation typically starts at $831.00 per year, with a $1,000,000 per-occurrence limit.

Q- What does a builder’s insurance cover?

Ans: Builder’s insurance is a type of general liability insurance, commonly referred to as public liability insurance. General liability covers bodily injury and property damage from third parties.

Q- Does home insurance cover builder’s defects?

Ans:- Generally speaking, the answer is no.  Exclusions and language built into homeowner’s insurance policies or property insurance typically address construction defects, and the homeowner’s insurance policy does not cover damage resulting from faulty workmanship.

Q- What happens if a builder does not have insurance?

Ans:- Builders and contractors should be insured.  However, things can happen where their insurance policy may not have been paid, or perhaps they were non-renewed.

A careful choice should be made in the beginning when choosing a contractor.  Many people start with friends who have done similar projects.

Next, they may want to verify their license with the State of Minnesota. You want to ensure it is valid and check if there have been any enforcement actions taken against them.

The Better Business Bureau (BBB) can also reveal problems or complaints. Check their references and look at their work on other homes.

If the builder or contractor does not have insurance, you might end up losing money due to damage or missing materials.  Additionally, disputes may lead to a court battle.

Q- Who should buy builders’ risk insurance?

Answer: The property owner should be the one to purchase the builder’s risk insurance policy. However, the general contractor or home builder can also buy it, depending on the terms of the existing contract.

Builder’s risk policies typically do not provide liability coverage; therefore, property owners should also have general liability insurance that extends to the location.