Renovation / New Construction Coverage
Rehab/ New Construction Coverage is a specialized type of property insurance that covers buildings and structures under construction. It provides financial protection against physical loss or damage caused by unforeseen events such as fire, theft, vandalism, weather-related incidents, and other risks that could delay or increase the cost of the construction project.
Who Needs Renovation / New Construction Coverage?
This type of insurance is essential for anyone involved in a construction project, including
Real estate investors financing renovations or new builds.
Contractors and builders responsible for project completion
Property owners who want to protect their investment
Lenders requiring insurance before funding construction
What Does Renovation / New Construction Coverage Cover?
Coverage typically includes:
Building and structures under construction
Materials and supplies (both on-site and in transit)
Equipment used for the project
Temporary structures, such as scaffolding and fencing
Common Covered Perils
Fire
Theft
Vandalism
Hail, lightning, and windstorms
Explosions
Water damage (excluding floods)
What’s Not Covered?
Employee theft
Normal wear and tear
Earthquakes and floods (unless added as an endorsement)
Faulty workmanship, design errors, or defective materials
How Much Does It Cost?
The cost of Renovation / New Construction Coverage varies based on:
Project value (higher construction costs = higher premiums)
Location (riskier areas have higher premiums)
Coverage limits and policy duration
Type of construction materials used
Why Is It Important for Real Estate Investors?
For real estate investors, Renovation / New Construction Coverage helps protect capital investment and ensures that projects remain financially viable in case of unexpected damage. Without it, property owners and contractors would bear the financial burden of rebuilding or repairing damages out of pocket.
Explore Our Coverage Options
Discover a range of tailored property insurance solutions designed to meet your unique needs.
Residential Homes
Coverage Includes: Fire, Theft, Natural Disasters, Liability & More
Landlord Policies
Coverage Includes: Fire, Theft, Natural Disasters, Liability Loss Of Use & More
Rental Properties
Coverage Includes: Fire, Theft, Natural Disasters, Liability & More
Restaurants & Hospitality
Coverage Includes: Fire, Theft, Natural Disasters, Liability & More
Bundled Auto
Coverage Includes: Theft, Un-insured Motorist, Liability & More
Builders Risk
Coverage Includes: Fire, Theft, Natural Disasters, Liability & More
Why Choose ParkHill Insurance?
Select from our tailored options to protect your property.
Tailored Plans
Customizable coverage to suit your unique needs.
Quick Claims
Hassle-free and prompt claims support.
Affordable Rates
Competitive pricing with comprehensive protection.
Frequently Asked Questions
Find answers to commonly asked questions about property insurance and ParkHill Insurance's offerings.
What types of property insurance do you offer?
We offer a range of property insurance options, including homeowners insurance, rental property coverage, auto insurance, and commercial property insurance. Our agents will help you find the right policy tailored to your needs.
How do I get a quote?
You can easily get a quote by filling out our online form or contacting one of our expert agents. We’ll walk you through the process and provide you with personalized coverage options.
What’s included in my home insurance policy?
Our homeowners insurance covers property damage, liability, theft, and natural disasters, ensuring your home and belongings are protected. Additional coverage options are available for specific needs.
Can I add more coverage to my policy?
Yes, we offer customizable policies. You can adjust your coverage limits or add options like flood or earthquake protection depending on your needs.
How do I file a claim?
Filing a claim with ParkHill Insurance is simple. You can report your claim online or contact our claims department, and we’ll guide you through the process to ensure fast and efficient resolution.
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