Last reviewed: July 13, 2026.
What Builders Risk Insurance Covers in Greenville, SC
Builders risk insurance, also called course-of-construction insurance, is a specialty property policy that covers a building under construction or major renovation against fire, wind, hail, theft, vandalism, explosion, and lightning while the project is in progress. The policy form is usually inland marine, sometimes commercial property, and it sits separately from your general liability and workers compensation coverage.
The named insured is typically the owner, the general contractor, or both. Subcontractors and lenders may also be listed as additional insureds. Coverage triggers the moment construction starts and runs until the project is completed, accepted by the owner, or occupied for its intended use, whichever happens first.
How Much Builders Risk Insurance Costs in South Carolina
There is no dependable project-value rate for builders risk. A current quote needs the total completed value, construction type, location, term, deductible, existing structures, occupancy, security, and requested extensions.
We do not quote a flat rate by phone because every project has a different total completed value, build schedule, and risk profile. Send us your project specs and we will price it across multiple carriers.
Who Needs Builders Risk Insurance
Four groups need a builders risk policy on a Greenville-area project.
- General contractors who carry the construction contract often need builders risk in their own name to protect the work in progress.
- Property owners financing new construction are usually required by their lender to carry builders risk until the certificate of occupancy is issued.
- Real estate investors renovating a property held for resale or rental need course-of-construction coverage during the rehab window.
- Subcontractors may not need their own builders risk policy but should confirm they are listed as additional insureds on the prime contractor or owner policy so their tools and installed materials are covered.
Soft Costs Coverage Add-On
The base builders risk policy covers the physical building and materials. A soft costs endorsement extends the policy to delay-related expenses caused by a covered loss: additional construction-loan interest, extended financing fees, real estate taxes, design and architect fees for repair work, and lost rental income if you are building to rent. Soft costs coverage is critical on larger projects where a fire or storm delay can carry months of extra carrying cost. Greenville-area builders should price the soft-cost endorsement using the actual financing and delay exposure rather than assume the add-on is minor.
Builders Risk vs Commercial Property and General Liability
Builders risk is not a substitute for general liability or workers compensation. General liability covers third-party bodily injury and property damage you cause to others. Workers compensation covers employee injuries on the job. Builders risk only covers the building under construction. Commercial property insurance covers an existing finished building you own or operate. Most Greenville-area contractors carry general liability, workers compensation, commercial auto, and builders risk together as a package.
Length of Builders Risk Policy Term
Standard term lengths are 3 months, 6 months, and 12 months, matching the expected project timeline. Policies can be extended one or more times if construction runs long. Extensions usually need to be requested before the original term expires, so build a calendar reminder around the policy end date and contact us when you are within 30 days of expiration. A lapsed policy on an unfinished project is a problem most contractors cannot afford to discover after a loss.
Builders Risk Coverage at a Glance
A builders risk policy bundles several perils into one course-of-construction policy. The table below shows how the layers fit together for a typical Upstate SC project.
| Coverage | What It Covers | When It Matters |
|---|---|---|
| Fire and Lightning | Direct fire and lightning damage to the building under construction | Standard peril in every builders risk policy |
| Wind and Hail | Storm damage to framing, roofing, and exterior materials | Important in Upstate SC during spring storm season |
| Theft and Vandalism | Stolen materials, copper, tools, and intentional damage | Job sites with unfinished framing are routine targets |
| Explosion | Damage from gas leaks, equipment failures, or detonations | Standard peril, especially on heavy commercial work |
| Soft Costs | Extra interest, fees, and taxes caused by a covered delay | Optional endorsement, recommended on financed projects |
| Materials in Transit | Loss to materials being delivered to the job site | Optional, important when materials are stored off site |
| Materials at Temporary Storage | Loss to materials at a warehouse or staging yard | Optional, applies when materials are not at the project site |
Source: Insurance Information Institute. Coverage forms and named perils vary by carrier; we walk you through the policy form before you sign.
What Affects a Builders Risk Premium
Six factors drive builders risk pricing on a Greenville-area project. The biggest is the total completed value of the building, but construction type, term length, and job-site security can move the premium materially.
Frequently Asked Questions
How much should a builders risk policy cost in South Carolina?
There is no dependable per-million project rate. The quote depends on the completed value, construction, location, term, deductible, existing structures, and requested extensions. Construction type, term length, project location, and deductible all move the number. The Morgano Agency compares quotes across multiple carriers and gives you a real price after we see the project specs.
Is builders risk insurance worth it?
Yes for any owner or general contractor with real money in the project. A single uncovered fire, storm, or theft event during construction can wipe out years of profit. Lenders almost always require builders risk on financed new construction, and the cost is typically a small fraction of project value.
Who has the best builders risk insurance?
No single carrier is best for every project. Travelers, Zurich, The Hartford, Liberty Mutual, Nationwide, and US Assure all write builders risk in South Carolina, and each has a different appetite for residential versus commercial, ground-up versus renovation, and project size. An independent agency can shop the same project across all of them and show you the best fit.
How much builders risk insurance do I need?
The policy limit should equal the total completed value of the building including materials and labor, not just the construction loan amount. If the limit is set too low, a partial loss may still be covered, but a total loss will leave the owner or contractor short the difference. We help size the limit during the quote.
Does builders risk cover subcontractor tools?
Builders risk covers the building and installed materials. Subcontractor-owned tools and equipment are typically covered by the subcontractor’s own inland marine policy, sometimes called a tools and equipment floater. If a subcontractor needs to be named as an additional insured on the prime builders risk policy, that endorsement can usually be added.
How long does a builders risk policy last?
Standard term lengths are 3, 6, or 12 months. The policy ends at the earliest of project completion, owner acceptance, or occupancy for intended use. If construction runs long, the policy can be extended for an additional premium, but the extension must be requested before the original term expires.
Get a Quote from The Morgano Agency
Call (864) 609-5285 or request a quote online. Independent agency, multiple insurance carriers, Greenville-based.
Related coverage: see our Business Insurance overview, General Liability, Workers Compensation, or Contractors Insurance.
The Morgano Agency Inc
206B Pine Knoll Dr, Greenville, SC 29609
(864) 609-5285
Monday through Friday, 9:00 AM to 5:00 PM