Can I buy builder's risk insurance after construction has begun?

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Sometimes, but it is not a good idea to delay coverage. Builders Risk Insurance has discounted rates because there is very little property at risk when construction begins. If you wait until the structure is being framed and dried-in before you buy insurance, the discounted rates are inadequate for the property values at risk when the policy begins. If your project is more than 30% complete, your application will require special underwriting (ie. increased rates or denial of coverage.) If the structure is more than 50% complete, it may be impossible to find insurance coverage that protects you as the building owner.
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