Estimate the premium for builder's risk insurance, which protects a construction project from damage or loss. The cost is typically 1-5% of the total construction cost.
Builder's risk insurance is a special type of property insurance which indemnifies against damage to buildings while they are under construction. It covers perils such as fire, theft, vandalism, and weather events. The premium is typically calculated as a percentage of the total construction cost, usually ranging from 1% to 5% depending on the project's scope, location, and security measures.