Construction projects in Illinois are significant investments, whether it's a new commercial building in Chicago, a residential development in Springfield, or renovations in Rockford. With so much money, labor, and time at stake, unexpected setbacks such as fire, wind, theft, or vandalism can derail progress and lead to devastating losses. That's why builders, contractors, and property owners rely on builder's risk insurance to safeguard their projects. Unfortunately, insurers often deny or underpay claims, leaving project stakeholders vulnerable. At Vargas Gonzalez Delombard, our builder's risk insurance lawyers in Illinois protect policyholders by challenging unfair denials and ensuring coverage is enforced.
Types of Losses Covered Under Builder's Risk Policies
Although every policy is different, builder's risk insurance typically covers damage caused by:
- Fire and explosions during construction;
- Wind, hail, or tornadoes are common in Illinois weather patterns;
- Theft or vandalism of building materials or equipment;
- Water intrusion or plumbing incidents during the build; and
- Lightning or other accidental events that damage structures or materials.
Coverage may also extend to "soft costs," such as lost rental income, loan interest, or additional expenses incurred when delays push back project completion.
