Builder’s risk insurance does not cover damages to the property before the project begins or after project completion. Construction must be underway for coverage to kick in. It also may not cover:
The contractor’s tools and equipment (which should be covered under the contractor’s own policy)
Faulty or improper workmanship, materials and design
Bylaws
Loss caused by stoppage of work or by interruption of construction
Earthquake and flood
Every policy is different. Speak to your broker to understand what your builder’s risk insurance policy entails.