What is Builders risk insurance and as an investor when do I need this policy? ============= Connect with Mark and Tom: StraightUpChicagoInvestor.com Guest: Josh Steigelmann, State Farm Insurance Email the Show: StraightUpChicagoInvestor@gmail.com Link: Build Your Team | Straight Up Chicago Investor Podcast Properties for Sale on the North Side? We want to buy them. Email: StraightUpChicagoInvestor@gmail.com Have a vacancy? We can place your next tenant and give you back 30-40 hours of your time. Learn more: GCRealtyInc.com/tenant-placement Has Property Mgmt become an opportunity cost for you? Let us lower your risk and give you your time back to grow. Learn more: GCRealtyinc.com ----------------- Production House: Flint Stone Media Copyright of Straight Up Chicago Investor 2026.

Different Scenarios That Require Builder's Risk Insurance With Josh Steigelmann

Straight Up Chicago Investor

You're listening to Chicago's number one real estate investing podcast. This is how you win. Let's go. Welcome to another Straight Up Tuesday tip. I'm Tom Shallcross. With me as always is Mark Ainley and with us in the underground, Josh Steigelmann. How are we doing? Doing good, Tom. For those only on the audio, Mark just creepily taking his phone out and recording us, even though we have these like $10,000 cameras down here. So, all right, Josh, we had a couple conversations about Builders Risk. We wanted to bundle it into one Tuesday tip here. Yeah.

So I've got a lot of questions for it to go through their listeners, but let's just start. What is Builders Risk? Yeah. When is it needed? Yeah. So in short, it's Builders Risk is coverage while your property is under construction. There's various scenarios from, hey, we're just breaking ground on a brand new build to we're rehabbing a place and gutting it down to the studs or all but one wall or hey, I'm just remodeling my kitchen.

There's various scenarios and various options to go with those scenarios. Yeah. And from your side of the table, me and the insurer, how does it work? Like you have a normal policy and then this is like an additional add-on? Like how is it calculated?

Yeah. So it depends on the scenario running into. So if it's a complete, hey, we're going to build a brand new building on this vacant lot here and we're going to break ground, you need to write an actual Builders Risk policy. There's an actual policy that you get when you, especially when you get like a construction loan, you'll have to go and meet the requirements of the bank and actually write that policy....

Different Scenarios That Require Builder's Risk Insurance With Josh Steigelmann

Read the full transcript

The candid version is on a podcast,
not the earnings call.

Different Scenarios That Require Builder's Risk Insurance With Josh Steigelmann

Read the full transcript

The candid version is on a podcast, not the earnings call.

The candid version is on a podcast,
not the earnings call.