Frequently Asked Questions

1. What is Builders Risk Insurance?
2. How is builders risk insurance different from a homeowner insurance policy?
3. Can an individual building their own home buy C2P Insurance?
4. Will C2P Insurance cover the life of my mortgage?
5. Why is C2P Insurance less expensive than traditional homeowner policies?
6. Does C2P Insurance offer the same amount of coverage as traditional homeowner policies?

What is Builders Risk Insurance?
Builders Risk Insurance is a form of property insurance specifically designed to cover buildings under construction. The rates for builders risk insurance are discounted because there is very little property at risk when construction begins. Builders Risk Insurance is not a "standardized" coverage form and coverage varies from insurance company to insurance company. OMNI Builders Risk is one of the broadest policies available on the market today. Our policy covers standard perils such as fire, wind, vandalism, and theft, but we also offer catastrophe coverage for flood and earthquake. In addition to the structure, OMNI Builders Risk provides coverage for property in transit to the job site and property stored at temporary locations awaiting delivery.

How is builders risk insurance different from a homeowner insurance policy?
Builders Risk Insurance is usually less expensive than homeowners insurance because it is designed to cover an unoccupied dwelling under construction. It is a temporary policy with discounted rates. A homeowner policy is a more permanent policy designed to cover an existing home, its contents and the owner's personal liability exposures. In addition to being more expensive, a homeowner policy would not include some of the special construction related coverage extensions found in a builders risk policy.

Can an individual building their own home buy C2P Insurance?
Yes, Construction-to-Perm Insurance is tailor-made for individuals using a construction-to-perm mortgage to build their new home. However, C2P Insurance is also available to individual builders and small homebuilding companies (fewer than 25 annual housing starts) through construction lenders insured by OMNI's patented blanket builders risk insurance program. Please ask your lender for details or have them contact OMNI Builders Risk at 877-353-6664. The program is free to your lender and saves new home-buyers money on their insurance.

For a limited time!!!
If you are buying a new home and are interested in the potential savings C2P offers new home-buyers, please contact OMNI's Customer Care Center.

Will C2P Insurance cover the life of my mortgage?
Yes, C2P Insurance is initiated by the homebuilder before construction begins as builders risk and is transitioned to the homeowner at the real estate closing and the policy becomes a homeowner insurance policy. The homeowner policy will cover the home for the duration of the mortgage and beyond as long as you own your home.

Why is C2P Insurance less expensive than traditional homeowner policies?
C2P allows the homeowner to take advantage of the discounts available to homebuilders when they purchase OMNI's automated C2P Blanket Builders Risk Insurance. Because it is less expensive to keep a home insured than it is to underwrite the coverage again, the homeowner receives discounted rates when the coverage transitions to homeowners coverage at closing. In addition, C2P coverage automatically includes several discounts because your new home has been built with the most modern materials and technology available, including:

• New purchase discount
• New home discount
• Loss free discount
• Fire/burglar alarm discount

Does C2P Insurance offer the same amount of coverage as traditional homeowner policies?
Yes, C2P Insurance provides the same protection as other homeowner policies including:

• Comprehensive replacement cost property protection for your new home, other structures and your home contents
• Optional additional coverage for valuables and collectibles
• Comprehensive Personal Liability coverage for bodily injury, property damage and personal injury liability