Builder’s Risk Insurance New York

Last updated: November 1, 2026

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"The first rule in investment is don't lose and the second rule in investment is don't forget the first rule." - Warren Buffett

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Builder's risk insurance protects a property, and the materials going into it, while the property is being renovated or built. For a New York investor working on a single-family house, a brownstone, a two-family or a fourplex, that is the riskiest stretch of the deal. The house is usually empty. Walls, roofs and plumbing are open. Copper, cabinets and appliances sit on site. In the winter the pipes can freeze and burst in a building with no heat, and downstate a coastal storm can turn a routine rehab into a total loss. New York also carries a liability exposure that no other state matches, because of a labor law that holds owners and contractors to an absolute standard when a worker falls.

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This guide covers builder's risk for New York investors working on 1 to 4 unit properties: house flips, BRRRR rehabs, brownstone and rowhouse gut renovations, value-add work on 2 to 4 unit, and ground-up or infill builds. It shows which policy fits which project, what is covered and what is not, how the Scaffold Law drives your liability cost, how winter and coastal wind change the math, what your lender requires, and how to keep a claim from being cut or denied.

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Insurance disclosure: OfferMarket operates a rate-shopping platform for real estate investors. OfferMarket Insurance LLC (NPN 20545557) holds insurance licenses in a number of states, listed at offermarket.us/licenses, but it is not yet licensed in New York. Coverage on New York properties is quoted, bound and serviced through carriers and agents that are licensed in New York, and our team rate-shops and quality-checks the quotes for you.

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Key Takeaways

• Builder's risk is temporary property coverage for the rehab or build. It does not include liability, so most investors are better served by a fix and flip policy that bundles property, vacancy and liability coverage.
• New York's Scaffold Law (Labor Law sections 240 and 241) puts near-absolute liability on owners and contractors for a worker's gravity-related injury. It is the single biggest reason general liability is expensive and hard to place in New York, and it is why you never let a crew work without its own coverage.
• Winter is the loss most New York investors underestimate. A vacant building with no heat invites frozen and burst pipes, and upstate snow load can collapse a weak roof. Keep heat on or winterize, and document it.
• Downstate and on Long Island, expect a separate hurricane or windstorm deductible set as a percentage of the dwelling limit, so a wind claim costs far more out of pocket than a fire or theft claim.
• Flood is excluded. Superstorm Sandy and Hurricane Ida both proved that New York floods well beyond the mapped coastline, including inland basements. Buy flood at loan closing to skip the 30-day waiting period.
• Older New York housing stock makes ordinance or law coverage matter. A damaged brownstone or pre-war house often cannot be rebuilt to its old condition under current code.
• Many renovation policies are written in the excess line (surplus lines) market, which adds a 3.6 percent premium tax and a stamping fee, and carries no state guaranty fund backing. Compare quotes on total cost, not base premium.
• Insure to the right value. Underinsuring reduces every claim payment, not only total losses, and a limit raised without your approval costs you premium for nothing.

Which Policy Fits Your Project

The most common insurance mistake we see on a New York rehab is buying the wrong kind of policy for the work. Three questions decide the answer: how big is the scope, does anyone live in the building, and are you renovating or building new?

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Light cosmetic rehab on a vacant house. Paint, flooring, fixtures and similar work can fit a vacant dwelling policy that allows renovation, or a fix and flip policy with a vacancy endorsement. Watch two things. Vacant dwelling programs often cap the size of the renovation they will accept as a percentage of the property's value, and most leave out any work that requires a crew on scaffolding without separate liability. A missing liability or wind peril conflicts with lender requirements.

Substantial or structural rehab. Roof replacement, new systems, moved walls, facade work and additions call for coverage built for construction risk. Carriers rate structural work higher than cosmetic work because the existing building is more exposed while walls, roofs and floors are open, and because the Scaffold Law exposure rises with every story and every worker at height. Describe the scope accurately on the application, because a cosmetic policy on a structural job is a claim dispute waiting to happen.

Brownstone or rowhouse gut renovation. A full gut of an attached New York City rowhouse is still a renovation, not new construction, because a structure existed when the project began. The existing building needs to be insured, and party walls shared with the neighbors on each side add a liability exposure that a standalone builder's risk policy does not address.

Rehab with tenants in some units. On a two-family, triplex or fourplex, renovation coverage often allows some occupancy but ends once leasing passes a set share of the units, commonly half. A fix and flip policy may not cover active tenants at all, in which case you need a landlord policy or a hybrid policy that accommodates occupancy. New York's tenant protections make an unplanned occupied unit a legal problem as well as an insurance one.

Ground-up or infill build. New one to four family homes fit builder's risk new construction coverage, written on completed value from the day materials arrive, and built to the New York State or New York City Building Code. Add general liability separately, and expect the Scaffold Law to shape the liability cost on any build with work at height.

The finished rental. Once the property is rehabbed and rented, you no longer need builder's risk. A landlord policy on a dwelling fire special form (DP-3) is the standard fit. Lenders that accept dwelling fire forms typically require the special form.

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The New York Scaffold Law and Your Liability Cost

Nothing shapes the cost of insuring a New York construction project more than the Scaffold Law, and most out-of-state investors have never heard of it until their liability quote comes back two or three times what they expected.

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What the Scaffold Law Is

Sections 240 and 241 of the New York Labor Law, known together as the Scaffold Law, apply to construction, renovation, demolition and repair work. They hold owners and general contractors effectively 100 percent liable for a worker's gravity-related injury, a fall from height or an object falling on a worker, when proper safety protection was not provided. New York is the only state in the country that applies this absolute liability standard.

Absolute liability means the worker's own carelessness is usually not a defense. Courts have awarded damages even where a worker ignored instructions and had safe alternatives available. For an investor, the practical meaning is simple: if a worker falls on your project, you and your contractor are the target, and the usual arguments about fault often do not apply.

Why It Makes Liability Expensive

Because an injured worker generally cannot both collect workers' compensation and sue his own employer, the lawsuit lands on the owner and the general contractor instead, who then pass it back to the subcontractor through additional insured status and indemnity. That chain of litigation is expensive to defend and expensive to settle. The New York City Special Riggers Association reports that even falls from low heights can produce six-figure claims, with some reaching $3 million.

The result is a general liability market that is both costly and thin. Trade contractors in New York can pay 7 to 10 percent of revenue on insurance, against 3 to 5 percent elsewhere in the country, and carriers have steadily exited the New York construction liability market, leaving fewer options and higher prices. Much of what remains is written in the excess line market.

What This Means for Your Deal

You cannot change the law, but you can keep the exposure from landing on you:

• Never let a crew work uninsured. Collect certificates of general liability and workers' compensation from every contractor before work begins, confirm the limits are real, and have your contractor name you as an additional insured by endorsement. If a contractor carries no coverage and a worker falls, the owner becomes the target.
• Push the risk down by contract. Use subcontract terms that define liability clearly, require each sub to carry its own coverage, and include indemnification in your favor.
• Budget for real liability pricing. A New York liability quote that looks cheap usually has a gap: a height restriction, a worker exclusion or an action-over exclusion that strips out exactly the Scaffold Law claim you need covered. Our team reads for those exclusions on every quote.
• Carry liability yourself, too. Your contractor's policy protects your contractor. On a financed deal your lender requires general liability in your name as well, at $1,000,000 per occurrence and $2,000,000 aggregate.

Winter, Frozen Pipes and Snow Load

The loss that catches more New York investors than any storm is a cold one. A vacant building with the heat off is the most common large claim our team sees upstate and across the Hudson Valley.

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Frozen Pipes Are the Classic Vacant-House Claim

When a building sits empty in a New York winter with no heat, water left in the pipes freezes, expands and splits the line. The break is often discovered days later, after thousands of gallons have run through finished work. A burst pipe can destroy a just-completed kitchen, buckle new floors and soak the ceilings below.

Most property policies cover the resulting water damage, but with a catch that matters on a rehab. If the building was vacant and you did not either maintain heat or shut off the water and drain the system, the freezing loss can be denied. On a vacant renovation, treat winter heat as a coverage condition, not a comfort choice:

• Keep heat on at a safe minimum through the cold months, or fully winterize by shutting off and draining the water system.
• Keep a dated record that you did so, because the carrier will ask after a freeze loss.
• If the project will sit idle over the winter, tell your agent, because a long idle period can also trip the vacancy terms discussed below.

Snow Load and Ice Dams

Upstate and in the mountains, snow is a structural load, not just weather. A heavy, wet snow or a season of accumulation can overload a roof that is already compromised by an open or partly completed rehab. Ice dams, where melting snow refreezes at the eaves and forces water back under the roofing, are a routine source of water damage on older New York houses.

For a rehab, two things follow. Get the roof dried in and structurally sound before winter where the schedule allows, and keep the building heated enough to limit ice dams. A roof that collapses under snow during a stalled project is a far larger claim than the roof work itself.

Hurricane, Windstorm and Coastal Coverage

For properties downstate and on Long Island, wind is the peril most often limited by a separate deductible. Upstate projects face far less wind exposure, so this section matters most below the Hudson Valley and along the coast.

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How New York Hurricane Deductibles Work

Many New York homeowners and dwelling policies carry a separate hurricane or windstorm deductible that applies only during a defined storm window. The New York Department of Financial Services explains how these work, and the key points for an investor are:

• The deductible is triggered by a storm the National Weather Service identifies, usually for a loss occurring within a set window, commonly 12 to 24 hours around the storm's landfall in New York. Outside that window, the ordinary all-perils deductible applies.
• It is set as a percentage of the dwelling limit, most often 1, 2, 3 or 5 percent, and the terms are not uniform across insurers. Each carrier files its own trigger, percentage and geography.
• The highest percentages, usually 5 percent, apply in Suffolk and Nassau counties, especially within about a mile of the shore. Lower percentages, often 2 or 3 percent, apply in the five boroughs and Westchester. Because the terms vary so widely by carrier and location, find the wind-related deductible on the declarations page of your actual quote and write it into your budget.

Size Your Reserves to the Wind Deductible

A percentage deductible is calculated on the insured value, not on the loss. If your completed value is $600,000 and your windstorm deductible is 5 percent, you pay the first $30,000 of a wind loss out of pocket. At 2 percent you pay $12,000. That is why a Long Island or coastal rehab budget needs a reserve line for wind, separate from the general contingency, and why our team pushes back on an uncapped percentage wind deductible.

Do Not Accept a Wind Exclusion on a Financed Deal

Some vacant and renovation policies leave wind out as a standard feature, or offer it only as an option. On a financed New York deal that will not satisfy your lender. Our lending guidelines do not allow windstorm, hail or named storm exclusions, so read the covered perils as well as the declarations page, not just the premium.

Secure the Site When a Storm Threatens

A house under renovation is a job site, and loose materials become windborne debris that can damage your building and the ones next door, which brings your general liability into the loss. Before a coastal storm, remove or tie down loose materials, secure or remove the dumpster and portable toilet, protect openings and move uninstalled materials into a locked, dried-in space. Put storm preparation in your contractor agreement.

Flood: Sandy, Ida and the Basement Problem

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Flood Needs a Separate Policy

Builder's risk and fix and flip policies exclude flood, and storm surge is treated as flood, so a property in a FEMA special flood hazard area needs a separate flood policy, and lenders require one.

Our guidelines set the flood limit at the greater of $250,000 or the loan balance. NFIP flood policies normally have a 30-day waiting period, but FEMA waives it when the policy is purchased in connection with making, increasing, extending or renewing a loan. Buy the flood policy at loan closing.

New York Floods Beyond the Coastline

Two storms rewrote how investors think about New York flood risk. Superstorm Sandy in 2012 flooded large parts of lower Manhattan, Brooklyn, Queens and the south shore of Long Island with storm surge. Then in 2021 the remnants of Hurricane Ida dropped record rainfall that flooded basements and below-grade apartments across New York City and the Hudson Valley, far from any coast, drowning people in illegal basement units.

The Federal Reserve Bank of New York has since documented how much of the city's housing stock, especially basement units, sits in the path of extreme-weather flooding.

For a rehab, three points follow:

• Below-grade work is exposed. A finished basement, a garden-level unit or a cellar mechanical room is the first thing to flood, and the most expensive to redo. Flood insurance, not builder's risk, is what responds.
• Outside the mapped zone is not safe. Ida flooded homes that were nowhere near a FEMA flood zone. A cash buyer with no lender mandate should still price flood on a property with any history of water.
• Plan flood for the rental too. If you will hold the property, a rental in a special flood hazard area still needs flood insurance under DSCR loan guidelines, and the premium changes your cash flow and your debt service coverage ratio. Our comparison of landlord and flood insurance explains how the two work together.

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⚡ Get builder's risk, fix and flip and landlord quotes

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New York Building Codes, Old Housing Stock and Ordinance or Law

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Two Code Systems

Most of the state follows the New York State Uniform Fire Prevention and Building Code. New York City is the major exception: it enforces its own New York City Construction Codes and permits through the NYC Department of Buildings. If your project is in the five boroughs, the city code and DOB process govern, and permit-pulling requires a registered contractor, as explained below. A permitted rehab must meet the edition of the code in force when the permit is issued.

Old Housing Stock Makes Ordinance or Law Coverage Matter

New York has some of the oldest housing in the country: pre-war apartment buildings, brownstones and rowhouses in the city, and century-old frame houses upstate. When an older building is damaged, current code often will not let you rebuild it the way it was. That is where ordinance or law coverage comes in.

Ordinance or law coverage pays for costs that come from enforcing current building codes after a covered loss. It usually has three parts: the value of the undamaged portion that code forces you to tear down, the cost to demolish it, and the added cost to rebuild to current code. Many policies default to 10 percent of the building limit. On fix and flip quotes our team typically requests 25 percent, and older New York housing stock is exactly where that higher limit pays off. On a pre-war building or a landmarked facade, ask whether a higher percentage is available.

Lead Paint on Pre-1960 Buildings

Most New York housing built before 1960 contains lead paint, and both New York State and New York City impose strict rules on disturbing it, with the city's requirements among the toughest in the nation for units where young children live. Lead is a liability and compliance exposure rather than a builder's risk peril, but it belongs in your scope and your contractor agreement, because a disturbance done wrong is expensive to remediate and can draw a violation.

Excess Line, Taxes and Carrier Strength in New York

Because the Scaffold Law and New York's coastal and old-building risks drive standard carriers away, many New York fix and flip, vacant home and construction liability policies come from excess line (surplus lines) carriers. These are insurers not licensed in New York the same way as standard carriers, but allowed to cover risks the licensed market turns down, which is often the case for a vacant building under renovation. Three points belong on every quote review.

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The tax. New York charges an excess line premium tax of 3.6% of premium, which the broker remits to the state and typically passes to the policyholder. Compare quotes on total cost, not base premium.

The stamping fee. The Excess Line Association of New York (ELANY) charges a stamping fee, currently 0.2 percent, on excess line premiums. It is small but real, and it shows up on the total cost form.

No guaranty fund. If a New York licensed insurer fails, the state's security funds step in to pay covered claims within limits. Excess line policyholders do not have that protection. That makes carrier financial strength more important, and it is one reason lenders require an AM Best rating of A- VIII or better. Our guide to AM Best ratings explains what the rating means.

How Much Builder's Risk Insurance Costs in New York

The honest answer is that location, construction and the liability exposure drive almost everything, and in New York the Scaffold Law makes liability a larger share of the total than in most states. Here is the range OfferMarket investors typically see on 1 to 4 unit New York deals, by completed value and rehab budget:

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These ranges cover the property and renovation coverage. The general liability needed on a project with work at height can add meaningfully to the total in New York, more than it would in a lower-liability state, because of the Scaffold Law. A coastal or Long Island property with a percentage windstorm deductible also prices higher than a comparable inland one.

For context, builder's risk nationally runs about 1 to 4 percent of completed value, and standalone policies carry a minimum premium floor regardless of project size. Because New York pricing swings so widely by county, construction and liability exposure, the only reliable number is a quote on your property. For bundled rehab coverage, see our fix and flip insurance guide.

Refunds When the Project Ends Early

OfferMarket fix and flip premiums are generally refunded pro rata when you cancel early, most often after a sale or after refinancing into a DSCR loan and switching to landlord insurance. Not every builder's risk policy works that way. Some new construction policies are fully earned, which means no refund for unused time. Ask before you bind.

What Factors Influence Builder's Risk Insurance Cost?

Builder's risk is priced on the risk the carrier takes on during the project, and that risk shifts with the property, the work and the policy itself. Carriers such as US Assure group the drivers into five core factors. Our team weighs three more that matter on investor deals, and in New York the liability exposure sits over all of them.

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1. Location

Where the property sits is the single biggest driver of cost. Carriers look at:

• Distance to the coast, and exposure to hurricanes and windstorms downstate and on Long Island
• Flood zone and storm surge exposure
• Winter severity and snow load, which rise sharply upstate
• Distance to a fire station and the local fire protection class
• Crime and vandalism rates on the block

You cannot move the building, but you can make sure the quote is built on the right address, protection class and flood zone determination. An error in any of these inflates the premium.

2. Project Type

Carriers rate new construction, installation and remodeling differently, based on how much the existing structure adds to the risk.

• New construction and simple installations usually cost the least, because the timeline is short and there is no existing building to protect.
• Remodeling is rated highest, because an existing structure is exposed to loss the entire time the work is underway.
• A cosmetic remodel rates lower than a structural remodel that moves load-bearing walls, touches a party wall or adds a story.

Describe the scope accurately to the agent. Understating it to shave premium is the fastest way to have a large claim disputed.

3. Construction Type

The materials the building is built from decide how well it survives a fire or storm.

• Masonry and fire-resistive construction rate most favorably, which describes much of New York's older brick and brownstone stock.
• Wood frame rates least favorably, and wood frame near the water is the hardest New York rehab to insure.

4. Optional Coverages

The base policy covers the core perils. Every endorsement adds premium, so match them to the project. On a New York rehab the options worth discussing are:

• Flood, which is excluded as standard
• Soft costs: extra loan interest, taxes and fees during a covered delay
• Loss of rents, for units with tenants
• Materials in transit and in temporary off-site storage
• Increased cost from change orders, when the scope is likely to grow
• Sewer, drain or sump backup, which matters in flood-prone and basement-heavy areas

5. Additional Fees and Taxes

Two policies with similar base premiums can cost very different amounts once fees and taxes are added, and that comes down to the type of carrier.

• Admitted carriers are licensed in New York and backed by the state's security funds if the insurer fails.
• Non-admitted (excess line) carriers write many vacant, renovation and construction liability policies that admitted carriers decline. They add the 3.6% excess line tax and the ELANY stamping fee, and they are not backed by the guaranty fund.

Compare quotes on total cost, not the base premium, and require an AM Best rating of A- VIII or better.

Three More Factors We Weigh for Investors

• Vacancy and timeline. A building that has sat empty for years, or a project expected to run past 12 months, carries more risk and often more premium. A realistic timeline prevents costly mid-project extensions, a coverage gap, and a winter spent idle and exposed.

• The limit. Set it on completed value, without land and without padding. This is where we most often find overpayment, and occasionally a dangerous shortfall that triggers a coinsurance penalty at claim time.

• The deductible. A higher deductible lowers premium, but lenders cap it. Our guidelines cap the property deductible at the lesser of 5 percent or $5,000, so we push back on an uncapped percentage deductible that would run above that, such as a straight 5 percent windstorm deductible on a high limit.

How to Lower Your Builder's Risk Cost Without Creating a Gap

You can bring the premium down without leaving a hole in the coverage:

• Insure to an accurate completed value, without padding
• Choose the highest deductible your lender accepts and your reserves can absorb, within the 5 percent or $5,000 cap
• Require every contractor to carry its own general liability and workers' compensation, so your liability sits over properly insured crews
• Keep heat on or winterize a vacant building, and document it, to avoid a denied freeze claim
• Secure the site with locks, lighting and cameras
• Keep the schedule realistic, so you avoid extension charges and do not sit open through a New York winter
• Compare quotes line by line, not only on price

Never save money by dropping vacancy, wind, liability or theft protection. Those gaps turn ordinary losses into uninsured ones, and in New York the liability gap is the most dangerous of all.

What Our Quality Control Catches on Outside Quotes

Every quote that comes through OfferMarket is checked by our QC team against the investor's request and the lender's guidelines before it is bound. These are the problems we flag most often, and the reason we tell investors never to judge a quote by the premium alone.

The wrong policy type for the project. A landlord policy quoted on a vacant gut rehab, or a vacant renovation program quoted on a property the investor plans to rent right away.

Liability that excludes the Scaffold Law claim. A New York liability quote with a height restriction, a worker exclusion or an action-over exclusion that strips out exactly the gravity-related injury you most need covered. This is the New York-specific catch, and the most expensive one to miss.

A dwelling limit the investor did not ask for. Agents sometimes raise or lower the limit without approval. Raising it adds premium for coverage you could never collect. Lowering it can trigger a coinsurance penalty on every claim.

Functional replacement cost in place of replacement cost. The two look similar on a summary page, but functional replacement cost can pay noticeably less on an older building, which describes most New York stock.

An uncapped percentage wind deductible. A straight 5 percent windstorm deductible on a $600,000 limit puts the first $30,000 of a storm claim on you. Our guideline caps the deductible at the lesser of 5 percent or $5,000, so we ask for a flat $5,000 or a percentage capped so it cannot exceed $5,000.

Land value deducted from the coverage. Some renovation forms limit what they will pay to the investor's actual capital in the project, minus land value. We ask for it to be removed or explained in writing.

Thin ordinance or law coverage. Many quotes default to 10 percent. On fix and flip policies, we request 25 percent, which matters more in New York because of the old housing stock.

Missing water backup. Sewer and drain backup is a common claim in basement-heavy New York and is often left off unless requested.

No freeze or vacancy protection. A vacant renovation quote with no vacancy endorsement, or with freeze coverage conditioned on heat the investor does not plan to keep on.

Liability below lender limits. Fix and flip policies need $1,000,000 per occurrence and $2,000,000 aggregate. Landlord policies on our DSCR loans need $500,000 per occurrence.

Mortgagee and additional insured confused. The lender needs to be the mortgagee on the property coverage and an additional insured on the liability coverage.

Cases From Our Quality Control Desk

These are real situations our team handled, anonymized and summarized.

The liability quote that excluded the fall. An investor on a three-story rowhouse gut received a liability quote that looked competitively priced. Reading the form, our team found a height exclusion that removed coverage for any injury above a set number of feet, which on a three-story job meant the Scaffold Law claim the investor most needed was not covered at all. We asked for a requote without the exclusion and showed the investor the true cost of real coverage. The lesson: in New York, a cheap liability quote usually means the gravity-related claim has been carved out.

The freeze that was almost denied. A vacant upstate renovation stalled over the winter waiting on a draw. A pipe froze and burst, and the water ruined a nearly finished floor. The carrier's first question was whether heat had been maintained or the system drained. Because the investor had kept the thermostat at a safe minimum and had dated photos and utility bills to prove it, the claim was paid. The lesson: on a vacant New York rehab, winter heat is a coverage condition, and the proof is what gets the claim paid.

The limit that grew without approval. An investor asked for a dwelling limit that matched the rebuild cost. The quote came back far higher, because the carrier had raised it to satisfy its own replacement cost estimate, which meant more premium than the investor had planned for. We pushed back, asked the agent to justify the figure and requested pricing on the endorsements the quote left out, including water backup and ordinance or law. The lesson: compare the quoted limit to the one you requested before you look at the price.

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What Your Lender Requires

The property is your lender's collateral, so the lender's insurance guidelines shape the policy as much as your own preferences do. This table compares typical requirements during the rehab with the requirements after a refinance into a DSCR loan.

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The mortgagee clause. List the lender's exact name and address followed by ISAOA/ATIMA. OfferMarket's clause reads OfferMarket Capital LLC ISAOA/ATIMA, 627 S Hanover St, Baltimore, MD 21230. More detail is in our mortgagee clause glossary entry.

Proof of insurance. OfferMarket requires an ACORD form, plus certificates and paid receipts, at least 24 hours before closing, and final policy documents within 60 days after closing.

Carrier strength. An AM Best rating of A- falls in the Excellent category, and Financial Size Category VIII means policyholder surplus of $100 million to $250 million. This matters more in New York, where many renovation and liability policies are written in the excess line market with no guaranty fund backstop.

Why Financing and Insurance in One Place Matters

Most closing delays caused by insurance come down to a mismatch between the policy and the loan: a liability exclusion the lender will not accept, a deductible too high, a limit too low, a flood policy bound too late or a mortgagee clause with the wrong name. When you use OfferMarket Capital for the loan and OfferMarket Insurance to rate-shop the coverage, the same team that sets the loan requirements checks the policy against them before closing, not the day before.

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What Builder's Risk Covers on a 1 to 4 Unit Project

Coverage depends on the policy form, so treat this section as a list of things to confirm rather than a promise of what any one policy includes.

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The Building and the Work

On a renovation, two values are at risk: the building you bought and the work you are adding. Not every builder's risk policy insures both.

For an investor, the loss that matters most is a fire, flood or storm that takes the whole building, not only the new kitchen. Confirm in writing that the existing structure is insured from the day you close. On an attached rowhouse, confirm how the policy treats damage that originates in or spreads to a party wall.

Materials on Site, in Storage and in Transit

Building materials are often the easiest thing to lose. OfferMarket's renovation coverage insures the structure, materials and equipment on the premises or within 100 feet, and the foundation.

Dense New York blocks and shared curbs make deliveries and staging harder to secure, and materials stored off site sit outside a site-only policy. If materials will be stored off site, ask for coverage at that location by name.

The Causes of Loss

Residential builder's risk commonly covers fire and lightning, wind and hail (when included), theft, vandalism, arson, collapse and water damage from burst pipes. Many policies add extensions such as debris removal, materials in transit, sewer or drain backup and ordinance or law, each with its own smaller limit. Ask for the sublimit on each one.

Theft: The Claim Investors Misunderstand Most

Theft is one of the most frequent construction claims, and residential job sites have predictable targets: copper wiring and pipe, appliances, boilers and HVAC units, and fixtures.

Some policies exclude theft of building materials that are not yet attached to the structure, which means the new range or the copper sitting in the basement may not be covered until installed. Before materials arrive, ask three questions:

• Is theft of uninstalled materials and appliances covered on site, in storage and in transit?
• Is there a sublimit?
• What security conditions apply? Then schedule deliveries as close to installation as your contractor allows.

Ordinance or Law for Older Buildings

When a damaged older building is rebuilt, code can require upgrades to undamaged parts of the structure. Ordinance or law coverage pays for the value of the undamaged portion code forces you to tear down, the cost to demolish it, and the increased cost to rebuild to code. On fix and flip quotes, our standard is 25% of the building limit. Many policies default to 10 percent, which can fall well short on a pre-war New York building.

What Builder's Risk Does Not Cover

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Flood and storm surge. Both are excluded. Rising water from a storm, and the rainfall flooding that Ida brought, are flood claims, not wind claims. In a coastal storm, wind and flood can damage the same building, and each policy pays its own share, which is why a coastal property needs both.

Pre-existing damage. A damaged building bought as is will not be covered for damage that existed before the policy started. Dated photos at closing protect you.

Faulty workmanship and defective materials. Builder's risk is not a warranty. Policies generally exclude the cost to correct faulty work, though a policy with an ensuing loss provision may cover resulting damage to other property.

Wear and tear, rot, pests and mold. Old plumbing, gradual deterioration and infestation are maintenance problems. Mold coverage is often excluded or capped.

Frozen pipes in a vacant, unheated building. The resulting water damage is commonly covered only if you kept heat on or shut off and drained the water system. Leave a vacant building cold with water in the lines and a freeze loss can be denied.

Employee theft and worker injuries. Theft by the crew and injuries to workers are excluded from builder's risk. Worker injuries belong under the contractor's workers' compensation, and in New York the Scaffold Law makes that coverage essential.

Liability. A standalone builder's risk policy does not cover injuries to other people. The Scaffold Law section above and the liability section below explain how to fill this gap.

Land and landscaping. Land, trees, shrubs and walkways are generally not covered, and land value should never be part of your limit.

One more gap is a belief rather than an exclusion. Some investors assume a general liability policy will cover damage to the project itself. It will not. Liability insurance covers what you owe other people. Builder's risk covers the project. A rehab needs both.

Vacancy: The Empty-Building Problem

Most flips start with a vacant building, and standard policies often exclude or void coverage on unoccupied buildings. More investor claims go wrong here than anywhere else, and in New York a vacant building is also a winter freeze risk.

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How Vacancy Clauses Work on Residential Policies

In the standard homeowners form, coverage for glass breakage and vandalism ends once the dwelling has been vacant for more than 60 consecutive days. Dwelling policies work much the same way, and some older forms use 30 days (PropertyCasualty360).

Why "Under Renovation" May Not Protect You

Many policies say a home under construction is not considered vacant, but renovation can be treated differently. Gutting a building, with the contents removed and the occupants gone, can make it vacant, and visiting to check on progress does not change that. Merlin Law Group states courts look for substantial, continuous construction activity, measured by how many workers were on the project and how much time they spent in the building. Even builder's risk can tighten when work stops, limiting coverage to named perils after a set period with no activity.

How Rehabs Drift Into Vacancy

The trap is rarely a decision to abandon a project. It is ordinary dead time: waiting on permits, a draw, a missing contractor or a buyer. A New York permit or DOB sign-off delay, or a stalled winter project, can push a building past a vacancy threshold while no one watches the calendar.

The Fix

Disclose vacancy when you apply, and make sure the policy carries a vacant property endorsement or vacancy permit for the whole rehab period. Our lending guidelines require borrowers to notify the carrier when a property becomes vacant or unoccupied and to obtain a vacancy permit for the entire vacancy period. Back the endorsement with records: a dated work log, contractor invoices, inspection reports and weekly photos.

Liability on a Rehab

A builder's risk policy does not cover workplace injuries or liability. On a New York investor rehab, the liability exposure often outweighs the property exposure, because of the Scaffold Law, which is why we pair renovation coverage with general liability on every fix and flip quote.

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• Who can get hurt. Contractors and their crews, inspectors, appraisers, buyers' agents, neighbors and trespassers. On an attached building, your work can injure the people next door.

• The Scaffold Law raises the stakes. As explained above, New York holds owners and general contractors to near-absolute liability for a worker's gravity-related injury. That is why your contractors' coverage, and your own, have to be real and free of height and worker exclusions.

• Children and open job sites. Under the attractive nuisance doctrine, landowners may owe trespassing children a heightened duty when a dangerous condition is likely to attract them (Cornell Legal Information Institute). Open foundations and unsecured stairs are exactly that kind of condition. Fence and lock the site.

• What lenders require. Fix and flip lenders commonly require general liability of $1,000,000 per occurrence and $2,000,000 aggregate on an occurrence basis, with the lender as additional insured.

• Your contractors' coverage. Collect certificates of general liability and workers' compensation before work begins, and ask your contractor to add you as an additional insured by endorsement. In New York, nearly all employers with employees must carry workers' compensation (New York Workers' Compensation Board). If a contractor carries no coverage, the owner can become the target.

Contractor Licensing in New York

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New York has no statewide general contractor license. Licensing happens at the city or county level, and it matters to an investor for two reasons: an unlicensed contractor generally cannot sue to collect payment, and hiring one can expose you to fines and void the consumer protections you would otherwise have (House Call Pro).

• New York City. Residential renovation work over $200 requires a Home Improvement Contractor (HIC) license from the Department of Consumer and Worker Protection (DCWP), and pulling permits on 1 to 3 family homes requires a separate General Contractor registration with the Department of Buildings. Enforcement can include fines and vehicle seizure.

• Nassau County. Requires an HIC license with at least $300,000 in general liability insurance. No exam is currently required.

• Suffolk County. Requires an HIC license with at least $500,000 in liability insurance and a written exam.

• Westchester County. Runs its own licensing board with its own exam, bond and insurance requirements. Rockland and Putnam counties run their own programs as well.

  A license in one jurisdiction does not transfer to another, so a contractor working across the city and the suburbs needs each one. Confirm your contractor holds the right license for the property's location, and that the general liability behind that license is high enough to matter under the Scaffold Law.

How to Set the Right Limit

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Insure to Completed Value

Builder's risk limits are based on the estimated completed value of the project. When the limit falls short, many forms reduce claim payments in proportion, using a simple formula: insurance carried divided by insurance required, multiplied by the loss. If a policy requires insurance equal to 80% of value and you carry 60%, you collect 75% of each loss and absorb the rest, even on a small claim.

Claim Payment = Insurance Carried ÷ Insurance Required × Loss Amount

Formula Variables:

• Insurance Carried: The actual limit of insurance purchased on the policy.

• Insurance Required: The estimated completed value of the project multiplied by the required policy percentage.

• Loss Amount: The total financial value of the covered damages sustained.

  Our Completed Value Worksheet

  Use these lines to build the number before you request a quote:

• Rebuild cost of the existing structure. Not the purchase price and not the land.

• Full rehab budget. Materials and labor, not only materials.

• Contractor overhead and profit. These can represent up to 20 percent of completed value.

• New York code costs. Current-code upgrades on an older building, and the higher cost of city-code work in the five boroughs.

• Flood compliance. If the property sits in a flood zone, include any required elevation or flood-resistant work.

• Minus land. Land is never part of the insured value, and in New York land is often most of the market value.

ARV Is Not Replacement Cost

Investors think in after-repair value. Insurers think in rebuilding cost. ARV is a market value that includes the land and the neighborhood. Replacement cost is what it would take to rebuild the structure at current construction prices.

A Brooklyn or Manhattan lot may represent most of the ARV, but it is not part of what you insure. Use the ARV calculator for market value, and ask for a replacement cost estimate on the structure itself.

When the Loan Sets the Limit

Our fix and flip guidelines set the property limit at replacement cost, taken from the appraisal or a replacement cost estimator, or at the loan amount. If the loan amount is below replacement cost, the policy must be written on an agreed value basis or carry zero coinsurance.

When Coverage Starts and Ends

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Starting Coverage

Bind coverage before you close, because your lender, or your title company on a cash purchase, will require proof of insurance. On new construction, have builder's risk in place by the time materials are delivered.

Buying Coverage in the Middle of a Rehab

You can often buy coverage after work has started, but you must disclose the work already done, and some insurers require an inspection or limit certain coverages. Expect more questions the further along the project is.

What Ends Coverage

Builder's risk ends automatically, often without a reminder, when a termination trigger occurs:

• Ownership transfers to the buyer.
• A set period passes after construction is complete.
• The property is occupied or put to its intended use.
• A single-family home is leased or rented.
• A set share of the units in a 2 to 4 unit building is leased.
• Permanent property insurance takes effect.
• Your interest in the property ends, or you abandon the project.
• The policy term expires.

The Early Tenant

On a BRRRR project, a tenant moving in can end builder's risk on the spot. On a two-family or fourplex, leasing half the units can do the same. Bind the landlord policy first.

Handing Off to Landlord Insurance

If you keep the property, put the landlord policy in effect before you cancel the old one, send the new policy details to your servicer, and send the servicer's information to the new carrier. If you sell, cancel after the transfer closes and request your pro rata refund.

How to Handle a Claim in New York

The NAIC's claims guidance lays out the core steps, and a few points matter in New York.

• Report promptly and in writing. Notify the carrier as soon as it is safe, and follow up in writing. After a storm or a freeze, report even if the full estimate comes later.

• Separate wind from flood. On a coastal loss, document wind damage and flood damage separately in your notes, because two policies may respond and each pays its own share.

• Document the winter condition. On a freeze claim, be ready to show that heat was maintained or the system was drained. Dated photos and utility bills are what get the claim paid.

• Notify your lender. The lender is usually named on the claim check, so bring it in early.

New York Playbooks by Market and Strategy

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New York City Rowhouse and Brownstone Rehabs

Expect city-code permitting through the DOB, a registered general contractor, party-wall exposure on attached buildings, high completed values and the full weight of the Scaffold Law on any multi-story work. Price liability carefully and read it for height and worker exclusions. Older brick and brownstone stock makes ordinance or law coverage at 25 percent important, and lead-paint rules apply to almost anything pre-1960.

Long Island: Nassau and Suffolk

Coastal Nassau and Suffolk carry the state's highest windstorm deductibles, up to 5 percent near the shore, and Sandy showed how far the surge reaches. Price the wind deductible on the full limit, confirm no wind exclusion, bind flood at closing in a special flood hazard area, and confirm your contractor holds the county HIC license, with the $300,000 (Nassau) or $500,000 (Suffolk) liability behind it.

The Hudson Valley and Westchester

Westchester and the lower Hudson Valley mix older, higher-value housing with real flood exposure, as Ida made clear. Expect the county's own contractor licensing, winter freeze and ice-dam risk, and ordinance or law exposure on older homes. Check the flood zone even on properties set back from the river.

Upstate: Buffalo, Rochester, Syracuse and Albany

Upstate metros are among the more active flip markets in the country, helped by lower acquisition prices and solid rental demand. The defining risk here is winter: heavy snow load, ice dams and frozen pipes in vacant buildings. Wind and flood exposure are lower than downstate, which can mean more carrier options and better pricing, but the freeze discipline, keeping heat on or winterizing, is non-negotiable on a vacant upstate rehab.

Ground-Up and Infill Builds

New construction is where standalone builder's risk fits best. Insure to full completed value under the applicable state or city code, put coverage in place before materials arrive, and add general liability separately, with full attention to the Scaffold Law exposure on any work at height. Estimate financing with the construction loan calculator and our ground-up construction loan page.

BRRRR in New York

Use the rehab to set up the rental: new roof, updated systems and documented winterization before you shop the landlord policy. Get the landlord and flood quotes through OfferMarket, then run the refinance math with the DSCR calculator. Our BRRRR method guide covers the full strategy.

The Rental Exit: a Cheaper New York Landlord Policy

The rehab is the best chance to lower the cost of insuring the finished rental. Features you add while the walls and roof are open pay off in the landlord premium.

• Update the systems and roof. A new roof, updated electrical and plumbing, and modern heating lower both the risk and the price on the landlord policy, and reduce the winter freeze exposure that drives upstate claims.

• Document everything. Keep permits, sign-offs and photos of the completed work. An insurer rating the finished rental rewards a building that is demonstrably updated.

• Bind the landlord policy before the tenant moves in. Occupancy can end builder's risk, so put the landlord insurance policy in place first, then cancel the rehab policy and request any pro rata refund. Our DWG-3 policy guide explains how landlord property coverage works.

What Builder's Risk Insurance Is

Builder's risk insurance, also called course of construction insurance, is property insurance for a building while it is being built or renovated. It covers the structure, the materials already installed and the materials waiting to be installed against losses such as fire, wind, theft and vandalism. It is temporary by design. A policy exists for one project and ends when that project ends.

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Most builder's risk policies are written on an all-risk (open perils) basis, which means they cover any cause of loss the policy does not specifically exclude. Many also cover materials in transit and in off-site storage. There is no single standard builder's risk form, though. Two policies with the same name can respond very differently to the same loss, which is why our team reads the actual wording on every quote rather than the summary page. In New York, the wording that matters most is the liability coverage and its exclusions, the wind deductible downstate and the freeze conditions anywhere.

New York investors usually buy builder's risk in one of two ways:

• A standalone builder's risk policy insures the building and materials during the work. It does not cover injuries to other people or liability for damage to their property, so it needs a separate general liability policy beside it, which in New York is the expensive part.

• A fix and flip policy, also called renovation insurance, combines property coverage, builder's risk features, a vacant property endorsement and general liability in one policy, with optional ordinance or law and loss of rents. For most investor rehabs, this is the better fit.

Why a Homeowners Policy Does Not Fit a Rehab

A homeowners policy is built for an owner living in a finished home. It generally does not contemplate a renovation, its additional coverages are sized for an occupied house, and it is the wrong form for an investment property in the first place. Add vacancy, open walls and stored materials, and a homeowners policy can fail exactly when you need it.

Why the Rehab Phase Is So Risky in New York

• The liability exposure is the highest in the country. The Scaffold Law means a single worker fall can produce a six- or seven-figure claim against the owner, and the general liability market that covers it is thin and expensive.

• Winter turns an empty building into a claim. A vacant building with no heat is a frozen-pipe loss waiting to happen, and upstate snow load can overload a compromised roof.

• Coastal and flood exposure is real downstate. Sandy and Ida both proved that New York floods beyond its mapped coastline, including inland basements.

• The typical flip spans the hard seasons. The typical flip took about 161 days from purchase to resale in the second quarter of 2026 (ATTOM), so a New York rehab that starts in fall will almost certainly spend the winter under construction.

Terms You Will See on a Quote

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Completed value. The expected value of the finished project. Builder's risk limits are usually set on this number from day one, even though the building is worth less while the work is underway.

Existing structure coverage. Coverage for the building you bought, as opposed to the new work. Some renovation policies insure only the renovation value unless you add the existing structure.

Named insured and additional insured. The named insured owns the policy, usually the LLC or person on title. An additional insured is added to someone else's policy, such as your lender on your liability policy or you on your contractor's.

Mortgagee clause and ISAOA/ATIMA. The mortgagee clause protects your lender's financial interest. ISAOA means "its successors and/or assigns," and ATIMA means "as their interests may appear." A mortgagee and an additional insured are not the same thing, and lenders usually want to be named both ways.

Hurricane or windstorm deductible. A separate, usually percentage-based deductible that applies to storm losses during a defined window, as explained above.

Action-over exclusion. A liability exclusion that removes coverage for a claim by an injured worker against the owner or contractor. In New York, this is the exclusion that can quietly strip out your Scaffold Law coverage, so read for it.

Replacement cost and actual cash value. Replacement cost pays to repair or rebuild without deducting depreciation. Actual cash value subtracts depreciation, so an older roof or system pays out far less.

Functional replacement cost. A settlement basis that pays to repair with less costly materials that perform the same function. It can pay noticeably less on an older building.

Coinsurance and the 80 percent rule. Many property policies require you to insure a minimum share of value, often 80 percent. Insure for less, and the policy reduces every claim payment in proportion.

Vacancy permit. An endorsement that restores coverage a vacancy clause would otherwise take away.

Ensuing loss. Damage that results from an excluded cause. A policy may exclude faulty workmanship but cover the water damage a bad plumbing joint causes.

Builder's Risk Insurance Guidelines

Below are common builder's risk insurance guidelines for fix and flip loans (otherwise known as hard money loans). These coverage limits are generally considered best practice from a risk management perspective.

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Property Coverage

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General Liability Coverage

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Flood Insurance

If the property is in a FEMA special flood hazard area, your lender may require flood insurance.

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Additional Details

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The OfferMarket Builder's Risk Recipe

Our insurance team uses this seven-step method to structure renovation coverage for 1 to 4 unit New York investors.

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1. Classify the project accurately. Cosmetic rehab, structural remodel, gut rehab or ground-up build. Disclose work already started, the vacancy history, any tenants in place and the expected timeline.
2. Set the limit on completed value. Start from the rebuilding cost of the finished building and your lender's guideline. Include contractor overhead and profit and New York code costs, and exclude land.
3. Get the liability right. General liability at lender limits, with no action-over, height or worker exclusion, and certificates from every contractor on site. This is the New York step that matters most.
4. Confirm wind and the storm deductible downstate. No wind exclusion on a financed deal, and reserves sized to the deductible on Long Island and coastal properties.
5. Close the vacancy and winter gap. Confirm a vacant property endorsement or vacancy permit for the full rehab period, and plan heat or winterization for the cold months.
6. Add the New York coverages. Ordinance or law at 25 percent, flood where needed and water backup where basements are exposed.
7. Bind early and plan the exit. Bind before closing, use the exact mortgagee clause with ISAOA/ATIMA, and line up the landlord policy before the tenant moves in.

New York Builder's Risk Checklist

• ✅ Policy bound and proof of insurance delivered before closing
• ✅ Policy type matches the scope: cosmetic, structural, gut rehab or ground-up
• ✅ General liability at lender limits, with no action-over, height or worker exclusion
• ✅ Certificates of GL and workers' compensation collected from every contractor
• ✅ Wind included downstate, with no windstorm or named storm exclusion
• ✅ Windstorm deductible known on Long Island and coastal deals, and reserves sized to it
• ✅ Limit set on completed value: land excluded, code costs included
• ✅ Existing building insured, not only the renovation; party walls addressed on attached homes
• ✅ Vacant property endorsement or vacancy permit for the full rehab period
• ✅ Winter plan in place: heat maintained or system drained, and documented
• ✅ Flood zone checked; flood policy bound at closing if required
• ✅ Ordinance or law at 25 percent on older buildings
• ✅ Theft of uninstalled materials covered, with sublimits known
• ✅ Excess line tax and carrier rating reviewed
• ✅ Contractor holds the correct city or county license for the property
• ✅ Mortgagee clause exact, with ISAOA/ATIMA; named insured matches title
• ✅ Landlord policy lined up for the exit

How OfferMarket Works in New York

OfferMarket is a rate-shopping platform built for 1 to 4 unit residential real estate investors. OfferMarket Insurance LLC (NPN 20545557) holds insurance licenses in a number of states, but it is not yet licensed in New York. On New York properties, we rate-shop your coverage across carriers and agents that are licensed in New York, and your policy is quoted, bound and serviced by those licensed carriers. View our license list at offermarket.us/licenses.

You submit your property once, and our team quality-checks each quote against your request and your lender's guidelines before you bind: the policy type, the limit, the settlement basis, the liability coverage and its exclusions, the wind deductible, ordinance or law, water backup and the mortgagee clause. We coordinate the quotes, the certificates for closing and your lender, and when the property is ready to rent, we help you move to landlord insurance without a gap.

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Frequently Asked Questions

Do I Need Builder's Risk Insurance for a Flip in New York?

If the building is vacant and under renovation, a homeowners policy is the wrong fit, and lenders require property and liability coverage before closing. A fix and flip policy that includes builder's risk features, a vacancy provision and general liability is the common solution, and in New York the liability piece is the one to get right.

Why Is Liability Insurance So Expensive in New York?

Because of the Scaffold Law (Labor Law sections 240 and 241), which holds owners and contractors to a near-absolute standard for a worker's gravity-related injury. New York is the only state with this absolute liability standard, which makes construction liability both costly and hard to place.

Does Builder's Risk Cover Frozen Pipes in New York?

Often yes, but with a condition. On a vacant building, the resulting water damage is commonly covered only if you maintained heat or shut off and drained the water system. Leave a vacant building cold with water in the lines and a freeze loss can be denied.

Is There a Hurricane Deductible in New York?

Downstate and on Long Island, yes. Many policies carry a separate windstorm or hurricane deductible, usually 1 to 5 percent of the dwelling limit, triggered by a storm within a defined window. The highest percentages apply near the Nassau and Suffolk shore.

Does Builder's Risk Cover Flood in New York?

No. Flood, including storm surge and the kind of rainfall flooding Hurricane Ida brought, requires a separate policy. In a special flood hazard area, lenders require it, and buying it at loan closing avoids the 30-day waiting period.

Do I Need a Licensed Contractor in New York?

In most places that do renovation work, yes. There is no statewide license, but New York City and counties such as Nassau, Suffolk and Westchester require a Home Improvement Contractor license. An unlicensed contractor generally cannot sue to collect payment, and hiring one can cost you consumer protections.

How Much Does Builder's Risk Cost in New York?

It depends on the property, its location and the liability exposure. As a rough guide, OfferMarket investors see roughly $1,500 to $2,500 a year on a $300,000 completed value, $2,000 to $4,000 on $500,000, and $4,000 to $7,000 on $1,000,000, with the general liability needed under the Scaffold Law adding to the total. Nationally, builder's risk runs about 1 to 4 percent of completed value.

Is OfferMarket Licensed in New York?

OfferMarket Insurance LLC (NPN 20545557) holds insurance licenses in a number of states, listed on our licenses page, but it is not yet licensed in New York. OfferMarket operates a rate-shopping platform: on New York properties, we compare quotes across carriers and agents licensed in New York, who quote, bind and service the policy, and our team quality-checks each quote before you bind.

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Protect and Grow Your Portfolio With OfferMarket

Builder's risk insurance is a line of defense for the most exposed months of any deal, and in New York it has to work alongside the Scaffold Law, the winter and the storm calendar. Between near-absolute construction liability, frozen pipes in vacant buildings, coastal wind deductibles, flood far beyond the mapped zone and old housing stock that code will not let you rebuild as it was, experienced New York investors know that protecting capital during a rehab matters as much as the profit at the end of it.

OfferMarket's insurance platform works for a first flip in Buffalo and for a pipeline of rehabs from Brooklyn brownstones to Long Island capes. We check the coverage, the exclusions and the lender requirements so that you can focus on the project.

Protect your capital. Protect your reputation. Protect your future in New York real estate.

OfferMarket serves New York investors at every stage, from a first rehab in Rochester to BRRRR rentals in the Hudson Valley and rowhouse gut renovations in New York City.

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