Builder’s risk insurance is designed to provide coverage for buildings that are under construction. It covers the contractor’s interest in materials on the job site before they are installed, incoming materials intended for the job, and the value of the property being constructed until it is finished. The policy may be written to cover the entire structure for new construction or the cost of remodeling and renovation. It can also be used to cover specific projects, such as a new room addition, a deck, or a remodeled bathroom.