Builders risk coverage is a special type of contract that covers a house whilst under construction and is usually an endorsement to an in force homeowners policy. Sometimes, in the case of ground up construction for example, it is an annualized standalone policy.
It covers the existing structure plus the new construction and will also cover building materials, and fixtures etc to be used in the construction. It will expire when the building is finished and a certificate of occupancy is in hand.
It is important when starting major construction to inform your agent, this will ensure you have coverage in the event of a claim. 80% of all household claims happen during some form of construction, the JWA will make sure that the coverage is appropriate and the owner is protected in all ways, including being added to the general contractors insurance for added protection.