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Stoneham, MA 02180

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Property Development Insurance
in Massachusetts

Property Development Insurance in Massachusetts

Building Dreams? We've Got You Covered.

Building Dreams?
We've Got You Covered.

Developing a property can be an enjoyable and lucrative process. Still, there are many risks that can lead to financial losses that don’t exist with other land ownership situations. To avoid these risks, you need the right insurance coverage. At LoPriore Insurance we are an independent insurance agency that offers a variety of policies and options.

Trust our independent agents with your can help property development insurance coverage you need.

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Massachusetts Property Development Insurance
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Massachusetts Property Development Insurance
Lopriore Insurance Agency

Property Development

Welcome to LoPriore Insurance Agency – Your trusted and experienced independent insurance agency in Massachusetts.Our team of insurance profesionals understand that turning a plot into a masterpiece is no small feat. It’s a journey of dreams, risks, bricks, and blueprints. That’s why we’re here with our top-notch property developer insurance, crafted right here in Massachusetts. Whether you’re shaping skylines or creating cozy community spaces, we’ve got the coverage to ensure your project’s success from the ground up. And guess what? We make insurance easy for you. So, let’s lay the foundation for a protected future, together

Understanding the Importance of
Property Development Insurance

Think of property development insurance as your project’s trusty hard hat – it’s just smart to have it on when building something awesome!”

What is It?

Property development insurance is a policy that provides protection for unique risks you may face while developing a property. Owners face a variety of unusual dangers and work with several professionals over the term of a project. The risks you face as a result aren’t typically covered by personal and commercial insurance policies.

Why Do I Need It?

Typical property and commercial policies don’t provide coverage for the unique risks you may face while your property is under construction. While contractors are required to purchase a minimum amount of liability coverage, they might not have coverage for damage to your property. 

Who Is It For?

Property owners or managers who oversee property development need the proper insurance to avoid potential financial disaster. This may include a property owner, a landlord or property manager, or the construction manager of a development project.

Property developers Guide to Essential Insurance Policies

In the ever-evolving world of property development, it’s crucial to stay protected against the myriad of potential risks. Whether you’re a seasoned developer or just starting out, this guide will help you navigate the essential insurance policies tailored for your industry.

Available Insurance Policy Types

Property Development Insurance provides a range of coverages to cater to the varied and often complex risks associated with property development. These coverages can be tailored to suit the needs of individual development projects. Here’s a breakdown of some of the main insurance coverages often considered under Property Development Insurance:

Builders Risk Insurance
Covers damage to buildings while they are under construction. This can include protection against risks like fire, theft, vandalism, and certain natural disasters.
Commercial Property Insurance
Covers the developer's tools, equipment, and office space against risks like fire, theft, and certain weather-related damages.
General Liability Insurance
Protects against claims of bodily injury and property damage that may occur on the development site. This protects developers against potential lawsuits from accidents on-site.
Professional Liability (Errors & Omissions) Insurance
Covers claims arising from professional negligence or failure to perform professional duties. This is particularly relevant for developers, architects, and engineers who might face claims for design flaws or planning oversights.
Environmental or Pollution Liability
Protects against claims arising from environmental contamination or damage. This is essential for developments on sites that may have historical contamination or if the development process involves activities that might harm the environment.
Workers Compensation Insurance
Provides coverage for medical expenses and wage replacement if employees of the property management company get injured while working.
Commercial Auto Insurance
Provides coverage for vehicles used in connection with the development, including liability, collision, and comprehensive coverages.
Umbrella or Excess Liability Insurance
Offers additional liability coverage above the limits of general liability, auto liability, and workers' compensation policies. It kicks in when the underlying policy limits are exhausted.
Contractors Equipment Insurance
Covers mobile machinery, tools, and equipment used on the job site.
Surety Bonds
These aren't traditional insurance but are crucial for many developers. They guarantee a project's completion to its stakeholders.
Owners and Contractors Protective Liability (OCP)
Acts as a safeguard against potential fraudulent or dishonest acts by employees, often covering scenarios that might not be addressed by general crime or dishonesty policies.
Latent Defects Insurance
Covers the cost of rectifying structural defects that appear after the completion of the project, even if they result from a fault in design, workmanship, or materials.

It’s essential for property developers to work closely with insurance professionals to determine the appropriate mix of coverages for their specific project. This ensures they’re adequately protected without paying for unnecessary coverages.

Ready to Build, with Peace of Mind?
Kick off your next project with confidence!

Click below to snag a quick, hassle-free insurance quote tailored just for you. Let’s make sure you’re covered from ground-breaking to grand opening.”

Types of Property Developers
We Insure

At LoPriore Insurance Agency, we recognize the diverse nature of the property development industry. Our tailored insurance solutions cater to a wide range of developers, ensuring each unique project is protected. Here’s a snapshot of the types of property developers we work with:

Property Developers
Individuals or businesses that oversee and fund real estate development projects.
Builders & Contractors
Those directly involved in the construction or refurbishment process.
Real Estate Investors
Anyone investing in property development projects, to safeguard their investment.
Landowners
Individuals who own land that's being developed can benefit from specific coverages.

Are you a developer that doesn’t fit neatly into one of these categories? No worries. Reach out to us, and we’ll tailor a solution that suits your specific needs. After all, at LoPriore Insurance Agency, we believe in creating insurance solutions as unique as your vision.

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Once we receive your uploaded policy one of our team members begins reviewing your policy. We will then contact you to discuss your coverage options. Every insurance company has different underwriting guidelines and offers different coverages and rates. Be advised while we try our best to quote with the information provided it still may be necessary to obtain additional information from you to prepare the most accurate rate.

Extra Security, Extra Peace of Mind

Request a free Property Development Insurance quote today. Our expert team offers tailored coverage options to safeguard your valuable investment, providing peace of mind throughout your project’s journey. Protect your development from unexpected losses – get your personalized insurance quote now.

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Property Developers Insurance FAQs

Many developers mistakenly assume that a commercial liability policy will provide all the coverage they need during a development project. Unfortunately, this could leave you with gaps in coverage and facing considerable financial loss.

Every development project is different and your individual risks depend on the professionals and the type of work done on your property. Some of the most common risks may include
• Property damage from contractors
• Investors pulling funds due to delays or other issues
• Weather destruction
• Theft and burglary
• Professional negligence
• Workers’ compensation

If you purchase property with the intention of developing it to sell for a profit, you should get property development insurance as soon as you acquire the property. This will provide you with sufficient protection from the very beginning of the project.

Your property development insurance can be customized to fit the unique needs of your project. Talking to your agent about the land you own and the scope of your project is a great way to understand your coverage options. Your independent agent might want to know the following facts about your project.
• The location of the property
• How many contractors will be working on the project
• What the building will be used for
• If someone rents or leases the building
• What types of insurance are already in place

Any time you plan a home renovation project, you should notify your insurance agent. While you may not need property development insurance, you may need to extend your homeowner’s policy to cover the changes included in the renovation. Your agent can also advise you about the coverage your contractors should have and how you should obtain proof of insurance before the project begins.

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What Others Are Saying About Us!

Jane was a very thorough agent. Got us all the information we needed.
Outstanding business. John the owner runs a great business
Thomas Carney
Thomas Carney
1706167204
Had a great experience with LoPriore. Brian was super helpful and easy to communicate with. I'd definitely recommend him to anyone trying to navigate the insurance marketplace!
Madeline Line
Madeline Line
1698691773
I did some hunting online to obtain an auto insurance quote and I couldn't be happier with what Maria did for me. First, I loved that LoPriore had an option where I could simply upload my existing policy to obtain a quote. Next, Maria was so efficient in getting back to me. Then with her knowledge of insurance and her companies to choose from, and this is NOT an exaggeration: saved me thousands!! Maria had such sincere empathy for the high premiums we were facing, she went above and beyond to find us a great solution. This experience has truly renewed my faith that there IS indeed personalized customer service still alive and thriving out there. I am so pleased to have found a new insurance agency that I had only online reviews to go by at the start, and that I can without hesitation fully recommend! Do not give it a second thought. Move your policies here.
Kathy I
Kathy I
1698119096
John was extremely responsive and helpful in searching for insurance for our three family condo association. He went above and beyond answering the call on the weekend, looking through our current policy in detail, educating us on different options. I highly recommend John and his team.
Alisha Candela
Alisha Candela
1696361074
Richard was excellent - very helpful in helping us find the best possible BOP for our Condo with Quincy Insurance. Thank you!
Ira Lanik
Ira Lanik
1695934615
Brian Burgess was super easy to work with, and I was able to get a great policy without too much of a change in my premium, even though I went from a 13 year old car to a brand new car.
Tithi Dutta Roy
Tithi Dutta Roy
1690206403
Maria was a professional, courteous, and efficient agent. Within a week of initially contacting her, I received quotes, had all my questions answered, had my policies written, and she notified my previous carrier of cancelation. It was a pleasure working with her.
Chad Laliberte
Chad Laliberte
1689254503
Fast, accurate, responsive, and knowledgeable!
Lynn Thomas
Lynn Thomas
1687787112
Honest, straightforward service for commercial and personal insurance lines. I’m a satisfied , long time customer
Ramana Lagemann
Ramana Lagemann
1685988192
They have always treated us well and do a great job with our policies. They are always available if you have questions or concerns.
Bible4Shelley
Bible4Shelley
1685148846
Great experience! We have two units in a duplex. I was looking for a company that provides master insurance. The prices are much more reasonable than the company we used to work with.Quick responses. I’m happy I found them.
Nina Fine
Nina Fine
1683825783
I am so relived I was referred to this insurance company. It is true . . . . . you get what you pay for. I tried all the internet companies first and was bombarded by scams and wasted almost a week with ZERO results. I called and had the pleasure of being paired with an excellent agent Brian Burgess. By this time, I was in a complete panic because I couldn't pick up my new car from the dealership until was insured. I have always had an out-of-state West Coast license that was expired. He was so personable, patient, and very friendly. The most important is that he was professional and new exactly how to solve the insurance issue. He had my car insured within two hours! He has continued to follow-up with me through the process. I am going to refer him to my clients and friends. Thank you Brian!Raquel
Saved my HOA $1,500/year with much more coverage than our previous insurance agent. Tentative & informative.
Elisa Balboni
Elisa Balboni
1681827535
Best insurance experience ever. Thank you Brian.
Elena EVNV
Elena EVNV
1680807226
Just switched to LoPriore Ins. Agency. Got a better price from previous agency. Seems like better coverage so far so good
Stan Mills
Stan Mills
1678895614
From the moment I was in contact with LoPriore agent I felt comfortable and secure that I been connected to someone I felt secure speaking with. Made my transition smooth and easy. Thank you!
It has been absolute pleasure working with Richard M. and the team at LoPriore Insurance. For years we did the direct route with homeowners and auto insurance thinking it would be easier and save us money. In beginning of 2022 we converted our multifamily home into condos and couldn't find any agent or companies willing to work with such a small HOA. I contacted Richard in a state of frustration and confusion and within a couple of hours he provided me with options and pricing. I was shocked at his ability to make the process look so easy compared to others I had been in contact with. Since then, we've also switched our primary residence and auto over their agency and Richard was able to get us better policies at a cheaper price! Our days of trying to go direct are behind us - I'm so relieved to have a dependable contact who can eliminate the confusion on such an important topic. Thank you, Richard, for your guidance and expertise!
Johanna Teahan
Johanna Teahan
1670772058
LoPriore Insurance Agency is the best agency around. They are on top of things and get you the best prices. John & Rich are amazing. Always willing to go above and beyond to help me out.
Diana Reilly
Diana Reilly
1670612597
The staff at LoPriore Insurance are second to none! Friendly, quick and knowledgable responses whenever information is needed. We have been a customer for over a decade and I know our business is in great hands with LoPriore Insurance Agency!
Judith Halloran
Judith Halloran
1669143561
Best insurance company i ever worked with by far. Adam Griffin is really amazing and easy to work with.
avi golani
avi golani
1668718966
Business matters are taken care of professionally, with great courtesy and thoroughness. All staff respond to questions as best they can or refer you to other staff as needed. All businesses should strive to be as well run.
Joe Smith
Joe Smith
1663539289
Always quick, easy client service. Thank you.
Michael Cuddy
Michael Cuddy
1662487813
Always excellent service, advice and genuine customer care.
Mary Kelly
Mary Kelly
1661537083
Adam and the office staff is great anytime I call it gets done
Quick and considerate responses.
Emily Minty
Emily Minty
1656174402
Prompt and efficient service and results, Would highly recommend LoPriore Insurance Agency.
Helen Corrigan
Helen Corrigan
1656019779
Excellent rates and customer service.
Beverly Murphy
Beverly Murphy
1655980116
Always responsive, professional and helpful.
Devin Cole
Devin Cole
1654628713
I was given the most competitive quotes and the service is professional.
Xue Lin
Xue Lin
1653401533
It is a great comfort to have someone like John and his team at LoPriore Insurance looking out for me and my business. Exceptional service and product knowledge is the reason I have used them for my business bond policy for more than 15 years. The staff is professional and responsive. I highly recommend them for all insurance needs.
Licia Commito
Licia Commito
1653400226
Working with LoPriore has been incredible! Brian has been able to get great rates and is always incredibly quick to respond, prompt, and professional. If anyone asks me for a recommendation, I know where I'll be sending them!
Brian made getting a new car insurance quote so quick and easy! I would highly recommend Brian and LoPriore Insurance Agency to anyone looking for a new quote or a better price.
Emily Pedro
Emily Pedro
1651851616
Amazing service especially during these trying times! Made the process seamless and quick! John and Danielle were both great to work with! I highly recommend.
It's all about the service baby!
Lopriore Insurance is the type of agency that shops around for you (the client) getting the best rate and most important, they get you the right coverage.
Recently, I had my families commercial property switched over from another local agency, saving us over 3k with a bunch of extra bells & whistles we didn't even ask for (who does that). This kind of service has me telling my family and friends to support them because of all they do.
Mike Moccia
Mike Moccia
1556196383
I have appreciated all the help I’ve gotten, especially from Danielle! She always answered my phone calls and emails promptly and streamlined the process of getting multiple policies in place for us!
Wendy Vaughan
Wendy Vaughan
1540557208
We have been working with LoPriore Insurance Agency for many years for our auto, personal and business insurance policies. Being a small business owner, it's nice to know that if any issues arise, it only takes a quick phone call to have someone help address it. We always feel that we are in good hands with John and his amazing team!
Adam Griffith is our main man at lopriore insurance. Very efficient and honest! Not just an agent but a trusted advisor. Try and find someone to figure out how to insure a tattoo shop within a barber shop?? You would think it’s not possible, but Adam made it happen.
John and his team are the best.
I use them for all my insurance needs, auto, home and business.
Companies that I work with are always impressed on how quickly they respond to all our insurance needs.

Try LoPriore insurance, you will not be disappointed
John R. Micieli
John R. Micieli
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I send all my clients to LoPriore Insurance, I have received nothing but positive feedback both on price and service ! Keep up the great work John,Maria and Co.
Peter Camplin
Peter Camplin
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I couldnt imagine doing my insurance anywhere else! Theyre the best!
I got into an accident a little over a month ago. My agent Danielle was very helpful. She was always able to answer my questions, if I couldn't reach anyone from safety she was able to contact them and have them get back to me right away. When I had to go to the office and do paperwork work all of the employees were very nice and helpful. I highly recommend this agency.
Kristy Marie
Kristy Marie
1538484673
I have met many people in the Insurance industry, over my career of transacting Real Estate, and as a Broker/Owner of a firm. None, have made themselves so invaluable that I call them first without question, except for Lopriore. They offer consistently great service and rates, and help my clients with timely advice.

I trust them with my most valuable assets -- my clients, and my reputation.

Thank you for helping my clients, and my business!

Sean Callahan - Broker/Owner Callahan Real Estate
Sean Callahan
Sean Callahan
1526074049
5 stars!! A family member of mine suggested that I call there insurance guy John at LoPriore Insurance to get a better quote on my current insurance. When I called John he was very easy to work with and extremely helpful. I couldn't be happier with how easy and fast it was to get a quote of my current policy which included a renters policy and it was all offered for $1200 less per year. After years of being insured by another insurance agency I always thought all prices were the same buying from insurance agencies.
To my surprise this wasn't the case and I can't be happier I was referred to the insurance guy!! I Also want to thank Maria at insurance office that made it simple to transfer and sign up with my new insurance. I literally did this all thru my iPhone and signed my paperwork via my phone which made the change so simple. I highly recommend you contacting them and seeing what they offer you!
Angela Bognanno
Angela Bognanno
1520269176
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