What does the builders risk policy cover regarding existing property being renovated?

The builders risk policy primarily covers properties under construction, including both new structures and existing properties undergoing renovation or remodeling. This type of policy is designed to protect against risks that might occur during the construction phase, such as damage to the property from weather events, vandalism, or accidental damage.

When focusing on existing properties being renovated, the policy extends coverage to any alterations or improvements being made. This includes not only the existing structures but also the materials and labor involved in the renovation process.

Given this understanding, the correct answer should reflect that the builders risk policy indeed covers both remodels and existing structures throughout the renovation process, which ensures adequate protection for the complete scope of the project.