Builders Risk Insurance in Michigan (MI)

What is builders risk insurance?

Builders risk insurance (also called course of construction insurance) protects a person's or organization's insurable interest in materials, fixtures and / or equipment to be installed during the construction or renovation of a building or structure should those items sustain physical loss or damage from a covered cause.

How much does builders risk insurance cost in Michigan?

A few factors have the greatest impact on cost, including:

1. Project Type
2. Location
3. Construction material type
4. Optional coverages
5. Additional Fees and Taxes

Bearing all these factors in mind, the minimum premium for the Builders Risk Plan insured by Zurich starts at $375 in Michigan. You can get a formal builders risk insurance quote when you apply online today with no minimum volume or premium commitment. Additionally, the Michigan rate pages and a premium estimate calculator may be available for registered producers based on the project type.

What does builders risk insurance cover in Michigan?

Policies with the Builders Risk Plan insured by Zurich are broad in scope, so unless a peril or risk is specifically excluded, it's likely covered. Some standard coverages include:

• Theft
• Vandalism and arson
• Collapse
• Fire or lightning
• Property damage
• Materials in transit and at temporary locations
• Debris removal
• Ordinance or law

Optional coverages are also available to help tailor protection for commercial and personal lines clients. Some coverages include:

• Soft costs
• Backup of sewers, drains or sumps
• Better green
• Business income and extra expense*
• Contract change order
• Earthquake or earth movement, where available
• Flood, where available
• Rain, snow, sleet and ice coverage extension*

*For commercial projects only

Who needs builders risk coverage in Michigan?

Whether in the lakeside city of Traverse or across the state’s wooded landscapes, sprawling lakes and rural regions, nearly every individual or entity with a financial stake in a completed construction project is eligible to purchase a builders risk insurance policy in the Great Lakes State — including contractors, business owners, homeowners, property investors and financial institutions, all of whom can benefit from the protection offered by builders risk insurance.

Eligible residential clients include:

• Homeowners
• House flippers and investors
• Landlords
• Real estate agents
• Residential contractors
• Subcontractors

Eligible commercial clients include:

• Commercial contractors
• Commercial property owners
• Municipalities (local governments, school districts)
• Real estate agents
• Retail tenants who are expanding or remodeling a leased space
• Subcontractors

How can you get a builders risk insurance quote in Michigan?

It’s fast and easy to obtain a builders risk insurance quote in every city of Michigan. You can start an application online for residential and commercial course of construction projects valued up to $75 million. Projects valued under $5 million require little-to-no human intervention. 

Create your online account in minutes, then log into our online policy issuance platform to get a quote today.

Use our application checklist to gather basic client information before you complete the online application.