MoneyGeek looked at quotes from six of Michigan's most popular insurance companies to determine the average cost of Michigan home insurance. The quotes are available for ZIP codes throughout the state and are based on an average home profile. An average home contains a $250,000 dwelling value, $100,000 of liability coverage, and $100,000 for personal property coverage.
Protection class determines average home insurance cost
Michigan's average home insurance rates are determined by the level of protection you have. Your risk of fire-related damage will be determined by the protection class. It also includes distance to a water source and to a fire department. The further away your home is from these protective measures, the more likely it is to be destroyed by a fire.
Age of your home
It is important to consider the age of your home when determining how much you will pay for home insurance. Michigan home insurance rates vary widely depending on your house's age and size. Flood-prone areas of Michigan may be more than others. Also, larger cities like Detroit are known for having higher crime rates. However, you can save money on your home-insurance if there are many options. You need to be familiar with the various types of coverage available and how much each one will cost. Also, you need to know how to avail of discounts.
Locate
Michigan home insurance costs vary depending on the location and coverage. A home that is built in 2000 will cost about $638 less per year to insure than one that was built in 2015. This is a significant difference, although it's not huge.
Fire hazard
There are many factors that influence the cost of homeowner’s policy. The distance to the nearest fire hydrant or fire department, for example, will affect the protection class of your home. Your premiums will be affected by how far you are from work or school.
Personal liability insurance
It is possible to compare Michigan's homeowners insurance cost by looking at the different zip codes. Michigan homeowners pay on the average $1,292 per annum for $250,000 of dwelling coverage. This average is 7% below the national average. Some of the top home insurance companies in Michigan are USAA, State Farm, Allstate, and Farmers.