MoneyGeek examined quotes from the six most well-respected insurance companies in Michigan to determine the average Michigan homeowner insurance cost. These are the average home profile and available in all ZIP codes. The average home includes $250,000 of dwelling coverage, $100,000 liability coverage, 100,000 personal property coverage.
Protection class determines average home insurance cost
The protection class you choose will affect your Michigan home insurance cost. Your risk of fire-related damage will be determined by the protection class. It's also related to the distance to a fire station and a water supply. Your home is less likely to be damaged by a fire if it is farther from these protective measures.
Age of home
In determining the cost of home insurance, it is important to consider your house's age. Home insurance rates in Michigan can vary based on the size and age of your home. Some areas in Michigan are more vulnerable to flooding than others. Large cities, such as Detroit, have higher crime rates. It is possible to save money when you shop around for home insurance. 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. In Michigan, a home built in 2000 costs $638 per year less to insure than one built in 2015. This difference is not large, but it is significant nonetheless.
Fire hazard
There are many factors that affect the cost of homeowner's coverage. For example, the distance from your nearest fire station or fire department will impact the protection level of your home. Your premiums will be affected by how far you are from work or school.
Personal liability insurance
There are many ZIP codes that can be used to help you compare Michigan homeowners insurance prices. On average, Michigan homeowners pay $1,292 per year for $250,000 worth of dwelling coverage. This is 7% lower than the national average. Some of the top home insurance companies in Michigan are USAA, State Farm, Allstate, and Farmers.