In an effort to determine the average home insurance cost in Michigan, MoneyGeek analyzed quotes from the six most popular insurance companies in the state. The following quotes are available for ZIP code in Michigan and are based off an average home profile. The average home contains $250,000 in dwelling coverage, $100,000 in liability coverage and $100,000 in personal property insurance.
Protection class determines average home insurance cost
Michigan's average home-insurance costs are dependent on the protection level of your home. Protection class is a 1-10 rating system that determines your risk of fire damage. It's also related to the distance to a fire station and a water supply. It is more likely to be destroyed by fire if your home is further from these protection measures.
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's home insurance rates may vary depending on the size and age your house. Also, some areas of Michigan are more flood-prone than others, and large cities like Detroit have higher crime rates. However, you can save money on your home-insurance if there are many options. Know the cost of each type of coverage, and what discounts are available.
Location
Michigan home insurance costs vary depending on the location and coverage. For example, a house built in 2000 will cost $638 less annually to insure than a house built in 2015. While the difference may not be significant, it is important nonetheless.
Fire hazard
The cost of homeowner's insurance varies widely depending on a variety of factors. Your home's protection class will be affected by how close you are to a fire hydrant. Also, the distance from your home to work or school will have an impact on your premiums.
Personal liability coverage
If you are looking to compare the cost of homeowners insurance in Michigan, you may want to consider the different ZIP codes. Michigan homeowners pay on average $1,292 a year for $250,000 in dwelling coverage, which is 7% less than the national average. Farmers, Allstate, State Farm, and Allstate are the top Michigan home insurance providers.