MoneyGeek examined quotes from the six most well-respected insurance companies in Michigan to determine the average Michigan homeowner insurance cost. The following quotes are available for ZIP code in Michigan and are based off an average home profile. The average home includes a $250,000 dwelling coverage value, $100,000 in liability coverage, and $100,000 in personal property coverage.
Protection class determines average home insurance cost
Average home insurance costs in Michigan depend on the protection class of your home. The protection class is a 1-to-10 rating system that assesses the risk of fire. 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 the home
In determining the cost of home insurance, it is important to consider your house's age. Michigan home insurance rates vary widely depending on your house's age and size. There are also areas that are more susceptible to flooding, while large cities like Detroit have higher rates of crime. Shopping around can help you save money on home insuring. Know the cost of each type of coverage, and what discounts are available.
Locate
Michigan's average cost for home insurance varies depending on where it is located and the coverage that it provides. It will cost approximately $638 to insure a home that was built in 2000 than one that was constructed in 2015. The difference is not significant but it is noticeable.
Fire hazard
The cost of homeowner's insurance varies widely depending on a variety of factors. The distance between your home and the nearest fire department or fire station, for instance, will determine the protection class you receive. Your premiums will also be affected by the distance between your home and work or school.
Personal liability coverage
It is possible to compare Michigan's homeowners insurance cost by looking at the different zip codes. Michigan homeowners pay an average of $1,292 annually for $250,000 in coverage. This is about 7% less than what the national average is. Farmers, Allstate, State Farm and Allstate are some of the most prominent Michigan home insurance companies.