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 state's ZIP codes are used to calculate the quotes. 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
Michigan average home insurance costs depend on your home's protection class. Your risk of fire-related damage will be determined by the protection class. It's also dependent on how close you are to a station for fire fighting and a water supply. 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
In determining the cost of home insurance, it is important to consider your house's age. Michigan's home insurance rates are subject to variation based on the age and dimensions of your house. 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 should know the different types of coverage and how much each will cost, and you should also know how to take advantage of discounts.
Location
Michigan's average cost of homeowner insurance is dependent on the extent and location of the property. An insured home built in 2000 will be $638 more than one built in 2015. While the difference may not be significant, it is important nonetheless.
Fire hazard
The cost for homeowner's insurance depends on many factors. The distance to the closest fire station or fire station will have an impact on the protection level of your house. Your premiums will be affected by how far you are from work or school.
Personal liability coverage
You might want to look at the different ZIP codes to see how they compare homeowners insurance costs in Michigan. Michigan homeowners pay an average $1292 per year to cover $250,000 of their dwellings. This is 7% less that the national average. Some of the top home insurance companies in Michigan are USAA, State Farm, Allstate, and Farmers.