MoneyGeek looked at quotes from six of Michigan's most popular insurance companies to determine the average cost of Michigan home insurance. 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 average home insurance costs depend on your home's protection class. The protection class is a rating system of 1-10 that measures your likelihood of fire damage. It's also dependent on how close you are to a station for fire fighting and a water supply. It is more likely to be destroyed by fire if your home is further from these protection measures.
Age at home
It is important to consider the age of your home when determining how much you will pay for home insurance. In Michigan, home insurance rates can vary greatly depending on the age and size of your house. There are also areas that are more susceptible to flooding, while large cities like Detroit have higher rates of crime. 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. Although the difference isn't significant, it is still significant.
Fire hazard
The cost of homeowner’s insurance can vary widely depending on many factors. The distance to the closest fire station or fire station will have an impact on the protection level of your house. Also, the distance from your home to work or school will have an impact on your premiums.
Personal liability coverage
The different ZIP codes can help you compare the cost for homeowners insurance in Michigan. 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 the top Michigan home insurance providers.