MoneyGeek examined quotes from the six most well-respected insurance companies in Michigan to determine the average Michigan homeowner insurance cost. These quotes are available for ZIP codes in the state. They are based upon 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
Michigan's average home-insurance costs are dependent on the protection level of your home. The protection class is a rating system of 1-10 that measures your likelihood of fire damage. It also includes distance to a water source and to a fire department. It is more likely to be destroyed by fire if your home is further from these protection measures.
Age of your home
How much home insurance you need will depend on the age of your house. In Michigan, home insurance rates can vary greatly depending on the age and size of your house. Also, some areas of Michigan are more flood-prone than others, and large cities like Detroit have higher crime rates. Still, it is possible to save money on home insurance if you shop around. It is important to understand the differences between coverages and their costs, as well as how to get discounts.
Localization
Michigan's average cost for home insurance varies depending on where it is located and the coverage that it provides. For example, a house built in 2000 will cost $638 less annually to insure than a house built in 2015. This is a significant difference, although it's not huge.
Fire hazard
The cost of homeowner’s insurance can vary widely depending on many factors. The distance to the nearest fire hydrant or fire department, for example, will affect the protection class of your home. Your premiums will also be affected by the distance between your home and work or school.
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. On average, Michigan homeowners pay $1,292 per year for $250,000 worth of dwelling coverage. This is 7% lower than the national average. Farmers, Allstate, State Farm, and Allstate are the top Michigan home insurance providers.