MoneyGeek looked at quotes from six of Michigan's most popular insurance companies to determine the average cost of Michigan home insurance. The quotes are available for ZIP codes throughout the state and are based on an average home profile. An average home contains a $250,000 dwelling value, $100,000 of liability coverage, and $100,000 for personal property coverage.
Protection class determines average home insurance cost
Michigan's average home insurance rates are determined by the level of protection you have. The protection class is a rating system of 1-10 that measures your likelihood of fire damage. It is also affected by the distance between a fire station, and water supply. This is because fires are more likely to destroy homes farther from protective measures.
Age of the home
How much home insurance you need will depend on the age of your house. Michigan home insurance rates vary widely depending on your house's age and size. 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.
Localization
Michigan home insurance costs vary depending on the location and coverage. In Michigan, a home built in 2000 costs $638 per year less to insure than one built in 2015. This is a significant difference, although it's not huge.
Fire hazard
There are many factors that influence the cost of homeowner’s policy. 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 insurance
The different ZIP codes can help you compare the cost for homeowners insurance 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. Farmers, Allstate and State Farm are some of Michigan's top home insurers.