MoneyGeek examined quotes from the six most well-respected insurance companies in Michigan to determine the average Michigan homeowner insurance cost. The quotes are available for ZIP codes throughout the state and are based on 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. Your risk of fire-related damage will be determined by the protection class. It is also affected by the distance between a fire station, and 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. Home insurance rates in Michigan can vary based on the size and age of your home. You will also find that some areas are more flood-prone than others. Additionally, large cities such as Detroit have higher crime levels. It is possible to save money when you shop around for home insurance. Know the cost of each type of coverage, and what discounts are available.
Location
The average cost of home insurance in Michigan varies based on the dwelling coverage and location. In Michigan, a home built in 2000 costs $638 per year less to insure than one built in 2015. This difference is not large, but it is significant nonetheless.
Fire hazard
The cost of homeowner's insurance varies widely depending on a variety of factors. The distance to the closest fire station or fire station will have an impact on the protection level of your house. The distance between your home, work, or school can have an impact on the premiums.
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 $1292 per year to cover $250,000 of their dwellings. This is 7% less that the national average. Farmers, Allstate, State Farm, and Allstate are the top Michigan home insurance providers.