MoneyGeek compared quotes from the six largest insurance companies in Michigan in order to determine the average Michigan home-insurance cost. These are the average home profile and available in all ZIP codes. An average home has a $250,000 dwelling insurance value, $100,000 liability coverage and $100,000 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. Your risk of fire damage is determined by your protection class, which is a rating system from 1-10. It also includes distance to a water source and to a fire department. Your home is less likely to be damaged by a fire if it is farther from these protective measures.
Age of the home
The age of your house is an important factor in determining how much home insurance will cost you. Home insurance rates in Michigan can vary based on the size and age of your home. Flood-prone areas of Michigan may be more than others. Also, larger cities like Detroit are known for having higher crime rates. Shopping around can help you save money on home insuring. 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 home insurance costs vary depending on the location and coverage. A home that is built in 2000 will cost about $638 less per year to insure than one that was built in 2015. This is a significant difference, although it's not huge.
Fire hazard
The cost of homeowner's insurance varies widely depending on a variety of factors. Your home's protection class will be affected by how close you are to a fire hydrant. Your premiums will also be affected by the distance between your home and 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.