MoneyGeek looked at quotes from six of Michigan's most popular insurance companies to determine the average cost of Michigan home insurance. 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
Average home insurance costs in Michigan depend on the protection class of your home. Protection class is a 1-10 rating system that determines your risk of fire damage. It also includes distance to a water source and to a fire department. These protective measures are farther away from your home, so it's more likely that your home will be damaged by a fire.
Age at home
Your house's age is a key factor in determining the amount of home insurance you will need. Michigan's home insurance rates are subject to variation based on the age and dimensions of your house. Also, some areas of Michigan are more flood-prone than others, and large cities like Detroit have higher crime rates. You can still save money on your home insurance by shopping around. Know the cost of each type of coverage, and what discounts are available.
Locate
Michigan's average cost of homeowner insurance is dependent on the extent and location of the property. For example, a house built in 2000 will cost $638 less annually to insure than a house built in 2015. While the difference may not be significant, it is important nonetheless.
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. Also, the distance from your home to work or school will have an impact on your premiums.
Personal liability insurance
There are many ZIP codes that can be used to help you compare Michigan homeowners insurance prices. 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), Allstate (Allstate) and USAA are just a few of the best home insurance companies in Michigan.