MoneyGeek examined quotes from the six most well-respected insurance companies in Michigan to determine the average Michigan homeowner insurance cost. The state's ZIP codes are used to calculate the quotes. The average home includes $250,000 of dwelling coverage, $100,000 liability coverage, 100,000 personal property coverage.
Protection class determines average home insurance cost
Michigan average home insurance costs depend on your home's protection class. The protection class is a 1-to-10 rating system that assesses the risk of fire. It's also dependent on how close you are to a station for fire fighting and a water supply. Your home is less likely to be damaged by a fire if it is farther from these protective measures.
Age of the home
It is important to consider the age of your home when determining how much you will pay for home insurance. Michigan's home insurance rates may vary depending on the size and age your house. There are also areas that are more susceptible to flooding, while large cities like Detroit have higher rates of crime. You can still save money on your home insurance by shopping around. 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
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. While the difference may not be significant, it is important nonetheless.
Fire hazard
The cost of homeowner’s insurance can vary widely depending on many factors. Your home's protection class will be affected by how close you are to a fire hydrant. Your premiums will also be affected if you live too far from school or work.
Personal liability insurance
There are many ZIP codes that can be used to help you compare Michigan homeowners insurance prices. Michigan homeowners pay on the average $1,292 per annum for $250,000 of dwelling coverage. This average is 7% below the national average. Farmers, Allstate, State Farm and Allstate are some of the most prominent Michigan home insurance companies.