MoneyGeek reviewed quotes from six of the most well-known insurance companies in Michigan to find the average Michigan home insurance cost. These quotes are available for ZIP codes in the state. They are based upon 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
Average home insurance costs in Michigan depend on the protection class of your home. The protection class is a rating system of 1-10 that measures your likelihood of fire damage. It's also related to the distance to a fire station and a water supply. It is more likely to be destroyed by fire if your home is further from these protection measures.
Age of the home
Your house's age is a key factor in determining the amount of home insurance you will need. Home insurance rates in Michigan can vary based on the size and age of your home. 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
Michigan's average cost of homeowner insurance is dependent on the extent and location of the property. In Michigan, a home built in 2000 costs $638 per year less to insure than one built in 2015. The difference is not significant but it is noticeable.
Fire hazard
There are many factors that influence the cost of homeowner’s policy. Your home's protection class will be affected by how close you are to a fire hydrant. The distance between your home, work, or school can have an impact on the premiums.
Personal liability coverage
If you are looking to compare the cost of homeowners insurance in Michigan, you may want to consider the different ZIP codes. Michigan homeowners pay an average of $1,292 annually for $250,000 in coverage. This is about 7% less than what the national average is. Farmers, Allstate and State Farm are some of Michigan's top home insurers.