MoneyGeek reviewed quotes from six of the most well-known insurance companies in Michigan to find the average Michigan home insurance cost. These are the average home profile and available in all ZIP codes. 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
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. These protective measures are farther away from your home, so it's more likely that your home will be damaged by a fire.
Age of home
How much home insurance you need will depend on the age of your house. 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. However, you can save money on your home-insurance if there are many options. It is important to understand the differences between coverages and their costs, as well as how to get discounts.
Locate
Michigan's average cost for home insurance varies depending on where it is located and the coverage that it provides. An insured home built in 2000 will be $638 more than one built in 2015. This is a significant difference, although it's not huge.
Fire hazard
There are many factors that affect the cost of homeowner's coverage. The distance to the closest fire station or fire station will have an impact on the protection level of your house. Your premiums will also be affected if you live too far from school or work.
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.