In an effort to determine the average home insurance cost in Michigan, MoneyGeek analyzed quotes from the six most popular insurance companies in the state. These quotes are available for ZIP codes in the state. They are based upon an average home profile. 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
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 depends on the distance from a fire station or water supply. It is more likely to be destroyed by fire if your home is further from these protection measures.
Age of home
In determining the cost of home insurance, it is important to consider your house's age. 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. It is possible to save money when you shop around for home insurance. It is important to understand the differences between coverages and their costs, as well as how to get discounts.
Location
Michigan's average home insurance cost varies depending upon the type of coverage required and where it is located. In Michigan, a home built in 2000 costs $638 per year less to insure than one built in 2015. This difference is not large, but it is significant nonetheless.
Fire hazard
There are many factors that influence the cost of homeowner’s policy. The distance between your home and the nearest fire department or fire station, for instance, will determine the protection class you receive. Your premiums will also be affected if you live too far from school or work.
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. Farmers, Allstate, State Farm, and Allstate are the top Michigan home insurance providers.