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. 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's average home insurance rates are determined by the level of protection you have. 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. The further away your home is from these protective measures, the more likely it is to be destroyed by a fire.
Age of your home
How much home insurance you need will depend on the age of your house. In Michigan, home insurance rates can vary greatly depending on the age and size of your house. Also, some areas of Michigan are more flood-prone than others, and large cities like Detroit have higher crime rates. Shopping around can help you save money on home insuring. 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. A home that is built in 2000 will cost about $638 less per year to insure than one that was built in 2015. The difference is not significant but it is noticeable.
Fire hazard
There are many factors that affect the cost of homeowner's coverage. Your home's protection class will be affected by how close you are to a fire hydrant. Your premiums will be affected by how far you are from work or school.
Personal liability coverage
It is possible to compare Michigan's homeowners insurance cost by looking at 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, State Farm and Allstate are some of the most prominent Michigan home insurance companies.