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 are the average home profile and available in all ZIP codes. The average home includes a $250,000 dwelling coverage value, $100,000 in liability coverage, and $100,000 in 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 1-to-10 rating system that assesses the risk of fire. 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 your 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 essential to understand what each type of coverage entails, how much each will cost and how you can take advantage of discount offers.
Location
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. For example, the distance from your nearest fire station or fire department will impact the protection level of your home. The distance between your home, work, or school can have an impact on the premiums.
Personal liability coverage
You might want to look at the different ZIP codes to see how they compare homeowners insurance costs in Michigan. On average, Michigan homeowners pay $1,292 per year for $250,000 worth of dwelling coverage. This is 7% lower than the national average. Some of the top home insurance companies in Michigan are USAA, State Farm, Allstate, and Farmers.