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
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's also related to the distance to a fire station and a water supply. This is because fires are more likely to destroy homes farther from protective measures.
Age of the home
In determining the cost of home insurance, it is important to consider your house's age. Michigan's home insurance rates are subject to variation based on the age and dimensions of your house. Some areas in Michigan are more vulnerable to flooding than others. Large cities, such as Detroit, have higher crime rates. 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 of homeowner insurance is dependent on the extent and location of the property. For example, a house built in 2000 will cost $638 less annually to insure than a house built in 2015. Although the difference isn't significant, it is still significant.
Fire hazard
The cost of homeowner's insurance varies widely depending on a variety of factors. 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 insurance
It is possible to compare Michigan's homeowners insurance cost by looking at the different zip codes. Michigan homeowners pay an average $1292 per year to cover $250,000 of their dwellings. This is 7% less that the national average. Some of the top home insurance companies in Michigan are USAA, State Farm, Allstate, and Farmers.