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 quotes are available for ZIP codes throughout the state and are based on an average home profile. The average home contains $250,000 in dwelling coverage, $100,000 in liability coverage and $100,000 in personal property insurance.
Protection class determines average home insurance cost
Michigan average home insurance costs depend on your home's protection class. The protection class is a 1-to-10 rating system that assesses the risk of fire. It's also related to the distance to a fire station and a water supply. It is more likely to be destroyed by fire if your home is further from these protection measures.
Age of home
Your house's age is a key factor in determining the amount of home insurance you will need. 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. Still, it is possible to save money on home insurance if you shop around. 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.
Lage
Michigan's average home insurance cost varies depending upon the type of coverage required and where it is located. It will cost approximately $638 to insure a home that was built in 2000 than one that was constructed in 2015. While the difference may not be significant, it is important nonetheless.
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 also be affected if you live too far from school or work.
Personal liability coverage
There are many ZIP codes that can be used to help you compare Michigan homeowners insurance prices. Michigan homeowners pay on the average $1,292 per annum for $250,000 of dwelling coverage. This average is 7% below the national average. Farmers, Allstate, State Farm, and Allstate are the top Michigan home insurance providers.