MoneyGeek reviewed quotes from six of the most well-known insurance companies in Michigan to find the average Michigan home insurance cost. The state's ZIP codes are used to calculate the quotes. 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
Michigan average home insurance costs depend on your home's protection class. Your risk of fire damage is determined by your protection class, which is a rating system from 1-10. 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
How much home insurance you need will depend on the age of your house. Home insurance rates in Michigan can vary based on the size and age of your home. Also, some areas of Michigan are more flood-prone than others, and large cities like Detroit have higher crime rates. 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.
Lage
The average cost of home insurance in Michigan varies based on the dwelling coverage and location. For example, a house built in 2000 will cost $638 less annually to insure than a house built in 2015. While the difference may not be significant, it is important nonetheless.
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 coverage
There are many ZIP codes that can be used to help you compare Michigan homeowners insurance prices. 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), Allstate (Allstate) and USAA are just a few of the best home insurance companies in Michigan.