MoneyGeek compared quotes from the six largest insurance companies in Michigan in order to determine the average Michigan home-insurance cost. The state's ZIP codes are used to calculate the quotes. An average home has a $250,000 dwelling insurance value, $100,000 liability coverage and $100,000 personal property coverage.
Protection class determines average home insurance cost
The protection class you choose will affect your Michigan home insurance cost. The protection class is a rating system of 1-10 that measures your likelihood of fire damage. It's also dependent on how close you are to a station for fire fighting and a water supply. These protective measures are farther away from your home, so it's more likely that your home will be damaged by a fire.
Age of your home
The age of your house is an important factor in determining how much home insurance will cost you. In Michigan, home insurance rates can vary greatly depending on the age and size of your house. There are also areas that are more susceptible to flooding, while large cities like Detroit have higher rates of crime. Still, it is possible to save money on home insurance if you shop around. It is important to understand the differences between coverages and their costs, as well as how to get discounts.
Location
Michigan's average cost for home insurance varies depending on where it is located and the coverage that it provides. In Michigan, a home built in 2000 costs $638 per year less to insure than one built in 2015. Although the difference isn't significant, it is still significant.
Fire hazard
There are many factors that influence the cost of homeowner’s policy. 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
The different ZIP codes can help you compare the cost for homeowners insurance in Michigan. 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 and State Farm are some of Michigan's top home insurers.