Average Cost of Homeowners Insurance in Michigan

Jan 13, 2016 | Home Insurance

The average cost of homeowners insurance varies from state to state and from city to city within that state. Three major determining factors that affect the average homeowner insurance premiums include:

Although there are other factors that determine the average rate of homeowner’s insurance premiums, these are the most common. These three factors can also become an unavoidable factor due to budgets and distance from a job or school; however, please discuss these factors with your real estate agent to help you get a better idea on how much your home insurance could be in that particular area.

2016 Average Cost of Homeowners Insurance

Although there has been a rise in the home insurance rates over the last ten years nationwide, the state of Michigan’s average cost of homeowners insurance is approximately ($797) per year according to Value Penguin. The state of Michigan is below the average cost of the nationwide annual cost by approximately twenty percent (21%). Making Michigan one of the most affordable states for homeowners insurance!

Some of the most affordable cities within the state of Michigan are:

These cities above have homeowner insurance premiums that are about thirty-two percent (32%) below the average annual cost of the state average.

On the contrary cities such as:

The above MI cities have homeowner insurance policies that can range up to nearly one hundred and fifty percent (150%) above the average annual cost of homeowners insurance premiums.

What to look at when Comparing Insurance Companies

Some of the top “red flags” to look for when comparing companies for homeowners insurance is:

Top Companies for Homeowners Insurance in Michigan

According to the smart ratings, the top ten companies for homeowners insurance in Michigan are:

Although these companies are considered the top local companies, it is still imperative to search and look for the companies that best suit your specific needs. Remember to always look into area and other factors stated above before settling on a company to cover your home.

Save Yourself A Headache, Let Compass Get You The Best Coverage At The Lowest Rate

If you are looking to gain further insight on the best homeowners insurance in your area, we can help by gathering information from over 12 insurance companies to fit your needs. Just click or call today.

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