Best Homeowners Insurance in Michigan

Michigan homeowners insurance: what you need to know

In Michigan, homeowners insurance averages around $1,176 annually or $98 per month.  This is less than the national average cost. Unlike car insurance, homeowners insurance isn't controlled by state legislation. Even so, major gaps exist in home insurance rates on a state-by-state basis. Policy prices in states, including Michigan, may vary based on the total number and value of homeowners claims filed in that particular state, and depend on the value of the belongings and structures covered by the policy.

The best way to acquire cheap home insurance in Michigan is to get quotes from as many insurance companies as possible.Learn more about home insurance rates in Michigan by referencing the below data.

 

Table of contents:

1. Rates by company
2. Rates by coverage amount
3. Rates by deductible amount
4. Rates by city
5. Bundling savings
6. Frequently asked questions
7. Natural disaster coverage

The cheapest home insurance companies in Michigan

Prices for home insurance in Michigan will vary depending on the insurance company you use. Meemic offers the most affordable home insurance in Michigan: $635 per year. This compares favorably to the state average cost of $1,176, providing a $541 price break on the state's average rate.

Get a head start on looking for affordable coverage by reviewing the most affordable Michigan insurance companies, listed below. You can also see our guide to the best home insurance companies which is based, in part, on the results of The Zebra's Customer Satisfaction Survey.

AFFORDABLE HOME INSURERS IN MICHIGAN

Insurance Company	Average Yearly Rate in Michigan
Meemic	$635
Farmers	$884
Safeco	$914
AAA	$954
Frankenmuth	$990

Michigan home insurance prices by coverage levels

The amount of home coverage you select has an impact on the insurance premiums you pay. In Michigan, carrying $100K dwelling coverage costs an average of $527 per year, while carrying additional coverage up to $400K costs $1,387/year.

POPULAR COVERAGE LIMITS IN MICHIGAN

Coverage Level	Average Annual Cost
$100,000 Dwelling	$527
$200,000 Dwelling	$836
$250,000 Dwelling	$940
$400,000 Dwelling	$1,387

Homeowners insurance deductibles in Michigan

One of the decisions available when buying a homeowners insurance policy is how high to set your deductible. The deductible is the total dollar amount that the insured must contribute toward a covered loss. Choosing where to set your deductible plays a significant role in how much you pay for your home policy.

When considering your deductible, a good rule of thumb is that the lower your deductible, the higher your premiums. As such, if you want lower insurance rates, aim for a higher deductible. Keep in mind that your deductible should only be set as high as you can reasonably afford if you suffer a loss.

Below you'll find some standard deductibles offered on most home policies alongside with related average insurance costs.

HOME INSURANCE PREMIUMS BY DEDUCTIBLE LEVEL IN MICHIGAN

Deductible Tier	Average Annual Homeowners Insurance Rate
$500	$1,033
$1,000	$940
$1,500	$868
$2,000	$806
$5,000	$640

 

Looking for information on homeowners insurance in Detroit? See our data-driven analysis.

Michigan homeowners insurance FAQs

Can you get homeowners insurance on a land contract in Michigan?

Yes, you can get homeowners insurance on a land contract but keep in mind the policy might be canceled if the property is not occupied.

Does homeowners insurance cover sinkholes in Michigan?

Sinkholes are viewed and categorized in the same way as earthquakes - as "ground movement, " which will not be covered under homeowners insurance. You might be able to add an endorsement depending on your insurance company, or get a separate sinkhole policy.

 

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