Detroit, MI Homeowners Insurance

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How to find cheap homeowners insurance in Detroit

 

Home insurance is an important part of owning a home. Along with personal property, homeowners insurance covers your dwelling in the event of many perils, including theft, fire, wind damage, and vandalism. Incidents like this occur regularly. When paired with the high cost of repairing or rebuilding a home, investing in homeowners coverage can seem like a great idea.

The cost of home insurance is dependent on a number of factors. These include your dwelling's value, the value of your personal belongings, and the cost of the materials used to build your home. Your home's location can also impact how much you pay, as some locations are more prone to destructive hazards. If your area is at risk of being affected by hail, strong winds, fire, frozen pipes, or volcanic activity, then your premiums could be substantially higher than average. Discover more info about what is covered by a homeowners insurance policy.

If you want to find cheap home insurance in Detroit, get started by looking around and comparing policies. Have a look at the summary below comparing average Detroit home insurance costs to ensure you start your search with as much background info as possible. It's important to remember that the cost of your insurance policy is based on the coverage limits you choose as well as a variety of other factors.

 
Detroit, Michigan, homeowners insurance — table of contents:
  1. Rates by insurance company
  2. Rates by coverage amount
  3. Rates by neighborhood
  4. Rates by insurance deductible
  5. Policy bundling discounts

 

Homeowners insurance in Detroit by insurance company

What you pay for homeowners insurance in Detroit will depend on the insurance company you get your policy through. The most affordable home insurance in Detroit is AAA offering average annual rates of just $1,112 per year. This is considerably cheaper than the city’s average home insurance premium of $1,942.

Below you'll find a list of the cheapest homeowners insurance companies in Detroit, Michigan, to help you begin your search.

 
AFFORDABLE HOME INSURANCE COMPANIES IN DETROIT
CompanyAverage Annual Rate
AAA$1,112
USAA$1,735
Allstate$1,847
State Farm$2,076
Liberty$2,191

 

Average homeowners insurance rates in Detroit by coverage level

The amount of homeowners coverage you select has an impact on your insurance rates. In Detroit, carrying $200K dwelling coverage costs an average of $1,466 annually, while carrying additional coverage up to $400K costs $2,850 per year.

 
HOMEOWNERS INSURANCE RATES IN DETROIT — POPULAR COVERAGE LIMITS
Coverage LevelAverage Annual Rate
$100,000 Dwelling$1,035
$200,000 Dwelling$1,466
$250,000 Dwelling$1,899
$400,000 Dwelling$2,850

 

Detroit home insurance prices by ZIP code

Not every area of Detroit has equal home insurance premiums. One of the factors that insurers use when pricing your policy is the number of claims filed in your surrounding area. As such, your neighborhood's location can dramatically impact your home insurance premium.

To find the cheapest home insurance premiums in Detroit, look no further than 48242. In the 48242 ZIP, homeowners coverage usually costs just $1,499 per year — a full $443 less than the Detroit average. If you’re looking for the areas with the most affordable homeowners premiums in Detroit, review the table below.

 
AFFORDABLE AREAS FOR HOMEOWNERS INSURANCE IN DETROIT
ZIP CodeAverage Annual Home Insurance Rate
48242$1,499
48236$1,512
48239$1,532

Other areas of Detroit, however, face homeowners rates that surpass the citywide average. These areas might face a higher risk of perils such as severe weather and fires. Similarly, they may also have a higher rate of crimes such as burglary or vandalism. An average annual rate of $2,123 makes 48213 the most expensive ZIP code in Detroit for homeowners insurance.

 
EXPENSIVE NEIGHBORHOODS FOR HOMEOWNERS INSURANCE IN DETROIT
ZIP CodeAverage Annual Home Insurance Rate
48213$2,123
48211$2,121
48205$2,060

 

Homeowners insurance deductibles in Detroit

One of the many decisions to be made when shopping for homeowners policies is your deductible. A deductible is the amount for which a homeowner is responsible before an insurance company steps in to cover costs. Choosing where to set your deductible plays a significant role in how much you pay for your coverage.

When choosing a deductible, a good rule of thumb is that the lower your deductible, the higher your premiums. This means that those looking for lower rates will want to seriously consider a higher deductible. Remember that your deductible should not be set at an amount that you would have difficulty paying in the event of a loss.

The following table displays the average rates affiliated with standard home insurance deductibles.

 
HOME INSURANCE RATES BY DEDUCTIBLE IN DETROIT
Deductible LevelAverage Annual Homeowners Insurance Rate
$500$2,062
$1,000$1,899
$1,500$1,777
$2,000$1,648
$5,000$1,335

 

Bundling auto and home policies in Detroit

One way to save on insurance costs is to think about bundling your homeowners and auto insurance policies through the same company. Bundling homeowners and auto insurance can be a good money-saving option. In fact, bundling policies in Detroit can result in average annual savings of 17%.

 
CHEAPEST AUTO INSURANCE RATES WITH A POLICY BUNDLE IN DETROIT
CompanyAvg. Annual Auto Insurance Rate (With Bundle)
AAA$4,074
Progressive$4,314
State Farm$5,400
Allstate$7,152
American Family$1,090
 

A great way to save on insurance is to bundle your home and auto policies with the same insurance company.

Compare homeowners insurance rates.

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Ross Martin LinkedIn

As a licensed insurance agent, Ross is responsible for researching and writing about all matters related to auto and home insurance. He has a background in writing and education, as well as a masters degree from Royal Holloway, University of London. He has been quoted by Kin Insurance, Safety.com, and autoinsuranceEZ.com.