Homeowners home insurance is optional, but an important product that works to keep your belongings safe in the event your home or property is damaged by common incidents. Homeowners insurance protects your home and property against a variety of calamities, including theft, fire, vandalism, or wind damage.
Unlike auto insurance, home insurance is not priced based on state law. Still, there are significant discrepancies in homeowners insurance rates by state. Policy costs in a given state can vary based on the number and value of homeowners policy claims filed in that state, and depend on the value of the home and belongings you’re insuring.
The best way to purchase cheap Michigan home insurance is to get quotes from as many insurance companies as possible. Learn more about home insurance rates in Michigan by looking at the facts below. Remember: Your rates will vary, depending on your coverage limits.
Home Insurance in Michigan:
- Rates per company
- Rates by city
- Fees per coverage amount
- Rates by deductible level
- Frequent questions
Homeowner’s insurance prices in Michigan by the insurer
Michigan home insurance prices will vary depending on the insurance company you use. Meemic offers the most affordable home insurance in Michigan – just $635 a year. This compares favorably to the state median cost of $1,176, providing a $541 discount off the state median price.
Get a head start on your search for affordable coverage by reviewing the most affordable Michigan insurance companies, listed below.
THE CHEAPEST HOME INSURANCE COMPANIES IN MICHIGAN
|Insurance company||The average annual rate in Michigan|
Homeowner’s insurance prices in Michigan by city
Michigan home insurance rates vary by city. Rates depend on city-specific variables, like the number of local claims filed, giving you the weight of your ZIP code in deciding how much you pay.
The cheapest home insurance rates in Michigan are in Ann Arbor. In Ann Arbor, the typical home insurance policy costs $856 per year, $320 less than the state average. The following cities have the most affordable homeowners insurance in Michigan.
CHEAPEST HOME INSURANCE CITIES IN MICHIGAN
|City||Average annual home insurance rate|
Michigan Home Insurance Costs by Coverage Limit
The amount of homeowners coverage you select has an impact on the insurance premiums you pay. In Michigan, carrying $100K of homeowners coverage costs an average of $527 per year, while carrying up to $400K of additional coverage costs $1,387/year.
MICHIGAN HOMEOWNERS INSURANCE RATES – COMMON COVERAGE AMOUNTS
|Coverage level||Annual average rate|
Michigan home insurance deductibles
One of the decisions available when purchasing a homeowners insurance policy is how high to set your deductible. The deductible is the total dollar amount that the insured must contribute to cover a loss. Choosing where to set your deductible plays a big role in how much you pay for your homeowner’s policy.
When considering your deductible, a good rule of thumb is that the lower your deductible, the higher your premiums. Therefore, if you want lower insurance rates, aim for a higher deductible. Keep in mind that your deductible should only be set at the level you can reasonably pay in the event of a claim.
Below are some standard deductibles offered on most homeowner’s policies along with the related average insurance costs.
HOME INSURANCE RATES BY DEDUCTIBLE LEVEL IN MICHIGAN
|deductible amount||Average annual home insurance rate|
Insurance Packages for Homeowners and Automobiles in Michigan
If you want to save on home insurance, consider buying your auto and homeowners insurance policies from the same company. A Michigan auto and home insurance package can result in substantial savings on your auto insurance policy. Combined home and auto policies in Michigan generate average annual savings of $299.
DISCOUNTS ON HOME AND AUTO INSURANCE PACKAGES IN MICHIGAN
|Average Annual car insurance rate (without package)||Average Annual car insurance rate (package)||Annual savings per package||Package Savings %|
A great way to save is to combine your auto and home insurance policies. Start shopping today!
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Michigan Homeowners Insurance FAQs
Can You Get Homeowners Insurance on a Michigan Land Contract?
Yes, you can get homeowners insurance on a land contract, but be aware that the policy could be canceled if the property is not occupied.
Do homeowners insurance cover sinkholes in Michigan?
Sinkholes are considered and categorized in the same way as earthquakes, such as “earth movement”, which will not be covered by homeowners insurance. You may be able to add an endorsement depending on your insurance company or get a separate sinking policy.