Homeowners insurance can protect you and your property against natural disasters, theft, damage and accidents. MoneyGeek has ranked the best home insurance companies in Michigan, so you can compare insurance companies and choose the most affordable coverage. Even if you have poor credit, have a pool or own a high-value home, MoneyGeek’s rankings can help you select the best insurance for your needs.
The Best Homeowners Insurance Companies and Cheapest Quotes in Michigan for 2020
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The 5 Best Homeowners Insurance Companies in Michigan
Plenty of factors go into finding a cheap homeowners insurance policy in Michigan. Although pricing is essential, you might want to assess other qualities, such as an insurance carrier’s coverage options, customer support quality and ability to pay claims to find the ideal package for your budget and home.
To help you pick the best homeowners insurance in Michigan, MoneyGeek ranked the top five companies and compared them using their policy costs in the state, J.D. Power customer satisfaction score and ability to pay claims based on AM Best’s financial stability rating.
1
USAAScore: 100
5/5
Affordability
5/5
User Satisfaction
5/5
Financial Stability
USAA provides comprehensive coverage of liability, most weather-related events, vandalism, theft and fire. Its policies also cover dwelling, up to $5,000 in identity theft, personal liability, loss of use and personal belongings. USAA’s home insurance plans also protect separate structures like driveways, fences, sheds and garages. This carrier stands out for its comprehensive coverage, affordable prices and excellent customer service.
2
Auto-Owners Insurance CoScore: 95
4.8/5
Affordability
4.5/5
User Satisfaction
5/5
Financial Stability
Auto-Owners Insurance Co’s homeowners insurance policies provide coverage for earthquakes, boats, food spoilage after power outages, backup of sump pumps or sewers, personal computers, snowmobiles, sports equipment, identity theft, personal umbrella liability and jewelry. This provider stands out for its good financial stability, affordable premiums and range of discounts.
3
State FarmScore: 85
4/5
Affordability
4.1/5
User Satisfaction
5/5
Financial Stability
State Farm’s standard coverage features include medical payments and guest medical payments, replacement value, dwelling, personal property, liability protection and other structures. Its additional coverage options include expanded replacement cost, inflation protection, water backup, scheduled personal property, equipment breakdown, energy efficiency upgrade, identity theft and loss of use. State Farm provides multiple lines, roofing and home alert protection discounts.
Read MoneyGeek's State Farm Home Insurance Review4
FarmersScore: 80
3.6/5
Affordability
4.6/5
User Satisfaction
4/5
Financial Stability
Farmers presents three homeowners insurance plans that provide all the six basic protections: coverage for medical payments, personal liability, loss-of-use, personal property, other structures and dwelling. This provider also includes agent availability in all 50 states, accessible discounts and customizable coverage tiers.
Read MoneyGeek's Farmers Home Insurance Review5
AllstateScore: 73
3/5
Affordability
4.2/5
User Satisfaction
4.5/5
Financial Stability
Allstate’s primary home insurance coverages include dwelling, personal property, other structures, liability, additional living expenses and guest medical protection. The advantages of this provider are good customer ratings, a wide array of discounts and easy-to-use digital tools and website.
Read MoneyGeek's Allstate Home Insurance ReviewWhat Is the Average Cost of Homeowners Insurance in Michigan?
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$0
home insurance is 0.0% more than the average.
Home insurance in Michigan costs an average of $2,341 per year for a dwelling baseline coverage amount of $250,000. This average price is 11.3% higher than the U.S. average of $2,103. Carriers estimate homeowners insurance in Michigan based on multiple factors, including home value, crime rate, and exposure to adverse weather conditions.
Home Insurance Calculator: Estimate the Cost of Homeowners Insurance in Michigan
Insurance carriers estimate your homeowners insurance cost in Michigan based on your circumstances and area-related factors. They consider multiple elements to calculate your quote, including your home’s age, location, dwelling value, roof quality and closeness to a fire department, among other conditions.
Home Insurance Calculator
State
Michigan
Dwelling Coverage
$250,000
Deductible
$500
Liability
$300,000
Personal Property
$150,000
Credit Score
Excellent
low end
on average
high end
These are annual estimates. Get a personalized quote to determine your costs.
The Cheapest Homeowners Insurance Quotes in Michigan
Chubb offers cheap homeowners insurance in Michigan, with an average annual price of $1,656, which is $685, or 29.3%, less than the state average. In Michigan, the dwelling coverage is $250,000. It can pay for repair costs of your property’s structure if it sustains damages from incidents like vandalism, explosions, falling objects, fire and smoke. You might want to compare homeowners insurance quotes to get the best protection for your home.
Cheapest Homeowners Insurance by Dwelling Coverage
Dwelling Coverage:
$250,000
Company
Amountper year
1. Chubb
In 2020, Chubb ranked #1 for the cheapest homeowners insurance with $250,000 in dwelling coverage in Michigan.
$1,656
2. USAA
In 2020, USAA ranked #2 for the cheapest homeowners insurance with $250,000 in dwelling coverage in Michigan.
$1,659
3. Auto-Owners Insurance Co
In 2020, Auto-Owners Insurance Co ranked #3 for the cheapest homeowners insurance with $250,000 in dwelling coverage in Michigan.
$1,844
4. State Farm
In 2020, State Farm ranked #4 for the cheapest homeowners insurance with $250,000 in dwelling coverage in Michigan.
$2,545
5. Farmers
In 2020, Farmers ranked #5 for the cheapest homeowners insurance with $250,000 in dwelling coverage in Michigan.
$2,879
Best Cheap Homeowners Insurance Companies for Expensive Homes
For an expensive property like a $2 million house, USAA offers cheap homeowners insurance in Michigan, with an average yearly premium of $8,046. But this provider only serves military personnel and their families. The next most affordable option is Chubb, with an average annual price of $12,258 for a $2 million property. This rate is less than half the cost of Allstate, the state’s most expensive provider, with an average annual rate of $26,120.
Cheapest Homeowners Insurance Companies for High-Value Homes
Company
Amountper year
1. USAA
In 2020, USAA ranked #1 in Michigan for the cheapest homeowners insurance for high-value homes.
$8,046
2. Chubb
In 2020, Chubb ranked #2 in Michigan for the cheapest homeowners insurance for high-value homes.
$12,258
3. State Farm
In 2020, State Farm ranked #3 in Michigan for the cheapest homeowners insurance for high-value homes.
$14,985
4. Farmers
In 2020, Farmers ranked #4 in Michigan for the cheapest homeowners insurance for high-value homes.
$16,102
5. Auto-Owners Insurance Co
In 2020, Auto-Owners Insurance Co ranked #5 in Michigan for the cheapest homeowners insurance for high-value homes.
$20,206
Best Homeowners Insurance Companies if You Have a Pool
For pool homes with an average dwelling cost of $250,000, Chubb presents the best homeowners insurance in Michigan, with an average annual rate of $1,656. It’s smart to check with your insurance carrier if it covers pool repair expenses during a hurricane or rainstorm.
Cheapest Homeowners Insurance for Pool Home
Company
Amountper year
1. Chubb
In 2020, Chubb ranked #1 in Michigan for the cheapest homeowners insurance for homes with a pool.
$1,656
2. USAA
In 2020, USAA ranked #2 in Michigan for the cheapest homeowners insurance for homes with a pool.
$1,759
3. State Farm
In 2020, State Farm ranked #3 in Michigan for the cheapest homeowners insurance for homes with a pool.
$2,537
4. Farmers
In 2020, Farmers ranked #4 in Michigan for the cheapest homeowners insurance for homes with a pool.
$2,678
5. Allstate
In 2020, Allstate ranked #5 in Michigan for the cheapest homeowners insurance for homes with a pool.
$3,480
Cheapest Home Insurance in Michigan if You Have Poor Credit
In most states, providers use homeowners’ credit scores to decide their premium amount. It’s important to have a good credit score. Insurance carriers use it to assess a homeowner’s ability to pay home insurance premiums regularly. Auto-Owners Insurance Co is the ideal choice for best homeowners insurance in Michigan for those with poor credit. Its average annual rate is $1,844 for a dwelling coverage baseline amount of $250,000.
Cheapest Homeowners Insurance for Poor Credit
Company
Amountper year
1. Auto-Owners Insurance Co
In 2020, Auto-Owners Insurance Co ranked #1 for the cheapest homeowners insurance for owners with poor credit in Michigan.
$1,844
2. USAA
In 2020, USAA ranked #2 for the cheapest homeowners insurance for owners with poor credit in Michigan.
$2,793
3. Chubb
In 2020, Chubb ranked #3 for the cheapest homeowners insurance for owners with poor credit in Michigan.
$3,210
4. State Farm
In 2020, State Farm ranked #4 for the cheapest homeowners insurance for owners with poor credit in Michigan.
$5,729
5. Allstate
In 2020, Allstate ranked #5 for the cheapest homeowners insurance for owners with poor credit in Michigan.
$12,154
How to Get Homeowners Insurance Quotes in Michigan
You need to provide your basic personal details to your insurance carrier to get home insurance in Michigan. In addition, you may need to inform the provider about the estimated worth of your property, possessions and any additional features like solar panels. If you have a lot of visitors, you may want to obtain medical payment coverage as a precaution for injuries a guest may sustain in your home. Based on your responses, the home insurance company will prepare a tailored quote for you.
Compare Home Insurance Rates
Ensure you're getting the best rate for your home insurance. Compare quotes from the top insurance companies.
Other Considerations for Homeowners Insurance in Michigan
To determine your annual premium, insurance providers will also analyze the home value, weather risks and crime rate in your area, among other risks. For instance, Michigan ranks 41st among all states and Washington D.C. for the number of property crimes per 100,000. The FBI reports there were 44,918 violent crimes and 165,280 property crimes in the state in 2018.
Michigan ranks 39th in the U.S. for home value, with an average property cost of $173,277. In some areas, houses face the risk of hazardous weather conditions. If you live in such a zone, you might want to check the frequency of natural catastrophes and prepare for any emergencies by obtaining proper insurance protection.
Do You Need Flood Insurance in Michigan?
Michigan ranks 44th in the U.S. for flood risk, with about 315,600 — or 6.7% — properties may experience flood damage. If your carrier does not offer flood insurance, you could consider obtaining government-run National Flood Insurance Program (NFIP) coverage. In addition to increase the coverage amount, you could purchase an incremental private policy.
Do You Need Hail Insurance in Michigan?
Michigan homeowners may want to get adequate coverage for potential hail damage as the state ranks 27th for the number of hail events in the U.S., with 129 reported hail events in 2011.
Methodology
MoneyGeek analyzed homeowners insurance premiums from 16 of the top insurance companies in Michigan that were provided in partnership with Quadrant. Our analysis includes quotes from ZIP codes across Michigan. Quotes were gathered with an average home profile of 2,500 square feet, built in 2000, with an average dwelling coverage value of $250,000, liability coverage of $100,000 and personal property coverage of $100,000.
Sources
- AM Best. "Rating." Accessed August 10, 2020.
- Business Insider. "Here's the typical home price in every state — and what you can actually get for that money." Accessed August 10, 2020.
- FBI. "2018 Crime in the United States." Accessed August 10, 2020.
- First Street Foundation. "The First National Flood Risk Assessment Defining America’s Growing Risk." Accessed August 10, 2020.
- Flood Factor. "Find Your Home’s Flood Factor." Accessed August 10, 2020.
- Insurance information institute. "Facts + Statistics: Hail." Accessed August 10, 2020.
- Insurance information institute. "Facts + Statistics: Hurricanes." Accessed August 10, 2020.
- Insurance information institute. "Facts + Statistics: Wildfires." Accessed August 10, 2020.
- J.D. Power. "Homeowners’ Satisfaction with Property Claims Reaches Record High as Insurers Focus on Relationship Management, J.D. Power Finds." Accessed August 27, 2020.
- Verisk. "Wildfire Risk Analysis." Accessed August 10, 2020.