Michigan Homeowners Insurance Calculator: Free Cost Estimator (2023)
By, Content Director
Home Insurance Calculator
These are annual estimates. Get a personalized quote to determine your costs.
If you’re looking for the cheapest homeowners insurance companies in Michigan, MoneyGeek analyzed the providers in the state. We found that Chubb offers the most affordable rates overall at approximately $1,656 annually for $250,000 in dwelling coverage.
In addition, we ranked the best home insurance companies in Michigan, considering an insurer’s ability to balance quality service and cost.
TABLE OF CONTENTS
How to Estimate the Cost of Your Homeowners Insurance Policy in Michigan
The cost of your homeowners insurance in Michigan changes depending on your location, house specifications, coverage preferences and other factors. By entering your specific information into MoneyGeek’s Michigan home insurance calculator, you can estimate how much homeowners insurance will cost you.
Where you live significantly affects your homeowners insurance prices. You can expect higher rates if your city or state has a high incidence of crime, natural calamities or fire.
Alternatively, your home insurance may be cheaper if you live in a low-risk area in Michigan.
Your dwelling coverage pays for all expenses related to rebuilding your home in case it gets damaged or destroyed. If you buy more coverage, you’ll get more extensive protection but will have to pay a higher premium.
The average dwelling coverage amount in Michigan is $250K.
A deductible refers to the money you must pay out of pocket before your insurance company reimburses your claim.
If you choose a low-deductible policy, you’ll pay less money if you need to use your insurance. However, your insurance premium will be higher.
If someone gets hurt in your home and you’re found to be responsible, your liability coverage pays for your expenses. This includes legal, replacement, medical, pain and death benefit costs.
Investing in liability coverage to protect your property from legal damages is a good idea. You can increase your liability coverage by tens of thousands of dollars for only a few extra dollars per year.
Personal property insurance protects your furniture, clothing, electronics and other personal items from loss or damage.
To estimate how much personal property coverage you need, you can use our calculator below.
Your credit score also impacts your homeowners insurance rate in Michigan. If you have a low credit score, insurance companies will see you as riskier to insure and charge you higher.
Conversely, if you have good credit, you may expect lower monthly premiums.
Compare Home Insurance Rates
Ensure you're getting the best rate for your home insurance. Compare quotes from the top insurance companies.
Average Cost of Home Insurance in Michigan
Michigan is the sixth most expensive state (including Washington, D.C.) to buy homeowners insurance. On average, you might pay $4,237 per year for a home insurance policy with a $250K dwelling coverage. This is 75% higher compared to the national average.
MoneyGeek detailed the cost of homeowners insurance in Michigan for various coverage amounts to help you understand how dwelling coverage affects insurance premiums.
Average Annual Premium in Michigan for Homeowners Insurance
You should make sure your homeowners insurance policy has enough dwelling coverage. If your home gets destroyed, this is the amount that covers your home reconstruction.
The replacement cost of your home is based on its height, square footage and other factors. Your insurance agent may help you find your rebuilding cost, but it’s better to hire a professional real estate appraiser.
Remember that you should have sufficient dwelling coverage to rebuild your house without paying for out-of-pocket expenses. You can also consider getting inflation guard coverage, guaranteed replacement cost and extended replacement cost coverage.
Frequently Asked Questions About Home Insurance in Michigan
Your house specifications, personal profile and insurance preferences may affect your homeowners insurance cost in Michigan. MoneyGeek answered some frequently asked questions to help you learn more.
To determine the average cost of homeowners insurance in Michigan, MoneyGeek sourced pricing data from Quadrant Information Services.
MoneyGeek chose a standard home profile to provide the most reliable and relevant data for developing a thorough analysis of homeowners insurance.
This standard home profile consists of the following attributes:
- Construction year: 2000
- Construction type: Frame
- Composition roof
- Three-mile radius from the fire department
- Assumed value of other structures on the property: 10% of the dwelling coverage
- Personal property coverage: 40% of the dwelling coverage
- Liability limit: $100,000
- Deductible: $1,000
About Mark Fitzpatrick