Cheapest and Best Homeowners Insurance in Michigan as Rated by Customers in 2022
Unfortunately, there are many perils your home can face that may result in damage that requires a homeowners insurance claim. That's likely not something you want to think about but if you have one of the best Michigan homeowners insurance companies, you can have peace of mind that your home will be repaired in a smooth process.
To help you be more confident in your homeowners' insurance company choice, we have reviews and rankings for hundreds of homeowners insurance companies so you can evaluate and compare the best Michigan home insurance companies. In the table above, you can sort through every homeowner's insurance company ranked on Clearsurance. Next to each insurer, you'll find the company's rating, which is based exclusively on the reviews and ratings provided by customers. Note: Only those companies with at least 25 homeowners insurance reviews are eligible to appear in the best Michigan homeowners insurance rankings.
If you're looking for additional information on one of the best homeowners insurance companies in Michigan, you can visit the company's profile page where you'll learn about the company, additional coverages, and potential discounts offered. You can also read reviews to see what other policyholders have to say about the home insurance company.
Read on to learn how to get the cheapest homeowners insurance quote from the highest-ranked insurance carriers in Michigan.
On this page:
- Cheapest homeowners insurance rates in Michigan for a $200K dwelling
- Cheapest homeowners insurance rates in Michigan for a $400K dwelling
- Michigan property crime statistics
- Michigan disaster statistics
Among the companies analyzed, AAA is, on average, the cheapest homeowners insurance company in Michigan for a home worth about $200K, with an average cost of $593 for a home insurance protection policy.
In the table below, you can compare homeowners insurance rates for some of the most popular homeowners insurance companies in Michigan for a home worth about $200K.
|Company||Average rates for $200K dwelling|
|Michigan Farm Bureau||$675|
|State Farm Insurance Company||$1,040|
|Citizens Insurance Company of America||$1,132|
These rates are based on a $200,000 dwelling with the following coverage limits: $100,000 personal property, $20,000 loss of use, $20,000 other structures, $300,000 liability and $5,000 medical. The policy has a $1,000 deductible. The house used for the profile was constructed in 2004 and the individual had a good insurance score. The rates displayed should only be used for comparative purposes as individual rates in Michigan will differ. Rate data is provided by Quadrant Information Services.
Among the companies analyzed, AAA is the cheapest homeowners insurance in Michigan, on average, for a home worth about $400K, with an average cost of $1266 per month for insurance coverage.
In the table below, you can compare homeowners insurance rates for some of the most popular homeowners insurance companies in Michigan for a home worth about $400K.
|Company||Average rates for $400K dwelling|
|Michigan Farm Bureau||$1,294|
|State Farm Insurance Company||$1,637|
|Citizens Insurance Company of America||$2,213|
These rates are based on a $400,000 dwelling with the following coverage limits: $200,000 personal property, $40,000 loss of use, $40,000 other structures, $300,000 liability and $5,000 medical. The policy has a $1,000 deductible. The house used for the profile was constructed in 2004 and the individual had a good insurance score. The rates displayed should only be used for comparative purposes as individual rates in Michigan will differ. Rate data is provided by Quadrant Information Services.
Theft and vandalism or malicious mischief are among the 16 perils a standard homeowners insurance policy protects you from. So, how does crime in Michigan compare to other states around the country? The FBI published the following statistics on crime in Michigan for 2016:
- Property crime - 189,620
- Burglary - 39,568
- Larceny theft - 129,876
All three statistics for Michigan, when compared to the national average rate per 100,000 inhabitants, rank below the national average.
Weather-related incidents are typically among the costliest homeowners insurance claims. It is important to talk to your insurance company about adding protection to your policy. Consider looking into flood insurance and storm damage insurance. FEMA has published statistics for each state since 1953. Data is updated through August 2018. Here’s a look at the Michigan federally declared disasters since 1953:
- Flood - 11
- Severe storm - 9
- Tornado - 6
- Snow - 5
- Fire - 1
- Freezing - 1
- Hurricane - 1
How are homeowners insurance rates calculated in Michigan?
Ever wonder why you pay what you do for home insurance in Michigan? Some things may be obvious, like the age of your home. But other factors that contribute to the price of home insurance may not be as obvious. Here's a list of some of the things homeowners insurance companies consider when quoting you a rate:
- The level of coverage required
- The size of your mortgage
- Your credit score
- The square footage of your home
- The geographic location of your home in Michigan
- The condition of your home
- The age of your home
- The proximity of your home to a fire station
- Your previous claims record
- The amount of your deductible
- Optional add-ons like umbrella insurance
Zillow estimates that homeowners can expect to pay approximately $35 each month for every $100,000 of your home's value.
A homeowners policy in Michigan costs a bit less than the national average annual cost of home insurance. The cost of homeowners insurance in the neighbouring states is similar to Michigan. Michigan's area is not prone to natural disasters and catastrophic weather events, but the state's northern positioning and the surrounding Great Lakes can make the winter particularly harsh. Apart from the standard coverage (dwelling coverage, liability coverage, personal property coverage), you should consider additional coverage such as flood insurance, water backup coverage, and identity theft coverage.
If you own a home in Michigan, you should know the most common causes of home damage in the state so that you can choose the coverage to protect your assets. Common causes of loss in Michigan include: flood damage, wind, burglary and theft, and water damage.
It's a good idea to talk to an insurance agent to decide what coverage options are appropriate for your situation.
How does Clearsurance rate and rank the best homeowners insurance companies in Michigan?
Consistent with its mission towards greater transparency, Clearsurance does not keep its rating and ranking formulas in a black box. Our algorithm analyzes a range of inputs from our independent community of insurance customers, including:
- Customer Service
- Claim service
- Likelihood to renew
The algorithm also takes into account the percentage of what customers say the company does well vs. the percentage of what customers say the company could do better.
The Clearsurance customer ratings and rankings are derived entirely from customer reviews and ratings.
Homeowners Insurance Guide?
Your home is likely your most valuable asset, making it that much more important that you insure your home with one of the best Michigan homeowners insurance companies. But beyond just picking a company, it's crucial to have the right coverage and to understand that coverage. Did you know that a standard homeowners insurance policy has six types of coverage? And did you know that there are usually 16 types of perils found in a homeowners insurance policy?
At Clearsurance, we want to make sure you have a strong understanding of your homeowners insurance coverage and what it all means. Check out our homeowners insurance guide to become a smarter insurance customer. And for more educational content on other homeowners insurance topics, check out our homeowners insurance blog!
Frequently Asked Questions
Who offers the best homeowners insurance rates in Michigan for a $200K home?
Among the companies analyzed, AAA is, on average, the cheapest homeowners insurance company in Michigan for a home worth about $200K.
Who offers the best homeowners insurance rates in Michigan for a $400K home?
Among the companies analyzed, AAA is the cheapest homeowners insurance in Michigan, on average, for a home worth about $400K.