How much is home insurance in Michigan per year?
At an average of $1,315 per year, home insurance in Michigan costs $270 less than the national average of $1,585. NerdWallet analyzed rates from 15 insurers available in the state to determine the best homeowners insurance in Michigan.
What is the average annual cost of homeowners insurance?
The average yearly cost of homeowners insurance is $2,777 for a dwelling coverage of $300,000 and liability coverage of $300,000 based on 2022 rates. The nationwide average annual cost for home insurance for common coverage levels, based on a rate analysis by Insurance.com are as follows.
What is the most expensive state for home insurance?
Oklahoma is the most expensive state for home insurance at $5,317 a year, while Hawaii has the lowest home insurance rates, averaging $582 a year. The average home insurance rate nationwide is $2,777 a year, according to 2022 Insurance.com data. Of the many things that affect the cost of home insurance, where you live is one of the biggest.