What is the average home insurance rate in Michigan?
Michigan’s average home insurance rate is $1,073, which is fairly close to the national average of $1,288. Michigan’s average rate is $155 less than the nationwide average, or 13 percent lower, for the coverage level of: Below are average home insurance rates for the state’s largest cities for the above coverage level.
Do I need homeowners insurance in Michigan?
Michigan law does not require you to buy homeowners insurance. However, if you use a mortgage loan to finance your home purchase, your lender likely will insist you buy a homeowners policy, according to the Michigan Department of Insurance and Financial Services (DIFS).
What is included in a standard homeowners insurance policy?
A standard home insurance policy is also called an “HO-3” and covers your home for any problem that’s not excluded in the policy. Common exclusions include floods, earthquakes, sinkholes, vermin and insect infestations, and wear and tear. Your personal property is covered for specific “perils” in a standard homeowners insurance policy.