Compare Homeowners Insurance Quotes In Michigan

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Best Home Insurance Rates In Michigan

Michigan is the home of the American automotive industry, Motown, and the largest system of freshwater lakes in the country. It is the only state made up of two distinct peninsulas, and the US’s second-highest producer of a variety of fruits and vegetables. But, The Mitten State’s long, cold winters and vulnerability to extreme weather make it the home of insurance hazards as well.

Average Michigan Homeowners Insurance Rates

Michigan has home insurance premiums that are well below the national average. According to the most recent available data from the Insurance Information Institute, in 2014, the average cost of home insurance in the state of Michigan was $865, much lower than the national average of $1,132. Only 12 states that have lower average home insurance rates than Michigan.

Michigan Average Annual Homeowners Insurance Rates
  2012 2013 2014
Michigan Annual Average $802 $839 $865
Michigan Price Per Month $67 $70 $72
US Annual Average $1,034 $1,096 $1,132
US Cost Per Month $86 $91 $94
National Rank 37 39 39
Source: http://www.iii.org/fact-statistic/homeowners-and-renters-insurance

Choosing a homeowners insurance company in Michigan should be easier. Actually, it’s already easy; you could just go with whichever company your mortgage lender recommends, but you probably won’t get the best rates that way. The key to finding the best rates is to compare homeowners insurance quotes in Michigan from multiple companies.

Best Michigan Home Insurance Companies

Last year, these were the most common home insurance companies reported by QuoteWizard users living in the state of Michigan. Out of the 45,130 Michigan homeowners that used QuoteWizard to request insurance quotes last year, 3,120 had no home insurance.

  1. Allstate Insurance
  2. AAA Insurance Co.
  3. Progressive Casualty
  4. Farmers
  5. Liberty Mutual
  6. Geico
  7. USAA
  8. Hartford Insurance
  9. Nationwide
  10. 21st Century
Get a quote from some of these top rated insurers! Request Quote Get a Quote From Top Insurers

Why contact every individual company in Michigan that you want a homeowners quote from when you can just answer a few questions about your home and desired coverage, and get competing quotes from agents? Save time and money with QuoteWizard.

Top 10 Michigan Home Insurance Company Market Share

Source: Insurance Information Institute
Rank Company Direct Premiums Written (in thousands) Market Share
1 Auto-Owners Insurance Co. $352,304 14.3
2 Auto Club Insurance Assoc. Group $330,500 13.4%
3 Allstate $233,2970 9.5%
4 The Hanover Insurance Group $209,9854 8.5%
5 Michigan Farm Bureau $124,838 5.1%
6 Liberty Mutual $105,386 4.3%
7 Farmers Insurance Group of Cos. $100,003 4.1%
8 Frankenmuth Mutual Insurance Co. $80,554 3.3%
9 Pioneer State Mutual Insurance Co. $54,856 2.2%

Financial Strength Ratings of Top Michigan Home Insurers

Source: A.M. Best (Ratings as of 8/24/2015)

  • Automobile Club Insurance of MI: A+
  • Auto-Owners Insurance Co: A++
  • Allstate: A+
  • The Hanover Insurance Group: A
  • Michigan Farm Bureau: B++
  • Liberty Mutual: A
  • Farmers Insurance Group of Cos.: A
  • Frankenmuth Mutual Insurance Co.: A
  • Pioneer State Mutual Insurance Co.: A+
Get a quote from some of these top rated insurers! Request Quote Get a Quote From Top Insurers

Rating Guide

Michigan Property & Casualty* Insurance Company Market Share

Source: Insurance Information Institute
Rank Company Direct Premiums Written (in thousands) Market Share
1 Automobile Club Insurance of MI $1,621,879 9.8%
2 Auto-Owners Insurance Co. $1,437,062 8.7%
3 Allstate $961,866 5.8%
4 The Hanover Insurance Group $845,773 5.1%
5 Progressive Group $638,570 3.9%
6 Farm Bureau Insurance Co. of Michigan $635,994 3.8%
7 Liberty Mutual $622,733 3.8%
8 Farmers Specialty Insurance Co. $387,225 2.3%
9 American International Group $352,521 2.1%
*Represents both home and auto insurance

Home Insurance Rate Factors

Many different factors come into play when insurance companies calculate the cost of homeowners insurance. Some, like the age of your home, are within your control. Others, like crime rates or natural disasters, are beyond your control. Here are some of the factors that affect the cost of homeowners insurance in Michigan.

Average Home Listing Prices

Home prices greatly affect the cost of insurance in a given state. A higher average home price generally means higher premiums in that state. For Michigan, the average listing price is $180,714 as of July 2015, much lower than the national average of $284,748.

Average Burglary Rates

Burglary is a serious and sometimes violent property crime. States with higher average burglary rates generally have higher average home insurance premiums, because the likelihood that someone will need to file a claim is higher. According to data from the FBI Uniform Crime Report, in 2013, Michigan’s average burglary rate was 569.4 per 100,000 people, which is slightly lower than the national average of 610.0 per 100,000.

States with more law enforcement per capita tend to be safer than states with fewer policemen and women. In Michigan, there are 23.3 law enforcement personnel per 100,000 total citizens.

Home Insurance Hazards

Michigan’s unique geography and climate give way to some varied weather patterns, especially moving north and south within the state. The Upper Peninsula is unlike the rest of the state due to its extreme northern location, but home insurance hazards are present wherever you are on “the mitten”.

Extreme winters: One thing that is true of the entire state is that winters are long, cold, and snowy. Overall, Michigan averages 45 days per year of snow, and over 50 inches of snow per year. However, the distribution is not even. Detroit, in southeast Michigan, better known as “the thumb” receives on average about 36 days, and about 43 inches, of snow per year. The northwest side, “the UP,” receives much more. For example, in Houghton, they average 91 days of snow per year, and about 208 inches of snow per year. On average, February is the coldest month of the year. At the University of Michigan, in Ann Arbor, low temperatures in this month average 20 degrees. But, at the Seney National Wildlife Refuge in the UP, February lows are in the single digits - as low as 6 degrees. Freezing temperatures are in the forecast as early as November. Except for northern Michigan, the spring thaw usually arrives by the end of March.

Thunderstorms: Summer thunderstorms are common in Michigan, and usually occur between May and September, peaking in June and September specifically. Rain is very common throughout Michigan. The state averages about 130 days per year with rain, and about 33 inches per year, with some areas receiving as many as 40 inches per year. Moreover, Michigan has an average of 30 days of thunderstorms per year, which can be especially severe in southern Michigan.

Northern Michigan can have as few as 25 days per year of thunderstorms, while the southernmost parts of the state can have more than 40 days per year, on average. Thunderstorms can be accompanied by heavy rain, strong winds, lightning, and hail. Thunderstorms can cause tornadoes, wildfires, and flooding, and preparation is the best way to combat this extreme kind of weather. The only way to obtain flood insurance is through the National Flood Insurance Program. Learn more about the NFIP here.

Tornadoes: Tornadoes are the most violent kind of storm, with winds up to 110 mph, and the ability to travel miles before losing steam. A strong tornado can tear buildings from their foundations and flip over cars. Even a weak tornado can cause property damage and knock over trees.

According to the National Oceanic and Atmospheric Administration, Michigan averages 18 tornadoes per year, though southeast areas, such as Wayne County average over 40 tornadoes per year. Tornadoes occur almost exclusively in warmer months, and tornado season peaks in June. With tornadoes’ destruction come high costs—the tornado season of 1997 cost the state of Michigan $144 million in damage, so protecting yourself from them is imperative.

Michigan Office of the Insurance Commissioner

Website:
Homepage
Insurance Commissioner:
Patrick M. McPharlin
Insurance Hotline:
(877) 999 – 6442
Office Hours:
Monday - Friday
9:00 am to 5:00 pm
File a Consumer Insurance Complaint
Complaint Page

Sources:

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