Michigan home insurance insurance rates are substantially lower than what other states are charging for the same insurance policies. While the national average for home insurance in the U.S. was $1,132 in 2014, the average for Michigan homeowners was $865.
The states with the lowest rates were Utah, Idaho and Oregon, which had rates of $634, $590 and $574. At the other end, Florida, Texas and Louisiana charged the highest rates that year at $2,055, $1,947 and $1,847, respectively. This information came from the Insurance Information Institute.
Michigan homeowners have a few different policy types from which to choose.
Homeowners who have a mortgage on their property are required by the lender to have insurance until the loan is paid in full. The amount of home insurance must be at least as much as is owed on the loan.
With the economy as shaky as it is at times, homeowners are constantly looking for ways to save money. There are several ways Michigan homeowners can save on their home insurance.