Detroit ,MI Home Insurance - The cost of homeowners insurance is influenced by a range of factors, including the value of your coverage, deductible, and the construction materials used in your home.
VHome Insurance conducted a thorough analysis of the Detroit, MI homeowners insurance market, taking into account factors like average costs, range of coverages, deductibles and customer satisfaction ratings to determine the best providers. The Average home insurance cost in Detroit, MI is $1484. Enter your zipcode below and click “GO” to get multiple free quotes.
It is important to understand the different coverage options available in Detroit, MI. VHome Insurance will help you navigate the world of homeowners insurance coverages in Detroit, MI.
| Coverage Level | Average Annual Premium |
|---|---|
| $100,000 | $594 |
| $200,000 | $1,009 |
| $300,000 | $1,247 |
| $400,000 | $1,900 |
| $500,000 | $2,389 |
Home insurance costs in Detroit can vary greatly based on location. The frequency of claims in your area can affect the cost of your policy. Simply put, the location of your home can significantly impact your homeowners insurance premium.
| Zipcode | Average Insurance Premium |
|---|---|
| 048221 | $1,436 |
| 48235 | $1,408 |
| 48202 | $1,496 |
| 48219 | $1,407 |
| 48223 | $1,418 |
| 48224 | $1,397 |
| 48207 | $1,477 |
| 48227 | $1,402 |
| 48208 | $1,468 |
| 48206 | $1,405 |
| 48234 | $1,393 |
| 48205 | $1,383 |
| 48214 | $1,426 |
| 48217 | $1,389 |
| 48216 | $1,486 |
| 48228 | $1,387 |
| 48209 | $1,402 |
| 48238 | $1,392 |
| 48204 | $1,389 |
| 48215 | $1,437 |
| 48213 | $1,387 |
| 48210 | $1,391 |
| 48211 | $1,389 |
| 48201 | $1,652 |
| 48226 | $1,585 |
One key aspect of your policy is the deductible, which is the amount you pay out of pocket before your insurance kicks in. Choosing the right deductible can have a major impact on your insurance premiums and overall savings. In this guide, we'll help you understand the options available for homeowners insurance deductibles in Detroit, MI, and how to choose the right one for your needs.
| Deductible Level | Average Annual Premium |
|---|---|
| $500 Deductible | $1,522 |
| $1000 Deductible | $1,361 |
| $1500 Deductible | $1,284 |
| $2500 Deductible | $1,158 |
| $5000 Deductible | $979 |
| Home Insurance Company Near Detroit, MI | Homeowners Insurance Agency Near Detroit, MI | Address |
|---|---|---|
| NA | Houghtaling Agency Incorporated | 168 North Saginaw St. Ste A 168 North Saginaw St. Ste A, Lapeer, MI, 48446 |
| NA | Somerset Insurance Agency Group | 2701 Center Drive 2701 Center Drive, Troy, MI, 48316 |
| State Farm | Brian Manor | 24409 Eureka Rd, Taylor, MI, 48180-5165 |
| Allstate | David Wagner | 52947 Gratiot Ave, Chesterfield, MI, 48051 |
| Allstate | Steve Craft | 6300 Sashabaw Rd # Buitec, Clarkston, MI, 48346 |
| Place | 1 Car Bundle Savings On Insurance | 2 Car Bundle Savings On Insurance | 3 Car Bundle Savings On Insurance |
|---|---|---|---|
| Highland Park city, Michigan | $88 | $117 | $175 |
| Hamtramck city, Michigan | $88 | $117 | $175 |
| Hazel Park city, Michigan | $89 | $118 | $177 |
| Place | Home insurance as a % of housing cost for homes with mortgage | Home insurance as a % of housing cost for homes without mortgage |
|---|---|---|
| Detroit, MI | 5.0% | 12.8% |
| Highland Park | 5.96% | 12.79% |
| Hamtramck | 5.41% | 13.47% |
| Hazel Park | 5.51% | 14.05% |
| Detroit Home By Monthly Rent | Total Homes | % of Total | Estimated Monthly Income To Afford Rented House Including Renters Insurance |
|---|---|---|---|
| Less than $200 | 2,965 | 2.0% | $374 |
| $200 to $299 | 5,428 | 4.0% | $824 |
| $300 to $499 | 12,724 | 11.0% | $1274 |
| $500 to $749 | 34,650 | 30.0% | $1949 |
| $750 to $999 | 29,311 | 25.0% | $2699 |
| $1,000 to $1,499 | 26,549 | 23.0% | $3824 |
| $1,500 or more | 2,868 | 2.0% | $5474 |
| Low Deductible | High Deductible | |
|---|---|---|
| Deductible | $1,700 | $2,700 |
| Yearly Detroit Homeowner Insurance Premium Example | $600 | $400 |
| Out of Pocket Expense During Claim | $1,700 | $2,700 |
| Total Home Insurance Premium for 8 years + Out of Pocket Expense for Claim | $6,500 | $5,900 |
| Net Savings to Detroit Home Owner from High Deductible Plan | $600 | |
| Scenario | Detroit, MI Home Replacement Value MORE than Home Value | Detroit, MI Home Replacement Value LESS than Home Value |
|---|---|---|
| Replacement Value | $41,500 | $24,500 |
| Insurance Premium based on Replacement Value | $250 | $150 |
| Risk Exposure from Under Insuring Coverage | Unnecessary Home Insurance Coverage of $8,000 | Risk Exposure from Under Insuring Coverage is $9,000 |
| Premium Impact | Insurance cheaper by $50/year | Insurance costlier by $50/year |
| Insurance Company | Farmers Insurance | Amica Mutual Insurance Company | Allstate |
| Monthly Premium | 59 | 30 | 34 |
| Year Built | 1951 | 1963 | 1940 |
| Home Details | 5 Beds, 4 Baths | 2 Beds, 1 Baths | 4 Beds, 3 Baths |
| Coverage Amount | $175000-$200000 | $100000-$125000 | $75000-$100000 |
| Deductible | $2500-$5000 Deductible | $2500-$5000 Deductible | $500- $1000 Deductible |