Detroit Homeowners Insurance
Find the right homeowners insurance policy for you.
Written by
Ann Herro has been writing about insurance and employee benefits for over 15 years. She has covered topics as easy as insuring a car, and as difficult as transparency in healthcare costs.
Make no mistake, Motown is coming around. There is a lot to offer in and around Detroit, MI, including many new jobs and a growing high-tech industry. The tremendous value offered by the many old homes is calling a new generation to come and fix up the city from the ground up. Residents old and new are pulling together and making Detroit great again.
It’s a great time to live in Detroit. But before you buy a home, you need to insure it, which means you need to know your options. Your Independent Insurance Agent is a great place to get started because these agents live here too. Your agent will tell you who the best companies are for Detroit home insurance and will shop around for many quotes – so you can compare and find the most affordable rate for your Detroit homestead. With relatively few storms and no other significant natural disasters, Michigan has one of the lowest rates for home insurance in the nation:
- The national average in recent years was $1,034 for home insurance.
- In Michigan, home insurance was only $802.
- The state ranks 37th overall for homeowners insurance.
The cost of insuring your home is based on a number of characteristics, starting with its size. It simply costs more to replace a larger home in case of fire or other damage. The condition of your home is the next most important factor, so if you are renovating a home in Detroit, you may be able to get a lower rate once your work is finished.
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Second Home and Vacation Home Insurance
There aren’t many vacation homes in Detroit, but a lot of homes are held as second homes – to be renovated or to be used for business meetings. If you do have a second home here, it’s usually best to insure it just as you would your primary residence. You may elect to not insure the contents, however, but that means that you will be carrying the risk yourself. Second homes are often more expensive to insure because no one is there to watch over it. If you work with your insurance carrier to show that there is someone on-site, you may be able to obtain a lower rate. It can be difficult to obtain the right insurance for a home that is being renovated, so it's important to shop around for a carrier that offers the best home insurance for your situation.
Number of Thefts in Michigan
Burglaries are more common in Michigan than in other states, which is the one factor that can drive up the cost of home insurance. In recent years:
- the average among states was 37,814 burglaries.
- Michigan had 56,344 home thefts reported.
Your homeowners insurance pays for any damage to your property caused by a break-in, no matter what. Insurance for the contents of your home is only covered if you select it, based on the policy that you have. It may be a good idea for you based on your situation.
Save on Home Insurance
Our independent agents shop around to find you the best coverage.
Number of Catastrophes in Michigan
With relatively mild weather, Michigan has one of the lowest rates of major catastrophes in the nation. Very few were reported in recent years:
- There were 301 incidents of widespread loss by catastrophe.
- Only nine tornadoes were reported.
- Despite this low rate, disasters caused $1.8 billion in damage.
- 1 in 15 insured homes has a claim every year.
While catastrophes are not a serious concern in Michigan, it’s important to have the right insurance should a thunderstorm or tornado strike. The incredible damage they might cause is illustrated by the high cost associated with the relatively few recorded events.
What Are the Risks in Detroit?
Vandalism and theft remain the highest risks in Detroit. These are things you can take many precautions to prevent, however, so it’s important to have an insurance carrier that you can work with. Simple things like a security system or a high fence can make all the difference when it comes to protecting your home and making sure that you aren’t picking up any liability for visitors on your property, invited or not.
Compare Detroit Home Insurance Quotes
Our network is the best option for homeowners insurance in Detroit. Their agents aren’t tied to one company, so they can shop around and find the quote that is best for you and your home. They also live here and know which companies you can work with depending on your unique situation.
Call an agent today to find out what your options are, and get the insurance you need at the lowest cost possible.