Best & Cheapest Homeowners Insurance in Detroit, MI April, 2024

Chubb provides the least expensive home insurance option for homeowners in Detroit, with an average yearly cost of $1,679.

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Bob Phillips
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After thoroughly evaluating home insurance providers in Detroit, Michigan, Chubb emerges as the most budget-friendly option, averaging $1,679 per year. However, it’s crucial to recognize that the optimal insurer can vary depending on your unique circumstances and needs.

For example, if you own a newly built home, USAA offers the most affordable coverage at $1,276 annually. Conversely, for older homes, State Farm provides competitive rates at $1,973 per year with comprehensive protection.

Moreover, if your credit score has suffered, USAA remains the most economical choice at an average annual premium of $2,794. For those with prior claims history, State Farm offers accommodating coverage at $2,915 annually.

Additionally, if you possess valuable belongings requiring safeguarding, Auto-Owners is the top pick, delivering extensive coverage at a reasonable $1,952 per year.

Our thorough analysis at Insuranceopedia is designed to aid you in finding the ideal fit for your home insurance requirements. Through customer ratings, firsthand experiences, and comparative charts, we strive to furnish you with all the necessary information for a well-informed decision.

How much is homeowners insurance in Detroit, MI?

In Detroit, Michigan, Chubb provides the most budget-friendly rate for homeowners insurance, priced at $1,679 annually.

As shown below, insurance rates in Detroit are higher compared to both the national average and the average rate for the state of Michigan.

Area Average Monthly Rate
National $1,820
Michigan $2,346
Detroit $4,119

It’s important to understand that insurance rates are not consistent and can vary significantly based on several factors.

For example, your personal driving history plays a crucial role; having a record of traffic violations or accidents typically results in higher premiums compared to having a clean record. The type and make of your vehicle also impact costs, as high-performance or luxury cars generally come with higher insurance expenses.

Furthermore, your location can influence rates, with densely populated urban areas often experiencing higher premiums due to increased risks of theft or accidents. Additionally, factors like age and marital status can also affect your car insurance premiums.

Cheapest Homeowners Insurance in Detroit, MI

Our Methodology

To determine the most cost-effective home insurance rates in Detroit, we conducted an analysis using data from multiple home insurance review platforms. Some of these platforms assessed rates sourced from public filings acquired by Quadrant Information Services. We calculated the average of these rates for our review. However, it's important to note that rates from each company can change regularly and may vary based on your specific circumstances. Furthermore, our comprehensive rating includes my subjective opinion, which is based on fifteen years of experience as a licensed insurance agent and over three decades of purchasing home insurance.

66

Quotes Analyzed

15+

Years Of Industry Experience

24

Brands Reviewed

40+

Research Hours

Cheapest Homeowners Insurance in Detroit, MI

Chubb offers the most affordable homeowners insurance option in Detroit, Michigan, with an average annual rate of $1,679.

Company Annual Premium
Chubb $1,679
Auto-Owners $1,854
State Farm $2,548
Farmers $2,890
Allstate $3,477

Your insurance policy’s cost is impacted by several factors, including your location, home value, and claims history. Chubb provides a blend of affordability and extensive coverage, striking a balance that caters to homeowners’ needs.

Cheapest Homeowners Insurance If You Have an Older Home

For older homes, State Farm offers the most budget-friendly rates, averaging $1,973 per year.

Insurance Company Average Annual Premium
State Farm $1,973
USAA $2,331
Chubb $2,467
Progressive $3,690
Farmers $5,598

Older homes often come with unique risks and maintenance challenges that can result in higher insurance costs. However, State Farm provides competitive rates and comprehensive coverage tailored to address the specific needs of older homes.

Cheapest Homeowners Insurance for Newly Constructed Homes

USAA provides the most affordable choice for newly constructed homes, with an average annual rate of $1,276.

Insurance Company Average Annual Premium
USAA $1,276
Chubb $1,370
State Farm $1,916
Auto-Owners $2,123
Allstate $2,533

Newly constructed homes typically have different coverage needs compared to older ones, and USAA is recognized for providing affordable policies tailored to these specific requirements.

Cheapest Homeowners Insurance If You Have Poor Credit

USAA offers the most economical solution for individuals with poor credit scores, with an average annual rate of $2,794.

Insurance Company Average Annual Premium
USAA $2,794
State Farm $4,190
Allstate $5,194
Auto-Owners $6,899
Chubb $7,290

Your credit score is a key factor in determining your insurance rates because insurers use it to evaluate risk. USAA recognizes the importance of offering fair coverage to all individuals, regardless of their financial background.

Cheapest Home Insurance for a History of Claims

State Farm offers an affordable solution for homeowners with a history of claims, with an average annual rate of $2,915.

Insurance Company Average Annual Premium
State Farm $2,915
USAA $2,987
Chubb $3,488
Progressive $5,198
Farmers $11,156

A history of claims can indicate higher risk for insurers, typically leading to higher premiums. However, State Farm believes in providing individuals with past claims a second chance and offers reasonable rates to accommodate them.

Cheapest Home Insurance Rates for Lots of Personal Property

If you possess a substantial amount of personal property, Auto-Owners provides the most cost-effective rates, averaging $1,952 annually.

Insurance Company Average Annual Premium
Auto-Owners $1,952
Chubb $2,099
State Farm $2,594
Farmers $3,004
Allstate $3,497

As your personal property increases, your coverage needs may also expand, potentially resulting in higher premiums. However, Auto-Owners provides comprehensive coverage at reasonable rates, ensuring that all your belongings are adequately protected.

Best Homeowners Insurance Companies in Detroit, MI

Selecting the appropriate homeowners insurance isn’t merely essential; it’s a strategic choice. Given Detroit’s rich history and unique homes, finding an insurer that provides comprehensive coverage at competitive rates becomes paramount.

To simplify your decision-making, we’ve compiled a list of the top homeowners insurance companies in Detroit, Michigan. These companies were assessed based on criteria such as annual premiums, coverage choices, customer satisfaction ratings, and overall dependability. Refer to our comparison chart below to discover the ideal match for your home insurance requirements.

Company Annual Premium
1. Chubb $1,679
2. Auto-Owners $1,854
3. State Farm $2,548
4. Farmers $2,890
5. Allstate $3,477
6. USAA $1,859
7. AAA $3,640
8. Progressive $5,480
9. The Hanover $11,096

Average Home Insurance Rates by Zip Codes

Home insurance expenses in Detroit, MI can differ significantly based on the zip code. The tables below showcase rates for different zip codes in Detroit, including the least and most costly zip codes in the region for yearly home insurance premiums.

ZIP Code Average Insurance Premium (Annual)
48235 $2,298
48221 $2,290
48210 $2,321
48234 $2,365
48205 $2,387

Cheapest Zip Codes

ZIP Code Average Insurance Premium (Annual)
48239 $2,028
48242 $1,952
48221 $2,290
48201 $2,282
48214 $2,293

Most Expensive Zip Codes

ZIP Code Average Insurance Premium (Annual)
48238 $2,510
48215 $2,411
48207 $2,437
48211 $2,396
48205 $2,387

Average Home Insurance Rates in Detroit, MI by Deductible Amount

The deductible amount chosen for a homeowners insurance policy has a notable impact on premium rates in Detroit, Michigan. Here’s how the average home insurance rates differ based on various deductible amounts:

Deductible Amount Average Annual Premium
$500 $2,310
$1,000 $1,902
$1,500 $1,408
$2,000 $465

Average Home Insurance Rates in Detroit, MI By Coverage Amount

One key factor that influences your premium is the amount of coverage for your home’s structure. This amount indicates the maximum that your insurance company will pay to rebuild or repair your home in case it is damaged or destroyed.

Below is a comparison chart that shows the average yearly premiums for homeowners insurance across different coverage amounts for your home’s structure.

Dwelling Coverage Amount Average Annual Premium
$200,000 $1,690
$250,000 $1,983
$300,000 $2,332
$350,000 $2,836
$400,000 $3,056

Average Home Insurance Rates in Detroit, MI by Company

Here is a comparison of yearly premiums from leading insurance providers in Detroit.

Company Annual Premium
Chubb $1,679
Auto-Owners $1,854
State Farm $2,548
Farmers $2,890
Allstate $3,477
USAA $1,859
AAA $3,640
Progressive $5,480
The Hanover $11,096

How Much is Homeowners Insurance for Other Cities in Michigan?

Below is a detailed comparison chart showing the most cost-effective annual premiums across various cities in Michigan.

City Annual Premium
Grand Rapids $1,224
Lansing $1,291
Warren $1,581
Ann Arbor $1,210

Getting Online Homeowners Insurance Quotes in Michigan

Platforms like Insuranceopedia make it easy to find the perfect coverage for your unique needs. With quick online quotes from top-rated insurers, Insuranceopedia allows you to compare rates effortlessly.

Just enter your information, and we’ll take care of the rest by offering you a range of options customized to your requirements. This empowers you to choose a policy with confidence, ensuring you get the best value while striking a balance between cost and comprehensive coverage.

FAQs

Who has the cheapest home insurance in Detroit, MI?

Chubb provides the most affordable home insurance option in Detroit, Michigan, with an annual premium of $1,679.

What is the average cost of home insurance in Detroit, MI?

On average, homeowners insurance in Detroit, Michigan typically costs around $4,119 annually.

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