- How much is homeowners insurance on a $400,000 house in Michigan?
- Homeowners insurance on a $400,000 house in Michigan by company
- Home insurance calculator
- Michigan homeowners insurance rates for a $400,000 home by liability level
- Homeowners insurance on a $400,000 house in Michigan by credit rating
- Michigan homeowners insurance on a $400,000 house by deductible
- Michigan home insurance on a $400,000 house by city
- Factors that impact homeowners insurance on a $400,000 house
- How to determine how much coverage you need for a $400,000 house
- Frequently asked questions
- Compare homeowners insurance on a $400,000 house widget with other states
How much is homeowners insurance on a $400,000 house in Michigan?
In Michigan, the average cost of home insurance on a $400k house is $3,063 annually.
| Coverage | Average annual premium | Average monthly premium |
|---|---|---|
| $400,000 with a $1,000 deductible and $100,000 liability | $3,047 | $254 |
| $400,000 with a $1,000 deductible and $300,000 liability | $3,063 | $255 |
Homeowners insurance on a $400,000 house in Michigan by company
The cheapest company for insurance on a $400,000 house in Michigan is Auto-Owners at an average rate of $464. Auto Club Group - ACG (AAA) is second at $1,817.
Compare home insurance based on a policy with $400,000 in dwelling coverage, $300,000 in liability coverage and a $1,000 deductible.
| Company | Average annual premium | Average monthly premium |
|---|---|---|
| Auto-Owners | $464 | $39 |
| Auto Club Group - ACG (AAA) | $1,817 | $151 |
| Frankenmuth Insurance | $2,277 | $190 |
| State Farm | $2,410 | $201 |
| Farmers | $3,886 | $324 |
| The Hanover | $4,285 | $357 |
| Michigan Farm Bureau | $7,982 | $665 |
| USAA | $2,545 | $212 |
Home insurance calculator
Use our home insurance calculator to get rates more tailored to your home and ZIP code.
Michigan homeowners insurance rates for a $400,000 home by liability level
Dwelling coverage has the biggest impact on your home insurance rates, and increasing your liability from the standard $100,000 to $300,000 is a difference of only $16 a year.
| Company | $400,000 with a $1,000 deductible and $100,000 liability | $400,000 with a $1,000 deductible and $300,000 liability | Hurricane deductible |
|---|---|---|---|
| Auto-Owners | $463 | $464 | None |
| Auto Club Group - ACG (AAA) | $1,786 | $1,817 | None |
| Frankenmuth Insurance | $2,260 | $2,277 | None |
| State Farm | $2,400 | $2,410 | None |
| Farmers | $3,859 | $3,886 | None |
| The Hanover | $4,283 | $4,285 | None |
| Michigan Farm Bureau | $7,942 | $7,982 | None |
| USAA | $2,545 | $2,545 | None |
Homeowners insurance on a $400,000 house in Michigan by credit rating
In Michigan, your credit history can be used to determine what you pay for home insurance. The average cost of a $400,000 insurance policy with excellent credit is $2,307, while the average cost for a homeowner with poor credit for the same policy is $14,734.
Compare rates for $400,000 in dwelling coverage, $300,000 in liability and a $1,000 deductible by credit tier below.
| Credit tier alignment level | $400,000 with a $1,000 deductible $100,000 liability | $400,000 with a $1,000 deductible $300,000 liability |
|---|---|---|
| Excellent | $2,293 | $2,307 |
| Fair | $4,398 | $4,418 |
| Good | $3,129 | $3,146 |
| Poor | $14,700 | $14,734 |
Michigan homeowners insurance on a $400,000 house by deductible
Increasing your deductible means lower insurance rates. The average difference between a $400,000 policy with a $1,000 deductible and the same policy with a $2,500 deductible is $832 a year.
Take a look at how deductibles affect home insurance rates in Michigan below.
| Deductible | Average annual premium | Average monthly premium |
|---|---|---|
| $500 | $3,561 | $297 |
| $1,000 | $3,666 | $305 |
| $2,000 | $2,884 | $240 |
| $2,500 | $2,834 | $236 |
| $3,000 | $2,806 | $234 |
| $4,000 | $2,475 | $206 |
| $5,000 | $2,461 | $205 |
Michigan home insurance on a $400,000 house by city
The cheapest city in Michigan for $400,000 in dwelling coverage is Ann Arbor at $2,554 a year. Whereas the most expensive city in Michigan to insure a $400,000 house is Detroit at $4,287 a year.
Where you live in Michigan impacts your home insurance premium due to risk factors like weather, crime and more. Compare average annual home insurance rates in major Michigan cities below.
| City | Annual premium | Monthly premium |
|---|---|---|
| Ann Arbor | $2,554 | $213 |
| Grand Rapids | $2,883 | $240 |
| Lansing | $2,909 | $242 |
| Troy | $2,994 | $250 |
| Livonia | $3,175 | $265 |
| Sterling Heights | $3,270 | $272 |
| Warren | $3,675 | $306 |
| Westland | $3,706 | $309 |
| Dearborn | $4,149 | $346 |
| Detroit | $4,287 | $357 |
Factors that impact homeowners insurance on a $400,000 house
A number of factors affect the cost of homeowners insurance in Michigan. They include:
- ZIP code
- Square footage
- Construction type
- Risks on the property
- Past claims
How to determine how much coverage you need for a $400,000 house
The coverage you need for your home is based on its replacement cost and not its market value. So, if you paid $400,000 for your house, that doesn't mean you need $400,000 in coverage. It could be higher or lower than that, since factors that affect market value, like land value or school districts, have no impact on homeowners insurance.
To ensure you get the right amount of coverage, it's important to do a thorough and accurate replacement cost calculation. You can estimate the amount to get ballpark insurance rates, but when it comes to buying a policy, it needs to be accurate to properly protect your home.
Frequently asked questions
How do you estimate the cost of homeowners insurance for a $400,000 house?
To estimate your insurance cost, first estimate your home's replacement cost. You can then get home insurance estimate using our home insurance calculator.
Is replacement cost coverage necessary for a $400,000 home?
Your mortgage company will likely require you to carry replacement cost coverage, regardless of your home's value. Fortunately, standard home insurance policies include replacement cost coverage for the dwelling.
Compare homeowners insurance on a $400,000 house widget with other states
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