By purchasing home insurance, homeowners in Michigan can protect their property and belongings in the event of a covered claim. With a median property value of $298,400, Ann Arbor, Michigan, residents pay on average $859 per year for $250K in dwelling coverage.
Homeowners in Ann Arbor can find the best cheap homeowners insurance coverage by shopping with various insurance companies. To help aid in your search, we compared pricing, coverage options and available discounts to provide average annual costs for home insurance based on $250K in dwelling coverage. Though you may need more or less, these comparisons can help you find the cheapest costs without sacrificing coverage.
Best cheap home insurance companies in Ann Arbor
To find the best cheap home insurance companies offering coverage in Ann Arbor, Michigan, we analyzed quotes from the top insurance companies based on market share, average rates, insurance, discounts, coverages and customer satisfaction. These are the top five best cheap home insurance companies in Ann Arbor.
|Home insurance company||Average annual premium for $250k dwelling coverage||J.D. Power customer satisfaction score|
|The Hanover||$941||Not rated|
Though auto is in the name, Auto-Owners also offers homeowners insurance for Ann Arbor residents. You can customize your coverage with features like special personal property, guaranteed replacement cost, water backup of sewer or drains and equipment breakdown insurance. Auto-Owners is the third highest-ranking insurance company for customer satisfaction in the J.D. Power Home Insurance Study, showing its dedication to its policyholders.
Learn more: Auto-Owners Insurance review
Though most think of roadside assistance when hearing AAA, the company also offers home and auto insurance. The provider offers add-ons or endorsements for things like flood coverage, which may be something to consider as this natural disaster is not covered by standard homeowners insurance.
Learn more: AAA Insurance review
On top of the standard home insurance coverages, USAA also offers optional coverages for home sharing and earthquake coverage. Though USAA earned the #1 ranking in the Home Insurance Study, it does not meet the criteria as membership is restricted to past and present military, their spouses and children. Another feature offered to USAA homeowners policyholders is replacement cost on personal belongings at no extra cost, which is typical with some insurance companies.
Learn more: USAA Insurance review
At The Hanover, Ann Arbor homeowners have flexible options to meet their needs to protect their home and belongings. Service line coverage, water backup and guaranteed replacement cost can be added as needed. If you have a high-value home, The Hanover offers a Prestige policy with additional features like loss mitigation expense, deductible waiver and flexible limits.
Learn more: The Hanover Insurance review
State Farm is the largest home and auto insurer in the country, offering affordable rates for Ann Arbor homeowners with customizable home policies. Michigan residents can take advantage of State Farm’s roofing discount for having a qualifying impact resistance roof on their home. If you are looking for personalized service, State Farm’s dedicated agents can provide what you are looking for.
Learn more: State Farm Insurance review
Home insurance coverage options in Ann Arbor
Though Michigan is considered one of the safest states from experiencing a natural disaster, weather events like earthquakes and tornadoes are still possible. In fact, 13 counties in Michigan were designated as natural disaster areas in 2020 with freezing, excessive rain, drought, flooding and high wind events. Even though Washtenaw County is not one of the affected, Ann Arbor residents can arm themselves with additional coverage to protect their homes and personal property.
- Equipment breakdown: This add-on coverage is being offered by more insurance companies and will pay for certain equipment in your home for mechanical or electrical breakdown that typically are not covered by a homeowners policy. This includes your HVAC system, water heater, personal computers, generators, appliances, electrical panels and sump pumps. Coverage limits and cost vary by carrier.
- Flood insurance: A flood is not covered by homeowners insurance but you can purchase it as a separate policy from either your insurance agent or FEMA. Flood insurance will provide coverage if your home or belongings are water damaged from a storm surge, heavy rain event and other water natural disasters.
- Water backup: Also called backup of sewer or drains, this add-on coverage will pay if your sump pump fails or if sewer water backs up into your drains and toilets.
Home insurance discounts in Ann Arbor
Ann Arbor homeowners are able to save on home insurance by stacking applicable discounts on their policy. Here are a few to consider adding to your homeowners policy:
- Protective devices: Having a fire alarm, security system or internal sprinklers can reduce how much you pay for homeowners insurance and protect your home from a fire or break-in.
- Multi-policy: Insuring more than just your home with the same company can net you some serious savings and make it easier by having all your insurance with the same carrier.
- Claims free: The longer you go without filing a homeowners claim, the more you stand to save on your home insurance policy.
- Affinity: If you are a member of select organizations, including business, occupational or educational groups, you may be able to save even more on your home insurance.
The amount you can save with discounts varies by company, but most often, the home and auto bundle discount offers the most savings. Being claims-free and having protective devices can also help you save the most on home insurance.
Frequently asked questions
What is the best home insurance company?
The best home insurance company in Ann Arbor depends on your needs and budget. Getting quotes from multiple companies can help you find the right coverage for your budget and protect your home without paying a high premium each year.
How much does home insurance in Ann Arbor cost?
The average cost for homeowners insurance in Ann Arbor is $859 per year for $250K in dwelling coverage. Your coverage needs and rates may be different and are dependent on other factors such as the age of the home, your claims history and the deductible you choose.
How much home insurance do I need in Ann Arbor?
The amount of home insurance you need in Ann Arbor is based on the amount it would cost to repair the structure of the dwelling. An insurance agent can help you with the valuation and determine other coverages and limits needed to protect your investment.
Bankrate utilizes Quadrant Information Services to analyze 2021 rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Quoted rates are based on 40-year-old male and female homeowners with a clean claim history, good credit and the following coverage limits:
- Coverage A, Dwelling: $250,000
- Coverage B, Other Structures: $25,000
- Coverage C, Personal Property: $125,000
- Coverage D, Loss of Use: $50,000
- Coverage E, Liability: $300,000
- Coverage F, Medical Payments: $1,000
The homeowners also have a $1,000 deductible and a separate wind and hail deductible (if required).
These are sample rates and should be used for comparative purposes only. Your quotes will differ.