Getting a Condo Insurance Quote in Michigan
The convenience of living in a condo is one that appeals to many Michigan residents. However, we understand that finding and purchasing the best condo insurance policy that both meets your needs and is affordable can be a bit tricky. We’re here to help by outlining a couple of important things to bear in mind while negotiating the final price of your condo insurance the ensure you get the most value for your money. Our goal is to help you understand the different factors that influence how much you pay on your condo insurance in Michigan and make the entire insurance purchase process as easy as can be.
Michigan Condo Insurance Statistics at a Glance
Condo insurance in Michigan tends to be on the pricy side, considering the various factors that affect condo insurance and rising housing costs. On average, Michigan residents pay $58 a month or $694 a year for their condo insurance, making Michigan the 46th most expensive state to purchase condo insurance in the country. The good news, however, is that even though Michiganians are paying more for their condo insurance than others living in different states, current trends reveal a steady decline in condo insurance prices. Overall, the average cost for condo insurance is similar across different parts of the state, but residents of Ann Arbor, MI, pay some of the lowest condo insurance rates in the state, averaging out to about $508 per year or $42.33 a month. On the other hand, the most expensive city for condo insurance is Detroit, MI, where residents pay approximately $1,471 per year or $122.58 a month. When looking for condo insurance in Michigan, it’s important to remember that different companies charge different rates, so shopping around and comparing the different offerings is a must.
$493
Average Annual Cost of Condo Insurance in Michigan
The average cost of condo insurance in Michigan on an annual basis is $493.
$41
Average Monthly Cost of Condo Insurance in Michigan
The cost of condo insurance in Michigan is roughly $41 per month.
25%
Percentage of Income on Ownership for Condos in Michigan
Residents of Michigan spend an average of 25% of their income on condo ownership.
31 years
Median Age of a Property Which Requires Michigan Condo Insurance
The average age of a property requiring condo insurance in Michigan is roughly 31 years.
What Affects the Costs of Your Condo Insurance in Michigan
The price insurance companies charge for condo insurance in Michigan depends on several factors. These factors help the insurance companies to calculate your individual liability and coverage requirements and finally quote you a price on your condo insurance policy. While some of the factors that could influence the price you pay for your condo insurance can be controlled, others, like your condo location, its year of construction, and build quality, are usually out of your control. The good news is that these factors could mean that you’re eligible for certain discounts, however, they could also mean that some insurance companies will deem you as a bigger risk than others. Other factors within your control include things like your credit history, claims history with other insurance providers, driver’s record, the type of people you live with, whether you rent or own the condo, and the value of your personal belongings inside the condo. To maximize your chances of receiving the best possible quote, we highly recommend you prepare and have all this information available when looking for quotes on insurance policies for your condo in Michigan.
Average Cost of Condo Insurance in Michigan by City
Most condo owners in Michigan opt to go for an HO6 insurance plan. Regardless of whether you live in Detroit or Grand Rapids or own a condo in a smaller city like Shelby, an HO6 plan is likely to suit your needs just fine. To give you a better idea of how much it will cost to insure your condo, we’ve compiled a list of estimated average insurance costs across different cities in Michigan. The average prices have been determined based on insurance costs in different cities or towns in Michigan, so bear in mind that the price you’re quoted for your condo insurance may differ from what’s shown below.
| City in Michigan | Average Monthly Costs for Condo Insurance | Average Annual Costs for Condo Insurance |
|---|---|---|
| Ann Arbor, MI | $42 | $508 |
| Battle Creek, MI | $52 | $620 |
| Bay City, MI | $50 | $598 |
| Canton Township, MI | $54 | $654 |
| Clinton, MI | $54 | $646 |
| Commerce Township, MI | $55 | $662 |
| Dearborn, MI | $75 | $896 |
| Dearborn Heights, MI | $74 | $890 |
| Detroit, MI | $123 | $1,471 |
| East Lansing, MI | $48 | $579 |
| Eastpointe, MI | $63 | $758 |
| Farmington Hills, MI | $57 | $687 |
| Flint, MI | $97 | $1,167 |
| Grand Blanc, MI | $58 | $700 |
| Grand Rapids, MI | $48 | $581 |
| Holland, MI | $46 | $546 |
| Holland, MI | $46 | $546 |
| Jackson, MI | $54 | $651 |
| Kalamazoo, MI | $50 | $603 |
| Kentwood, MI | $48 | $577 |
| Lansing, MI | $51 | $617 |
| Lincoln Park, MI | $79 | $950 |
| Livonia, MI | $55 | $665 |
| Macomb Township, MI | $53 | $636 |
| Midland, MI | $48 | $577 |
| Muskegon, MI | $61 | $727 |
| Novi, MI | $53 | $637 |
| Orion, MI | $60 | $717 |
| Pontiac, MI | $80 | $960 |
| Port Huron, MI | $49 | $589 |
| Portage, MI | $46 | $554 |
| Redford, MI | $83 | $994 |
| Rochester Hills, MI | $54 | $649 |
| Roseville, MI | $63 | $758 |
| Royal Oak, MI | $53 | $635 |
| Saginaw, MI | $71 | $855 |
| Saginaw, MI | $71 | $855 |
| Shelby, MI | $52 | $629 |
| Southfield, MI | $83 | $1,001 |
| Southgate, MI | $68 | $813 |
| St. Clair Shores, MI | $54 | $652 |
| Sterling Heights, MI | $55 | $663 |
| Taylor, MI | $72 | $861 |
| Troy, MI | $51 | $611 |
| Warren, MI | $66 | $797 |
| Waterford, MI | $64 | $768 |
| West Bloomfield, MI | $61 | $733 |
| Westland, MI | $67 | $799 |
| White Lake, MI | $57 | $689 |
| Wyoming, MI | $46 | $553 |
| Ypsilanti, MI | $56 | $668 |
Choosing the Best Condo Insurance Company in Michigan for Your Needs
If you’re after long-term peace of mind and want to be sure that all your insurance needs will be met, you’ll need to put in the time and effort it takes to find the best condo insurance provider— there’s no way around it. Remember that condo insurance covers yourself, the people that live with you, and your hard-earned possessions, so don’t skimp on the time spent on looking for the best coverage or settle for the cheapest plan you find. Shopping around and comparing different companies before making your final decision is undoubtedly one of the best things you can do to find the best condo insurance company for your needs. Speaking of best insurance companies, it’s worth pointing out that reputable and professional companies will never pressure you into hurrying your decision along or to pay a price that you’re not comfortable with. Look for insurance providers that appreciate their long-term, loyal customers and reward them with premium discounts, benefits, or discounted insurance bundles and always double-check to make sure your chosen provider is licensed. Take a look at the Michigan Department of Insurance website to learn more about an insurance company’s license status, financial stability, and overall reputation.
The Top Rated Condo Insurance Companies in Michigan Based off Consumer Ratings
State Farm has been one of the largest and best-rated condo insurance providers in the United States for over 50 years. In Michigan, a study conducted by JD Power scored State Farm a 0 out of 5 (below average) for its coverage offerings, charging and payment, customer support, and claims. State Farm also received an NAIC complaint ratio of 0.2 in Michigan. Just like many other condo insurance providers in Michigan, State Farm offers discounts on premiums for condos that were built or renovated to withstand natural disasters that happen in the Great Lakes State. When independently reviewing metrics for condo insurance firms in Michigan, State Farm scores the highest JD Power rating with a 0, while Frankenmuth Insurance scores the lowest with a 0. With regard to NAIC complaint ratios, The Hanover Insurance Group comes out on top with a score of 0.18, while Liberty Mutual sits at the bottom with an NAIC complaint ratio of 0.53.
| Michigan Condo Insurer | JD Power Rating | NAIC Rating |
|---|---|---|
| State Farm Ratings for Condo Insurance in Michigan | A++ | 0.2 |
| Auto-Owners Insurance Ratings for Condo Insurance in Michigan | A++ | 0.21 |
| Auto Club Insurance Association Ratings for Condo Insurance in Michigan | A- | 0.36 |
| Allstate Corp Ratings for Condo Insurance in Michigan | A+ | 0.31 |
| The Hanover Insurance Group Ratings for Condo Insurance in Michigan | A | 0.18 |
| Michigan Farm Bureau Ratings for Condo Insurance in Michigan | A | 0.19 |
| Liberty Mutual Ratings for Condo Insurance in Michigan | A | 0.53 |
| Farmers Insurance Ratings for Condo Insurance in Michigan | A | 0.39 |
| USAA Ratings for Condo Insurance in Michigan | A++ | 0.33 |
| Frankenmuth Insurance Ratings for Condo Insurance in Michigan | A | 0 |
Michigan Condo Insurance Requirements
Under the Michigan Condominium Act, a condo owner in Michigan is entitled to take out condo insurance at their own free will but isn’t legally required to do so. Michigan law requires condominium associations to take out condominium insurance on the whole building, and the Condominium Act specifies that the association’s policy shall control and provide the primary insurance in the event of a loss if the owner of the condo unit also carries insurance covering the same risk. Regardless, it’s still worthwhile for condo owners in Michigan to consider purchasing a separate condo insurance policy to cover any improvements they make to the condo, their liability, possessions, or any other event or circumstance not covered by the condominium association’s policy.
What's Covered with Your Condo Insurance in Michigan
When looking for condo insurance in Michigan, you’ll notice that most insurance companies provide what’s known as standard coverage. This generally comprises of building property coverage, personal property coverage, loss of use coverage, and liability coverage. Building property coverage protects you in the event your condo unit and any permanent fixtures in it (such as walls, floors, ceilings, and tiles) sustain any loss or damage following an unforeseen event. Personal property coverage covers any personal belongings in the condo, like clothes, furniture, and electronics, lost or damaged due to an event such as a fire. Similarly, loss of use coverage ensures you have somewhere to go and any expenses beyond what you’d normally pay when living in your condo are covered following an event that renders your unit uninhabitable. Liability coverage protects you should you be held liable for property damage or personal injury in or around your condo and most condo insurance policies in Michigan cover up to $100,000 in liability damages.
| Average Costs of Condo Insurance in Michigan by County | Average monthly condo insurance cost | Average annual homeowners insurance cost |
|---|---|---|
| Wayne County, MI | $76.63 | $918.13 |
| Oakland County, MI | $61.57 | $740.00 |
| Macomb County, MI | $60.20 | $725.60 |
| Kent County, MI | $47.33 | $570.33 |
| Ingham County, MI | $49.50 | $598.00 |
| Washtenaw County, MI | $49.00 | $588.00 |
| Kalamazoo County, MI | $48.00 | $578.50 |
| Genesee County, MI | $77.50 | $933.50 |
| Saginaw County, MI | $71.00 | $855.00 |
| Ottawa County, MI | $46.00 | $546.00 |
| Calhoun County, MI | $52.00 | $620.00 |
| Midland County, MI | $48.00 | $577.00 |
| Muskegon County, MI | $61.00 | $727.00 |
| Bay County, MI | $50.00 | $598.00 |
| Jackson County, MI | $54.00 | $651.00 |
| St. Clair County, MI | $49.00 | $589.00 |
| Lenawee County, MI | $54.00 | $646.00 |
| Oceana County, MI | $52.00 | $629.00 |
How to Get Michigan Condo Insurance Discounts
Most insurance companies in Michigan offer their own, unique discounts or loyalty programs, so it’s worth asking about any that you or your family members may be eligible for when shopping around for quotes. A few of the discounts usually offered by Michigan insurance providers include new client discounts, multi-policy and bundle discounts, loyalty discounts, and discounts for clients who opt to pay the premiums in full every year.
| Condo Insurance Deductible | Average Michigan Condo Insurance Costs Based off Deductible |
|---|---|
| $500 | $86 |
| $1,000 | $78 |
| $1,500 | $72 |
| $2,000 | $67 |
| $5,000 | $53 |
Getting the Best Michigan Condo Insurance Rates
Comparing different plans and shopping around is key if you’re determined to save on your Michigan condo insurance policy. If you’re not sure where to start or need a bit of help, all you have to do is give us a call to find out whether other insurers can give you a better deal, you just might be in for a surprise. Additionally, many insurance companies offer referral discounts, so it could be worth asking your friends to refer you to whichever condo insurance company they’re insured with. Another possibility would be to consider any potential savings gained by paying a higher deductible since, in most cases, the higher your deductible, the lower your premiums. However, it’s important to always bear in mind that having a higher deductible increases the likelihood of you having to cover any expenses below the deductible out of pocket. You could also save on your insurance payments as a whole by bundling your different insurance policies under the same company. For example, your car insurance provider may be willing to decrease your premium if you decide to purchase a condo insurance policy from them, too. Moreover, many insurance companies offer loyalty discounts for clients who’ve been with them for a couple of years. Simply looking into whether you’re eligible for any discounts could save you up to 10% on your premiums. Last but not least, to save the most on your condo insurance policy, it pays to keep an eye on your credit rating since most insurance companies take it into account when calculating your rates, and the better your credit rating, the lower your insurance premium.