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Old 06-26-2012, 07:11 PM
 
8 posts, read 40,922 times
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Moving from out of State and am looking to buy a approx. $250,000 single family type home in the Huntingon Woods/Berkley/Beverly Hills area....I am wondering what typical home insurances are in Michigan? I am in NC and pay $650 a year.
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Old 06-26-2012, 08:13 PM
 
Location: On the brink of WWIII
21,088 posts, read 29,216,093 times
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Quote:
Originally Posted by Swissbuck View Post
Moving from out of State and am looking to buy a approx. $250,000 single family type home in the Huntingon Woods/Berkley/Beverly Hills area....I am wondering what typical home insurances are in Michigan? I am in NC and pay $650 a year.
Not sure about the affluent burbs, but I am guessing you will be paying between $1500 and $2500 a year for $250K plus contents.

We were paying $1300 for $150K (structure and contents) back in 2009.

By the way, WELCOME to Michigan.
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Old 06-27-2012, 10:54 AM
 
Location: Lyon Township
91 posts, read 155,483 times
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Hard to answer because there is a lot of variation depending on more than just the house price and neighborhood. Our house in Farmington Hills was sold for $325,000. Our insurance was $2600 per year, but the house was over 4000 sq ft. (houses over 4000 sq ft are rated higher ) and had a replacement value for insurance of $550,000. We'd also had a fire in the old house and were still rated. Our new house brand new construction in Lyon township, is tiny by comparison, 2800 sq ft, but cost about $310,000. Our insurance is only $950 per year. Age, Size, and experience matter
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Old 07-03-2012, 01:29 PM
 
8 posts, read 40,922 times
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Thanks for the responses!
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Old 07-05-2012, 08:44 AM
 
Location: Grosse Ile Michigan
30,708 posts, read 79,793,239 times
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IT partly depends on the value of your home shown in some book the insurance companies use. OUr house is proabably worth about $450,000. However int eh insurance book, it shows it at $1 million. Thus, tehy all want to charge us an arm and a leg for insurance. However that does not mean they will pay $1 million if we lost our house. They will only pay the "replacement value" So all it means is most insurance companies try to charge us more.
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Old 07-06-2012, 05:43 PM
 
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I recently moved to Michigan from North Carolina. I have a rental in NC. It's 2000sq feet and my Insurance is $680. I received a quote for a home I'm looking at in Canton. It's 2600 sq feet with a purchase price of 279k. USAA told me the replacement cost was higher at 325k. But the insurance would be $640 per year. I was shocked because all my insurance from NC to Mi is much higher including my car insurance is more than triple.
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