Get Ray, MI Home Insurance Rates!

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For current residents and new homeowners of Ray, MI, you will be happy to hear that comparing home insurance quotes in your local area has never been easier with our online quoting application. With our one-stop-shop service, you can compare up to 12 competitive homeowners insurance rates based on price, coverage options and ratings. Simply enter your Ray Michigan zip code and start comparing the best home insurance rates.

The most common questions we get asked is "What does homeowners insurance cost in my area"? For residents living in Ray, MI, the average homeowners policy is around $1,002 per year, that is only $84 per month. Usually your Michigan homeowners premium will be paid annually, and is handled by your mortgage company. Average home insurance rates are based on a standard homeowners policy, commonly known as an HO-3 home policy. Insurance companies rate risk differently so it is important to let us do the shopping for you and help answer any questions that you may have about your home, coverage options, discounts and more.

Homeowners living in Ray:

What would it cost to replace my home?
Insurers will assign a replacement cost value to your home in case it was ever in need of rebuilding. Remember the cost to replace your home is not the same as buying the home because the cost of land does not need to be factored as an expense when replacing the structure. Try our replacement cost coverage calculator to easily generate your total replacement cost coverage, you will see three options to choose from. Those three options are based on the current status of your home like upgraded kitchen and bathrooms. These estimates are considered on a cost per square foot pricing model.

How many people live in Ray?
The total city area population for Ray, MI is 11,217.

How many homes in the Ray area?
The total homes in the city of Ray is 1,404 housing units.

What is the average Ray household income?
The average income in the Ray area is around $76,563.

How much do the homes in Ray cost on average?
The average cost of a home in Ray is estimated to be around $271,900.

Compare Homeowners Insurance Rates in Ray, MI!

Enter your Zip Code:    

Get up to 12 competitive Ray, MI homeowners insurance rates all in one place!

Enter your Zip Code:    
Easily compare up to 12 competitive Ray, MI rates all in one place!

Average Rates Nearby Ray

Are you looking for homeowners insurance in a city near Ray? Review coverage options and average rates in your area by clicking your city below. We can help you shop home insurance rates!

Home Insurance Rates by Zipcode in Ray, MI

Easily review average rates and get multiple homeowners insurance quotes by clicking your zip code below located in Ray.

48096,     

Ray, MI Home Insurance Average Premiums

Local Ray, MI home insurance quotes comparison

$522 /yr.

Shows Ray's lowest average rates with discounts applied.

For the city of Ray, homeowners insurance rates may vary on deductible, coverage amount and property details. Below is a list of the averages based on the cost of an annual home insurance premium.

Coverage Amount:Annual Premium
1800 sq. ft. or below
(discounts applied)		$522 /yr.
Average Coverage:$772 /yr.
2600 sq. ft. or higher
(all discounts applied)		$1072 /yr.

What is the average home insurance cost for a home in Ray, MI?

  • • The average homeowners insurance premium paid annually for a home in Ray is around $772 per year.

What does it cost on average per month for home insurance in Ray, MI?

  • • Homeowners in Ray pay an average cost per month around $64.00 for insurance coverage.

Ray, MI Coastal Wind, Hail & Flood Information

Ray is located in a coastal county which greatly increases the risk of hurricanes and windstorms. Our quoting process will include wind and hail coverage options to give you the best protection you need against high winds and storm damage.

Flood Zone Notice: The beautiful coastal city of Ray is know for it's beautiful beaches and waterways. Because Macomb County (FIPS: 26099) has a shoreline and is in a coastal area it is important to purchase flood insurance. The risk is very high in this area and we will work with you to provide the best flood insurance coverage you need for your home in Ray, MI.

Ray, MI - 2023 Housing Information

Month Current Home Value (2023) Last Year Home Value (2022)
January $337,045 $323,959
February $341,170 $325,937
March $345,317 $329,177
April $346,093 $333,049

Homeowners insurance will help cover the cost to repair or replace your Ray home if it is damaged or destroyed by a covered peril, up to your coverage limits. A homeowners policy is made up of a few different coverages. Here are the most common coverages:

  • Dwelling: This coverage will pay to repair or replace the structure of your home if it is damaged or destroyed. Review and Calculate Replacement Cost Coverage in Ray
  • Liability: This coverage will help cover medical and legal bills if someone is injured in your home, slipping on an icy sidewalk for example. It also offers protection if you damage another person’s property, your child hitting a baseball through a neighbor’s window for example.
  • Contents: This covers the cost to replace your personal possessions that are destroyed by a covered peril. Furniture, electronics, clothing and household goods are excellent examples. Contents coverage is often capped at 50% to 70% of your dwelling coverage.
  • Other Structures: This coverage protects other structures on your property such as detached garages, outbuildings, barns, and sheds.
  • Loss of use: This covers everyday costs that you incur if you cannot live in your home while it is being repaired due to a claim. It will pay hotel and restaurant bills and even the cost of dry cleaning.
Enter your Zip Code:    

Get up to 12 competitive Ray, MI homeowners insurance rates all in one place!

Enter your Zip Code:    
Easily compare up to 12 competitive Ray, MI rates all in one place!

Saving Money Tips on Ray Home Insurance

A great way to save money on Ray homeowners insurance is to make sure you are getting all the discounts you are qualified to receive. Here are just a few of the most common discount’s insurers offer:

  • Bundling: If you purchase your home and auto (or any other insurance coverage) from the same insurer, you should get a bundling discount. Expect to save 20%-25%.
  • Secure your home: Adding a monitored security system, water leak sensors, deadbolts, and smoke detectors should result in a discount.
  • Impact resistant roof: If you are replacing your roof, consider impact resistant roofing materials which help prevent hail and impact damage as well as resulting in a significant discount.
  • Stay claim free: If you have been claim free for a number of years (five is a common requirement) your insurer should offer a claim free discount.

Are you shopping for the best rate near or wihin the Ray area? Check out what homeowners are paying on average for Michigan homeowners insurance.

Elevation Review for Coastal Wind or Flooding Risk

Elevation Details Homeowners Tips
650 ft. This is the average home elevation in Ray, MI

» Elevation is crucial to a homeowners insurance policy because it determines the risk of your home being in a flood zone which is particularly important in a coastal state such as Ray, Michigan.

A standard homeowners policy does not cover flood damage. If you live in a flood prone area, you will need to purchase a separate flood to fully protect your home.

Call Now for Flood Insurance Quotes: 888-620-1954!

Flood insurance can be purchased via the National Flood Insurance Program (NFIP) or in the private market. NFIP policies come with coverage caps and other restrictions so you may need to supplement your flood insurance coverage with a private market policy.

It's important to remember that flooding occurs in low and moderate risk areas as well. According to FEMA data, almost 25% of all flood claims come from low to moderate-risk areas.

To get online quotes on your home and compare rates on home insurance premiums in Ray, enter your zip code above and easily complete our online quoting application. Remember, it's important to speak with us about additional home insurance discounts so you can get the best rate for your home in Macomb County.

Michigan Homeowners Insurance News & Information

  • 2025 – Study Shows Home Insurance Market Stabilizing Posted on Wednesday 11th December, 2024

    According to a new report from Matic, the homeowner’s insurance market has shown signs of stabilizing roughly two years after major premium hikes and coverage challenges.  Even though premiums are high, trends in the insurance industry show that a slowdown in premium growth may be coming. Here is a brief overview of the report and […]

  • What’s the average home insurance rate for a $300K home in 2024? Posted on Monday 9th December, 2024

    A recent report from Insurance.com found that the average homeowners insurance rate for a $300,000 in homeowners coverage hit $2,777 per year which breaks down to $231 monthly.  The cost of homeowners insurance in some states can be extremely expensive, for years Florida has been know to have the highest premiums in the nation. When […]

  • $4.5B Estimated In Insured Losses After 2024 Florida Hurricanes Posted on Wednesday 13th November, 2024

    According to the Florida Office of Insurance Regulation, the three hurricanes that made landfall this year have caused more than $4.5 billion in estimated insured losses. Hurricane Debby, Helene and Milton all hit the state within two months of each other Helene and Milton struck just two weeks apart. State data show that over 269,000 […]

  • I can’t afford my home insurance, what do I do? Posted on Saturday 9th November, 2024

    According to data from the National Association of Realtors (NAR), the average U.S. insurance rate is $2,377 a year. The data also suggest that homeowners could see a 6% rise in rates by the end of the year which is in addition to the 20% increase over the two previous years. As climate change pushes […]

  • How to Get the Best Homeowners Insurance Policy for Your Needs Posted on Wednesday 6th November, 2024

    Having the proper insurance coverages in place is a critical part of owning a home, it protects your investment and finances in the event your home is destroyed by an unexpected disaster such as a fire, flood or severe storm.  Understanding the different coverages that are available to homeowners is key to making sure you […]

Ray, MI Dwelling Coverage Estimate

It is important to calculate your dwelling coverage for your home in Ray so you know what type of homeowners insurance coverage you need to cover your replacement cost. It is recommended to have enough dwelling coverage to rebuild your home if it was destroyed by a covered peril.

Please remember that replacement cost coverage does not include the cost of the land, only the price to rebuild your home, which is why we like to help customers by answering a few questions that you may have.

What is the average replacement cost coverage in Ray, MI?

- The average square footage in Ray is around 2,060 Sq. Ft. which would cost you around $271,900 to replace the home if you base the home on the price to build per square foot of $132.

Minimum Replacement Cost Total: $271,900

Location: Ray, Michigan (Macomb County)

Average Building Cost Per Square Foot in Ray: $132 (low end)

Average Square Footage in Ray: 2,060 Sq. Ft.

Home Improvement StatusPrice per Sq. Ft.Dwelling Coverage
None or Very Minor Improvements$132$271,900
Some Additional Upgrades$165$339,875
Major Home Updates or Advancements$198$407,850

The dwelling coverage is calculated by the average cost per square foot ($132) in Ray, Michigan times your heated square footage. Which would equal the cost to rebuild your home minus the cost of the property or land. Some homes will have a higher replacement cost due to home improvements like updated kitchens and bathrooms. Other upgrades may include: granite countertops, hardwood floors and stainless steel appliances. The national square foot average to build a brand new home is around 2500 square feet. So if you are looking to build, and your square footage of your new home is 2500, you are looking at a dwelling coverage premium of around $412,500 (Media price to build of $165 x 2500 sq. ft.) to cover the cost to rebuild your new home.

What is the difference between actual cash value and replacement cost value?

Homeowners insurance is available in both actual cash value (ACV) and replacement cost value (RCV). Knowing the difference is important:

Actual cash value: When valuing your personal possessions, an actual cash value policy will take depreciation into account. This means that your 10-year-old TV will be basically worthless according to your insurance company. While an ACV policy tends to be cheaper, if you have to make a claim you may be disappointed in your claim payout.

Replacement cost value: A RCV policy will replace your possessions with brand new items of similar quality regardless of how old they were at the time they were destroyed. While RCV policies are slightly more expensive, they are well worth the cost if you have to make a claim.