Get Somerset Center, MI Home Insurance Rates!
If you have watched your Somerset Center home insurance rates increase year over year, you are not alone. Homeowners insurance in Michigan has gotten more expensive over the last decade and Michigan is now the #36 in country when it comes to the cost of homeowners coverage.
The average cost of homeowners insurance in Michigan is currently $1002 which makes Michigan the #36 most expensive state in the country for home insurance. Local residents of Somerset Center need to be aware that the national average is $1311.
The insurance coverages you need in Somerset Center
Homeowners in Somerset Center (or just about anywhere for that matter) should be aware of the different types of protection offered by a homeowners policy. Here is a quick overview:
Dwelling: This portion of your policy will help repair or rebuild your home’s structure if it is damaged or destroyed by a covered peril. Your dwelling coverage levels should be enough to cover the cost of rebuilding your home.
Liability: The liability portion of the policy will help cover any liability issues that come up at your home. It will help pay medical as well as legal bills for any injuries that happen to guests at your home. This can be the result of someone being injured at your home, falling down your stairs for example or if your pet bites someone the liability portion of your policy will step up.
A standard homeowners policy comes with $100,000 in liability coverage but most experts recommend carrying at least $300,000 in coverage. Medical and legal bills can quickly add up so make sure you are carrying enough liability protection.
Personal Property: This coverage will repair or replace your personal possessions if they are damaged or destroyed by a covered peril. The coverage amount for your personal property is 50 percent of your dwelling coverage which means that if you are carrying $300,000 in homeowners insurance on your home, your coverage level for your personal property is $150,000.
Other Structures: This covers other structures on your property such as outbuildings, sheds, barns, detached garages and other structures. This coverage is 10 percent of your coverage levels on most policies so if you are carrying $200,000 on your home, your other structures are protected by $20,000 in coverage. This is all structures combined.
Loss of Use: If your home is so damaged that you can’t live in it while it is being repaired the loss of use portion of your policy will step up. This coverage will help cover expenses you incur due to being out of your home. It will pay hotel bills, restaurant tabs as well as other expenses such as dry cleaning.
Tips for lowering your insurance costs in Michigan
While the cost of homeowners insurance has gone up in recent years, there are ways to save a bit of money on your premium. Regardless of whether you live on the coast or inland, these tips can help put some money back in your pocket:
- Shop your coverage: If you are reading this, you are probably already shopping your coverage. Shopping your policy is the best way to lower your insurance costs. Insurers rate risk differently and this can lead to dramatic differences in premium quotes.
We can help make the shopping process quick and easy. Simply enter you zip code at the top of the page, fill out our short form and Click "Get Home Insurance Quotes". We will shop your coverage with at least 12 insurance companies that best respresent the city of Somerset Center and we ensure you will find a great policy without having to leave the comfort of your own home. - Discounts: Insurers offer numerous discounts and making sure that every discount you qualify for is applied to your policy is a great way to lower your premium. We make sure all available discounts are being applied to your policy.
- Upgrade your home: This can result in big savings, particularly if your home is located on the coast. Replacing your roof with wind and hail resistant shingles, adding storm shutters and getting your mechanicals off the ground can result in big savings.
- Up your deductible: This is another great way to lower your premium. Doubling your deductible can result in a major discount. Always make sure you choose a deductible that you can easily afford in the event you have to make a claim.
It's time to save some money
If you are ready to save a bit of coin on your insurance bill, we are here to help. We offer a quick and easy solution to shop and compare Somerset Center home insurance rates online, with our quick online quoting application, we can help you review rates from up to 12 home insurance companies to find the best policy for your particular home.
If you are looking for a new policy that comes with great coverage and a low premium for your home in Somerset Center, let us help you save up to 40% or more on your new home insurance policy. Start a quote online now or give us a call at 1-855-976-2656..
Compare Homeowners Insurance Rates in Somerset Center, MI!
Get up to 12 competitive Somerset Center, MI homeowners insurance rates all in one place! |
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Home Insurance Rates by Zipcode in Somerset Center, MI
Easily review average rates and get multiple homeowners insurance quotes by clicking your zip code below located in Somerset Center.
Somerset Center, MI Home Insurance Average Premiums
$543 /yr.
For the city of Somerset Center, 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) | $543 /yr. |
| Average Coverage: | $793 /yr. |
| 2600 sq. ft. or higher (all discounts applied) | $1093 /yr. |
What is the average home insurance cost for a home in Somerset Center, MI?
- • The average homeowners insurance premium paid annually for a home in Somerset Center is around $793 per year.
What does it cost on average per month for home insurance in Somerset Center, MI?
- • Homeowners in Somerset Center pay an average cost per month around $66.00 for insurance coverage.
Somerset Center, MI Coastal Wind, Hail & Flood Information
Somerset Center 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.
Somerset Center, MI - 2023 Housing Information
| Month | Current Home Value (2023) | Last Year Home Value (2022) |
|---|---|---|
| January | $149,501 | $135,011 |
| February | $149,469 | $136,852 |
| March | $149,319 | $139,284 |
| April | $147,845 | $142,451 |
Homeowners insurance will help cover the cost to repair or replace your Somerset Center 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 Somerset Center
- 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.
Get up to 12 competitive Somerset Center, MI homeowners insurance rates all in one place! |
Saving Money Tips on Somerset Center Home Insurance
A great way to save money on Somerset Center 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 Somerset Center 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 |
|---|---|---|
| 1065 ft. | This is the average home elevation in Somerset Center, 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 Somerset Center, 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. 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 Somerset Center, 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 Hillsdale County.
Michigan Homeowners Insurance News & Information
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According to the recently released J.D. Power 2024 U.S. Home Insurance Study a nationwide rise in premiums has driven many customers to shop for new policies as their rates are now too high. “’The average shopping rate among home insurance customers has climbed to a record high of 6.8% through the second quarter of 2024, […]
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According to a new study from Clever Real Estate, a St. Louis-based real estate company, monthly rent costs are actually cheaper than a monthly mortgage payment in 48 of the 50 most populous cities in the United States. Their analysis looked at mortgage principals, interest, taxes as well as homeowners insurance and they found that […]
Somerset Center, MI Dwelling Coverage Estimate
It is important to calculate your dwelling coverage for your home in Somerset Center 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 Somerset Center, MI?
- The average square footage in Somerset Center is around 1,174 Sq. Ft. which would cost you around $155,000 to replace the home if you base the home on the price to build per square foot of $132.
Minimum Replacement Cost Total: $155,000
Location: Somerset Center, Michigan (Hillsdale County)
Average Building Cost Per Square Foot in Somerset Center: $132 (low end)
Average Square Footage in Somerset Center: 1,174 Sq. Ft.
| Home Improvement Status | Price per Sq. Ft. | Dwelling Coverage |
|---|---|---|
| None or Very Minor Improvements | $132 | $155,000 |
| Some Additional Upgrades | $165 | $193,750 |
| Major Home Updates or Advancements | $198 | $232,500 |
The dwelling coverage is calculated by the average cost per square foot ($132) in Somerset Center, 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.