Homeowners Insurance in Taylor, Michigan (2024)

Let’s see what else these Michiganders need to know about homeowners insurance in their area, like how much it costs, how they can get the policy, and how they can lower their premiums.

Home insurance in Taylor, Michigan, costs about $1,807 annually, or about 15% below the state average of $2,114 annually. While many residents may see premiums within the range of the city’s average, Taylor residents should know that this rate isn’t indicative of everyone’s premiums. 

Premiums are highly subjective, based on the individual, policy, insurer, and several other factors. Insurers use a range of characteristics and factors to calculate your premiums. When calculating premiums, insurers are assessing, in part, if you’re at an above-average risk of filing a claim. So, they collect information that may indicate an above-average risk, like your age, claims history, house age, location, and much more.

Insurers even look at characteristics of your location, like crime rates or its susceptibility to severe weather events. According to this weather map, Taylor has never seen a tornado, which is one of the most severe weather events that can occur in Michigan. While Taylor may experience other severe weather, like heavy rainfall, snow, or sleet, premiums may be a bit below the state average because the city isn’t susceptible to tornadoes or tornado damage.

In addition to characteristics about you as a policyholder and your location, your insurer will also use information about the policy you wish to bind to determine your rates. One of the primary coverages on your policy, dwelling coverage, will significantly impact your premium.

Let’s see how Taylor homeowners insurance policy premiums differ when the dwelling coverage limit is adjusted.

As you can tell, premium rates differ greatly when adjusting dwelling coverage limits by $100,000. Premium costs differ by almost 30% when adjusting dwelling coverage limits by $100,000.

Your dwelling coverage limit has such sway over your premium because it’s the part of your policy that will help you rebuild your home if a covered peril completely ruins it. It’s important to note, too, that dwelling coverage limits are based on your home’s replacement cost, so that’s another primary factor your insurer considers when setting your rates.

Your home’s replacement cost is the amount it would cost to completely repair your home, down to the studs, including costs for things like labor, materials, and construction. Generally, insurers require policyholders to maintain a dwelling coverage limit that covers at least 80% of their home’s replacement cost. 

So, if you opt to insure your home with the minimum amount of dwelling coverage, in the event your home must be rebuilt, you’d have to kick in that remaining 20% for labor, materials, and construction out of pocket.

While saving on your homeowners insurance premiums may be your priority, sometimes lowering your coverage limits in the name of savings isn’t the wisest option. Luckily, that isn’t your only option, either. Let’s check out how these Michiganders can get to saving on their homeowners insurance policies so they can get back to enjoying their community. 

Getting the cheapest Taylor homeowners insurance isn’t quite as difficult as residents may think, nor does it always involve sacrificing great coverage. 

One of the best ways to ensure you get the cheapest policy or the policy that most fits your budget is to compare rates by gathering quotes online. This allows you to see all the rates for which you’re eligible so you can choose your policy, knowing exactly what’s out there for you.

When you’re shopping around for quotes online, you’ll also want to check out what discounts are offered by the insurers you’re most interested in. Insurers offer a range of discounts, some the same across the board and some exclusive to the insurer. For example, USAA specializes in insurance for veterans and often offers discounted rates for policyholders associated with the U.S. Military. 

Insurers offer other discounts, too. Discounts can be related to your personal characteristics, insurance habits, or features on your home. For example, insurers often offer a discount for policyholders who bind several policies with the same insurer, like home and auto insurance. 

Similarly, insurers also provide pretty significant discounts for those who protect their homes with security systems, as home security is a proven defense against property crime. 

While applying discounts to your policy can allow you to lower your premiums without risking coverage, we would be remiss if we didn’t mention that the less coverage you maintain on your policy, the cheaper it will be. While this isn’t the safest way to protect your home, property, and belongings, it can help you save on your premiums.

Lastly, you can set your deductible to a higher amount. High deductibles generally reduce premiums, while low deductibles raise them. The only downside to having a high deductible is when you file a claim, you’ll owe a bit extra to access your coverage than you would with a lower deductible. 

No, home insurance isn’t required in Taylor, as there isn’t a law in Michigan that requires homeowners to maintain a policy. However, if you use a mortgage to pay for your home, your mortgage lender will probably require you to maintain a policy for the duration of your loan.

Lenders want to protect the investment they made in your home, so they require loanees to maintain a home insurance policy. If, for some reason, your insurer drops your policy, your lender will take out a policy for you. This is called force-placed insurance, and since it serves your lender’s best interest, the policy typically comes with a pretty expensive premium. 

Since many residents of this Michigan city will have a homeowners insurance policy for one reason or another, let’s take a look at what’s covered. While home insurance is subjective, policies follow the same patterns when it comes to what’s covered. They start to differ when it comes down to how much coverage you choose.

While Taylor residents aren’t the Michiganders most susceptible to flooding, they should still protect themselves from the damage a flood can cause. In fact, Wayne County residents were urged in the summer of 2024 to review newly drawn FEMA flood maps to ensure they’re receiving the best protection from the government agency when it comes to flooding. 

Unfortunately, homeowners insurance doesn’t cover flooding. However, homeowners can purchase a separate flood insurance policy through a private insurer or the National Flood Insurance Program (NFIP) to receive flood coverage.

While insurers like State Farm, AAA, and Frankenmuth take the cake when it comes to offering the cheapest average rates in the Great Lakes State, narrowing down the best home insurance policy in Taylor isn’t so objective.

As homeowners insurance differs from person to person, so do the qualities you value most in your policy. While you may prefer to have the most protection you can get, no matter the cost, someone else may be more concerned about saving as much money as possible. 

Although there isn’t a one-size-fits-all best policy for homeowners in Taylor, here are a few things you can do to ensure your policy best meets your needs:

No matter what the best policy for you looks like, Taylor residents should ensure they have a policy that best suits their needs and protects their properties in the worst-case scenarios. Luckily, if you’re a Michigander on the hunt for a policy, you’ve come to the right place.

The best way to find a great policy is to get and compare quotes online. This way, you can see several options and make the most informed decision for your needs. Lucky for you, we have a free quoting tool you can use right here at Clovered. Just input some details about your home and let our system work its magic to get you the best quotes in town. You can contact one of our licensed insurance agents at [email protected] or 833-255-4117 with questions about your insurance needs.