Homeowners Insurance in Lansing, Michigan

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  • Homeowners Insurance in Lansing, Michigan

Whether you moved to Michigan’s capital for work, attended Michigan State University and eventually bought a home in the city, or are a long-time native curious about switching carriers, there are a few things about homeowners insurance in Lansing, Michigan, that residents should know before searching for a policy.

When it comes to homeowners insurance, Lansing residents will want to know how their homeowners insurance policy works, how to get the best coverage, and how to cash in on any savings they may be missing out on.

How Much Is Homeowners Insurance in Lansing, Michigan?

In terms of home insurance, Lansing residents can expect to pay about $1,670 in annual premiums. Since the state average is about $2,092, these Michiganders will find the average premium in their city is about 20% lower than average. 

Home insurance rates in Lansing are below the average rate in the state due to a few factors. While Lansing is the state’s capital and is home to over 100,000 people, the population is low compared to the city’s most populated city, Detroit, which houses over 600,000 residents. 

When calculating average rates, insurers consider several factors to assess the risk of individual and collective policyholders filing claims. When determining the average rate in a city, insurers may consider factors like population size, median home replacement cost, the likelihood of severe weather events, or even crime rates. 

While crime rates are comparatively low in Lansing, many homes were built in the 60s, making them older homes and, thus, more expensive to insure because the older components and typical wear and tear in older structures makes them more susceptible to damage.

While insurers consider factors about the city and dwellings to determine average premiums, they also consider the individual characteristics of each policyholder. Insurers may use one’s credit history, claims history, age, or marital status to assess one’s risk of filing a claim, thus determining one’s premiums. 

Another factor that directly correlates to the price of one’s premiums is the amount of dwelling coverage on a policy. Homeowners are only required to have at least 80% of their home’s replacement cost in dwelling coverage, but homeowners can choose to raise this coverage to 100% of their home’s replacement cost.

Average Cost of Homeowners Insurance in Lansing
Dwelling Coverage $200,000 $300,000 $400,000
Annual Premium $1,113 $1,670 $2,226

Michigan state law doesn’t require homeowners to carry home insurance in Lansing, but those with a mortgage will be required to have a policy as a stipulation of their loan. Lessors require loanees to maintain a policy for their loan duration to help protect their investment.

Premiums also differ depending on how one sets their deductible. Homeowners insurance policies with high deductibles generally have lower premiums, and those with low deductibles typically have higher premiums. This rule normally applies to all insurance policies.

When it comes to the average home insurance, Lansing residents may find the median rate is still a bit out of budget. Let’s check out how homeowners in Lansing can lower their premiums. 

How To Get the Cheapest Homeowners Insurance in Lansing

When searching for cheap property insurance in Lansing, residents will find that lowering their coverage limits is the most efficient way to lower premiums. However, some homeowners don’t want to sacrifice their coverage in the name of savings.

Luckily, many insurers offer discounts policyholders can use to lower their premiums without sacrificing their protection. Insurers typically offer discounts that cover three categories: one’s consumer habits, individual characteristics, and elements of one’s home.

For example, insurers commonly offer discounts for those who bundle home and auto insurance products. Insurers may also offer discounts based on occupation or if the policyholder has certain security features installed in their home. 

It’s always best to check with your insurer to see what discounts they offer. Or, if your current insurer doesn’t provide a great discount selection, check out how you can get the best policy for your needs. 

It’s Time to Switch Your Homeowners Insurance

We partner with the nation’s top homeowners insurance companies so you can get a custom policy at an affordable price.

How To Find the Best Homeowners Insurance in Lansing

When it comes to finding the best property insurance, Lansing residents should know that insurance is highly subjective based on the individual. To find the best policy for one’s needs, one should first decide what matters more: cost or coverage.

Those who value cost over coverage may decide to bind just a standard policy with an insurer that offers competitive base rates and plenty of discounts. However, those who value coverage over cost may focus their search on insurers that offer a wide selection of optional coverages. 

Insurance policies are customizable based on the homeowners needs or concerns. For example, Michiganders may decide to add water backup coverage to their policies as many residents see the effect of water backups during the state’s harsh winters. 

Some homeowners may even have specific items, like jewelry or memorabilia, that they want to protect. In this case, a policyholder may add an endorsement for an item or a collection of items. 

The type of insurer a policyholder binds a policy with may also differ, as homeowners can select either a regional or national insurance company. While very similar, the two may differ in processing claims, handling underwriting, or approaching customer service.

While policies can be customizable, they always have the same base coverages. Let’s take a look at what home insurance Lansing residents can expect from their policies. 

What To Know About Lansing Flood Insurance

Since homeowners insurance doesn’t include flooding as a covered peril, many residents in Lansing may consider binding a Michigan flood insurance policy. Homeowners can bind a flood insurance policy through the National Flood Insurance Program (NFIP) or a private insurer.

Those living in Lansing may not be near any major bodies of water, but the city is still near many minor lakes and rivers, like the Red Cedar or Grand River. Thus, residents are at a mild flood risk, according to the FEMA flood zone map. Floods can happen anywhere, any time, and it’s best to have coverage before disaster strikes.

Stay Above Water With Flood Insurance

Do you want to pay for costly and common flood damage yourself or have an insurance policy pick up the tab?

Lansing Homeowners Insurance Coverages Explained

When it comes to homeowners insurance, Lansing, Michigan, residents will find their policies follow the same pattern as all other home insurance policies in the country. All homeowners will find the same standard coverage on their policies. 

Lansing Homeowners Insurance Coverages
Coverage Definition
Dwelling Coverage Coverage A provides coverage for the structure of one’s home, like the foundation, walls, and roof, if damaged by a covered peril.
Other Structures Coverage Coverage B covers the structures on one’s property that aren’t attached to the home if damaged by a covered peril. This may include a garage, shed, or fencing.
Personal Property Coverage Coverage C protects one’s personal items if damaged by a covered peril. This might include clothing, electronics, or furniture, to name a few.
Loss of Use Coverage Coverage D protects the policyholder’s basic needs should their home become uninhabitable due to a covered peril. This coverage may reimburse policyholders for food, temporary housing, or other necessities.
Liability Coverage Coverage E covers the policyholder should they damage someone else’s property or should a guest sustain an injury on the insured property. This may include coverage for medical expenses or legal fees. 
Medical Payments Coverage Coverage F protects the policyholder should someone become minorly injured on the insured property. It will only cover medical expenses for minor injuries.

Getting Quotes for Home Insurance in Lansing

When searching for the right homeowners insurance, Lansing, Michigan, residents will want to get and compare quotes online. Getting and comparing quotes is the easiest, most efficient way to see all your options in one place so you can make the most informed decision about your policy. 

Luckily, we have a free quoting tool you can use right here at Clovered. Just by inputting some simple information about your home, you can access your quotes quicker than a Lansing resident can say “Go Green.” If you’d rather chat with a professional about your quotes, you can contact us at 833-255-4117 or agent@clovered.com.

It's Time to Switch Your Homeowners Insurance

We partner with the nation's top homeowners insurance companies so you can get a custom policy at an affordable price.

The editorial content on Clovered’s website is meant to be informational material and should not be considered legal advice.

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