Detroit, Michigan Home Insurance
Good news for homeowners in the Motor City: Soon, insurance companies may not be allowed to consider your credit rating when determining your homeowner insurance rate. Governor Jennifer Granholm has proposed a ban on the use of credit scores, arguing that it causes an inflation of homeowner insurance policy rates for Michigan residents, particularly those in low-income areas including sections of Detroit. The issue is currently making its way through the Michigan judicial system.
Find the right home insurance policy in your area with a free quote >>
Another factor in Detroit’s steep rates is the city’s comparably high risk of loss from perils including fire, theft, and vandalism. A 1997 study of homeowners in Detroit found that the city has 18% more claims than surrounding areas. This figure is partially responsible for rates that are up to 42% more expensive than those of non-city dwellers in the same state.
Find the right home insurance policy in your area with a free quote >>
Home Insurance Basics is not an insurer and cannot issue home insurance policies. This site provides free information about home insurance policies and companies. The companies detailed have not endorsed or sponsored these pages. Products and services may not be available in all states.
|
