According to a recent study by research and analysis firm ValuePenguin,Traverse City is one of the cheapest cities in the state for homeowners insurance. Traverse City ranks fourth – following Grand Rapids, Ypsilanti and Holland. Rounding out the top five is Saline.

Home insurance rates in Traverse City are 32 percent below the state average of $1,552. The average annual rate is $1,063, just $61 more than cheapest city Grand Rapids. On the opposite end of the spectrum, Detroit has the most expensive homeowners insurance in Michigan at $3,995 annually, or 157 percent above the average.

The study was conducted by gathering quotes for a hypothetical home based around one of the state's most common property types – 2,000 square feet home valued at $200,000 and located in the downtown area, owned by a single person, non-smoker, with no prior insurance claims and good credit.