Some of the best people in the country call Michigan home.
Renters in Grosse Pointe and Detroit alike can attest to Michigan’s stunning natural scenery. There are 11,000 pristine lakes and pine forests inland.
In addition, the attractive urban centers of Michigan benefit greatly from the state’s robust job market and low cost of living.
However, renters here should not overlook the importance of securing renters insurance.
Even though it’s not required, it’s absolutely necessary.
You would have to pay out of pocket to replace your laptop and high-priced musical instruments if a burglar broke into the rental unit and stole them.
That can easily run into the thousands.
We scoured the state of Michigan to find the finest renters insurance providers so you wouldn’t have to. Keep reading to learn everything you need to know about renters insurance. As part of our research, we considered things like price, variety of plans, ways to cut costs, and quality of customer service.
In addition, you may find our compilation of top-tier organizations useful in whittling down your options.
Best renters insurance in michigan
With plans starting at just $5 per month, Lemonade is Michigan’s most budget-friendly option for renters insurance. Within two minutes, you can download the Lemonade app and fill out the necessary information to purchase renters insurance. In the event that you do need to file a claim, you can do so quickly and easily from your mobile device.
Coverage for liability, loss of use, personal property, and medical payments are standard in all Farmers policies. The business’s non-smoker discount is what sets it apart. Other discounts are available, such as those for bundling auto and home insurance or for installing security systems.
The premium for Allstate renters insurance is more expensive than those of Liberty Mutual and State Farm.
However, the multi-policy discount will help bring down that high rate.
When you carry both renters and auto insurance with Allstate, a discount of 10% is applied to the auto policy and a discount of 25% is applied to the renters policy.
This is why Allstate can offer a monthly rate as low as $4 on their website.
Since Allstate’s renters insurance is so rudimentary, you’ll need to pay more for add-ons to get the kind of comprehensive coverage that the industry standard provides.
But you can take advantage of Allstate’s excellent discounts to get a lower rate. There are a number of factors that can lower your insurance premiums, such as living in a secure area, maintaining a spotless claims record, reaching a certain age, etc.
The reputation of State Farm’s renters insurance in Michigan is well-deserved.
The company’s online presence makes filing a claim easier and faster, and the insurer’s customer service is second to none with offices in every state.
Additionally, if your identity is compromised, you can get an endorsement for a fantastic identity restoration plan. In the event that your identity is stolen and used in a fraudulent or illegal manner, State Farm will pay for any resulting losses.
What really sets State Farm apart, though, is its much more affordable premiums than its rivals.
The typical cost of coverage is $13 per month.
This is less than the average monthly premium in Michigan for renters insurance, which the Insurance Information Institute estimates to be around $15.
The renters insurance offered by Progressive is provided in partnership with other insurance companies.
Progressive is well-liked because of its comprehensive protections against specified perils.
Yet, in terms of policyholder discounts that can reduce your premium, Progressive stands head and shoulders above the competition.
This is excellent news, as the $23 monthly premium for Progressive’s most basic renters insurance policy in Michigan is the highest of any company we looked at.
Discounts were a major factor in our decision to recommend the company.
We’ve highlighted a few of the many available discounts, though.
These are the types of discounts that policyholders typically receive, as opposed to the “good-behavior” discounts that may be offered in rare cases. Actually accomplishing that is challenging.
But first, know that Progressive doesn’t operate in a vacuum, so discounts will change based on your location and your insurance provider.
Liberty Mutual is the best option for Michigan renters looking for cheap renters insurance. The online quote we received through Liberty’s website was the best overall, and it also had the lowest premium we’ve seen at only $5 a month.
Liberty is now the most affordable option for Michigan renters.
However, if you purchase a policy with very low coverage limits, you will likely pay only $5 a month. That costs $5,000. Therefore, you’ll pay about $12 per month, which is still less than State Farm, to get the standard coverage limit that’s above that limit.
Of course, that’s not all the good news. The insurance company provides significantly more discounts than its main rival, State Farm.
A claim-free history, a home security system, and paying your annual premium in full are all examples of discounts that could lower your premium.
USAA scored a perfect 100 on surveys measuring financial security, cost, and quality of service provided to customers. Renters insurance is, however, only available to active and retired military personnel and their families. This is a rare insurance policy because it covers your own belongings.
In every state, USAA offers military members and their families renters insurance. In line with the average in the sector, the company provides a total of seven supplementary insurance policies. The four discount options it provides are fewer than the market average for insurers. The insurance company provides coverage for valuables like electronics and collectibles and provides discounts for the installation of safety measures.
The insurer’s website will provide you with an instant quote, and you can use the available tools to plan for and manage your insurance and debt payments.
How Much Does a Renters Insurance Policy Cost in Michigan?
The Insurance Information Institute (III) reports that annual renters insurance in Michigan costs around $182, or slightly more than $15 per month. This is significantly higher than the national average of $180 per year, making this state’s average the highest in the country.
Is Renters Insurance Mandatory to Rent an Apartment in Michigan?
In Michigan, landlord insurance is not mandated by law.
However, some landlords might insist that you actually live there. When signing a lease, you will need to provide proof.
Your landlord likely has insurance for the apartment complex or property that will cover things like repairing the building’s exterior after a natural disaster or fire and keeping the elevators, hallways, and reception areas in working order.
The landlord’s insurance policy will not protect your belongings.
Remember that no matter where you live, your landlord’s insurance will never pay for any of your damages if you decide to forego renters insurance.
Having renters insurance is, therefore, a must.
Why is the Cost of Michigan Renters Insurance High?
When compared to the national average of $15 per month, Michigan renters insurance is more expensive.
That’s because crime is exceptionally high in Michigan.
In the event of a fire at your rental property or building, insurance companies are more likely to cover you if you are located in a safe area close to a fire hydrant.
Property crimes and burglaries are more likely to occur on the ground floor, first floor, and basement, so these companies would prefer it if you lived on a higher floor.
You may also receive a discount from your insurer if you can demonstrate that your building is equipped with security measures like surveillance cameras and a 24-hour staffed lobby with armed security guards.
There is less of a chance that you will become a victim of crime if you have anti-theft devices installed, such as a smart camera, a deadbolt, smoke alarms, and so on.
Does Michigan offer renters insurance for college students?
Many students attending one of Michigan’s many colleges or universities will likely look into off-campus housing at some point during their time there. University of Michigan students renting off-campus housing should keep a few things in mind to keep their belongings safe.
Students who live in on-campus dorms are typically covered by their parents’ home insurance policies. Nonetheless, that is typically only the case for students who live on campus. Off-campus Michigan college students who rent an apartment should think about purchasing renters insurance to protect their personal belongings from loss or damage, as these items are not typically covered by a parent’s homeowner’s insurance policy.
It’s common for students to share housing with other young adults while at university. Sharing a renters’ insurance policy between college roommates is not recommended. Instead, it is recommended that each student obtain their own renter’s insurance policy.
Best Michigan renters insurance companies include Farmers, Liberty Mutual, USAA, and Lemonade. It is highly recommended that Michigan residents contact multiple insurance providers for free quotes before settling on a policy.