Best & Cheapest Renters Insurance Companies in Michigan (2024) (2024)

FAQs

Who has the cheapest renters insurance in Michigan? ›

The best renters insurance companies in Michigan are Lemonade, Toggle and Liberty Mutual. Renters insurance costs $20.67 per month on average in Michigan. The cheapest provider is Auto-Owners with policies as low as $3 per month.

How can I save on renters insurance? You may be able to lower the cost of your policy with several renters insurance discounts, such as having multiple policies with Progressive, quoting in advance, paying in full, receiving documents by mail, and living in a gated or secured community.

Renters insurance is relatively inexpensive. According to NerdWallet, the average renters policy costs about $15 per month for up to $30,000 in personal property coverage. That's solid coverage for less than the cost of a few cups of coffee a week.

But, the average renters insurance cost in Michigan is $337 per year or $28 per month for coverage limits of $40,000 for personal property coverage, $300,000 in liability coverage and a $1000 deductible.

After reviewing more than 20 of the largest renters insurance providers in the country, our team rated Lemonade 4.6 out of 5 stars based on our in-depth methodology.

Insurance is all about risk, so customers that live in areas with higher risks of claims usually have to pay more for coverage. Some location-based factors that impact renters insurance rates can include: The rate of crimes, especially theft, in your ZIP code.

Progressive earned the No. 8 spot in our rating of the best renters insurance companies. The company offers optional water backup and personal injury coverage, as well as a discount for living in a gated community – options not provided by all insurers in our rating.

Renters insurance coverage is almost always worth it. It is much more affordable than other policies, including home or auto insurance, and provides valuable financial protection. Even if you can save enough money to cover unexpected loss, renters insurance may be worthwhile.

You'll choose your deductible when you buy a renters insurance policy. A higher deductible means your claims will cost you less money out of pocket. Typically, renters insurance deductibles are $500 or $1,000, but companies often provide a range of options.

Is it better to have a lower deductible renters insurance? ›

If you want lower out-of-pocket expenses for unexpected repairs, go with a lower deductible (and higher premium). If you prefer a lower insurance premium, choose a higher deductible, and expect to pay more when you file a claim. Learn how to get cheap homeowners insurance.

If you're looking into homeowners insurance for the first time, you'll notice that the cost of homeowners insurance may be more expensive than renters insurance. This is because a homeowners policy protects your home's structure and will typically offer more coverage than a renters policy.

How Much Does Renters Insurance Cost? Renters insurance costs an average of $157 a year for a policy with $15,000 of personal property coverage. The average cost of renters insurance for a policy with $30,000 is $199 annually, and a $50,000 policy costs an average of $260 a year.

Most renters policies will cover losses due to fire, smoke, theft or vandalism, and certain kinds of water damage. They don't cover losses due to floods. Visit the National Flood Insurance Program for information about flood coverage.

Costs of homeowners insurance vs. renters insurance. In general, you can expect your renters insurance quote to be less than for homeowners insurance. That's because homeowners insurance includes the building structure itself, which isn't the case for renters insurance policies.

Is renters insurance required in Michigan? Although renters insurance isn't required by Michigan law, a landlord or rental agency often will require it. Even if you aren't mandated to purchase renters insurance, it may help protect your belongings from certain perils like theft and fire.

While renters insurance is not required by law in Michigan, some landlords may require it for you to live in their building. It's generally a good idea to have at least some form of coverage as your landlord's insurance is not liable for any damage to your personal property.

And no worries—getting covered in Michigan is a breeze. With Lemonade, you can get a quote and policy in just 90 seconds, starting at just $5/mo (the lowest rate on the market!).