Fast & Affordable Landlord Insurance in Michigan (2024)

FAQs

How much is landlord insurance in Michigan? ›

The cost of landlord insurance in Michigan is about $1018 per year, which is on par with the national average.

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.

Landlord insurance is designed for a property you're renting out for an extended period, while homeowners insurance protects your primary residence. Jennifer Gimbel. Previously, she was the managing editor at Finder.com and a content strategist at Babble.com.

The primary reasons for the difference in cost revolve around who is occupying the home. Insurance providers often see lower average claim amounts and fewer claims for owner-occupied homes when compared to tenant-occupied rental properties.

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.

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. These are average rates and actual premium costs may differ.

The typical renters insurance policy offers $100,000 in liability coverage. For renters, this amount is often sufficient. However, if you entertain company frequently at your home or if your assets exceed your limit, you should consider a coverage amount equal to at least the total value of your assets.

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.

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.

Which of the following types of insurance is also known as renter's insurance? ›

HO-4 (tenant's form)

Also known as “renters insurance,” the HO-4 policy won't cover the home's structure.

A DP3 policy is dwelling property insurance that's customized to fit homes with older roofs or homes used as investment properties.

Core coverages of landlord insurance are property damage, rental income lost due to a property's temporary inhabitability, and liability protection.

The average cost of renters insurance is about $15 to $20 per month¹. However, what you end up paying depends on a number of factors. Take a look at the information below to find out how your home or apartment renters insurance cost is determined.

Renters insurance cost factors

The crime rate in your ZIP code can significantly influence your renters insurance rate. Many insurance companies use it to determine your likelihood of filing a renters insurance theft claim.

A basic renters policy usually provides you with medical payments coverage for injuries that may occur to someone else in your rented dwelling or which may be caused by you or a family member, and liability coverage in case someone sues you for damages caused by your or a family member or which occurs on your property.

How Much is Landlord Insurance in Texas? The Short Answer: The average landlord insurance policy in Texas costs typically about 15% less than homeowners insurance and anywhere from $850 to $2500 depending on the type, location, and other risks of the investment property. Why?

What is the average cost of landlord insurance in California? The average cost of landlord insurance in California is around $1,728 per year.

According to simplyinsurance.com, the average price of landlord insurance in Ohio is around $91 per month or $1,093 per year.