Michigan Renters Insurance: Get a Quote Today!

From Detroit to Ann Arbor, Michigan is truly a midwestern gem overlooking serene lakes and wild landscapes. If you’ve just moved to Michigan, you’ll find it home to some of the most reasonable and affordable rents and home prices in the country. There’s been a change of 1.10% over three years of the number of renters. Housing is very affordable in Michigan, and renters insurance in Michigan is typically affordable as well.

People have realized Michigan is affordable by now, so compared to the rest of the country rent has increased in Michigan 3.5% over the past three years. That’s a good number of policies! At Insurance Geek, we can help you find the best prices on renters insurance by helping you with property valuations, knowing carrier minimums and matching you with the best policy for your situation.

Is renters insurance legally required?

It isn’t legally required at this point, but your landlord can demand that you carry it. Our typical personal property minimums end up landing right around $20,000.

We love working with students, and our Michigan college students are no exception. Ann Arbor is home to the University of Michigan – and home to a 42% renter occupied market, which makes sense with all the college students around! Over 43% of Ann Arbor’s housing market consists of two or more adults without children – so if you need renters insurance in Ann Arbor, you’re not alone! Any college town in Michigan will bear a huge renters market, and we’re here to help connect you with a cheap renters insurance policy that fits your needs.

How much is it?

The cheapest you’ll find is usually State Farm at around $253, with the most expensive being Allstate at $577.

Rental insurance in Michigan ticks right around the $300 mark in terms of the premium cost for most of our customers.

PERSONAL PROPERTY COVERAGE will protect any personal property you have. This basically means your “stuff” in general, from furniture to electronics to any other personal items. We usually allow $20k in coverage for personal property. This is true even for cheap renters insurance policies.

MEDICAL PAYMENTS AND LIABILITY: If someone gets hurt in the residence and you’re found liable, this type of coverage will protect you. We typically recommend $100k for liability.

LOSS OF USE. When you can’t use your property due to damage, repair or disaster, you’ll need a place to sleep and prepare meals. Loss of use covers transportation and other costs associated with the loss of use of the residence.

So many other things can also impact your premiums. Credit score, fire district, age, loss history, construction type, whether or not you’re within city limits – all these things matter, and we consider them all as we’re writing policies.

If you’re looking for coverage information for a particular city, or what you’ll pay for the most expensive or cheap renters insurance, here are some top Michigan cities we quote for:

  • Detroit
  • Grand Rapids
  • Warren
  • Sterling Heights
  • Ann Arbor

What will be covered?

Where you live matters just as much as the type of dwelling, your fire district, and other factors. You can expect that living in the inner-city or in areas where crime rates are higher could lead to higher premiums because of the risk of theft and loss. Whether or not you live in a metro area or closer to the suburbs can affect your rate.

You should also learn the difference between replacement cost value in a policy and actual cash value.

If you’re going with the replacement cost calculation, the insurance company will pay out a claim based on the amount of money it would take to purchase the same or a similar item after your deductible. Actual cash value considers depreciation.

How much coverage do I need?

Your agent will help you get the right amount of coverage you need based on a variety of factors. You will need to add up the total value of the property you intend to claim, and it’s best not to leave anything out. Items like furniture, electronics, and even bedding are things you will miss if the property is damaged in a way that compromises your belongings, so don’t forget to think about all your property when you discuss your Michigan renters insurance options with your agent.

Your landlord is trusting that the time spent in their dwelling will not result in damaged property and making sure you have that property liability insurance gives you an extra layer of protection, even if you have a cheaper renters insurance policy. You never really think about needing to cover someone else’s medical expenses until an accident happens in your home, so we work with you to review things like your pet situation, if there is an inherent risk or danger of injury in your home and anything else that could serve as a red flag for potential injury occurring in your home.

Another thing to keep in mind is a minimum coverage limit. Even if you don’t feel like you have that many belongings and your property list don’t seem to add up to that much, carriers have different minimums that also vary by state. When you work with us to find the best renters insurance in Michigan, we help you determine those limits and get you to where you need to be so you can feel comfortable with your premiums and your protections.

What types of discounts can I get?

These truly vary from carrier to carrier, but you may be familiar with the process of bundling. If you retain an auto insurance policy through a carrier, they may be willing to drop the total price of premiums if you add renters or another type of insurance. You may also be eligible for an advanced quote discount or pay in full discount. You can get a cheap renters insurance policy using these discounts that still truly protect you.

If you have a security system on the property, which can vary from a personal security system to living in a gated community to living where there is a night watchman or concierge, you may also see a drop in premium.

We’d love to get you a renters insurance policy in Michigan that truly works for you and your family! Let’s get you set up with the right quote for your situation today.