Best and Cheapest Renters Insurance in Michigan for 2024

The importance of renters insurance is often not as well understood as the importance of car or homeowners insurance. Many renters assume their personal items will be covered under their landlord's insurance policy if they experience a peril in their apartment. But that's unfortunately not the case! While your landlord's insurance covers the structure of the building you're living in, you'll need renters insurance if you want coverage for the personal items you bring into the apartment your TV, furniture, etc. Plus, some issues you could be found liable for aren't covered under your landlord's insurance.

So if you want to ensure you're properly protected while renting in Michigan, it's important to find one of the best Michigan renters insurance companies. But where do you start? In the table above, you can sort through all the renter's insurance companies ranked on Clearsurance. The rating next to each company the insurer's Clearsurance score is based exclusively on the thousands of ratings provided by customers. Note: Only those companies with at least 25 renters insurance reviews are eligible to appear in the best Michigan renters insurance rankings.

It is important to know as much as you can about your renters insurance company before taking out a policy with them. Talking to a local, experienced insurance agent can help answer any questions you may have. Some questions to consider asking include, "What is the average cost for your renter's insurance coverage?" "Does my policy cover things such as water damage and bodily injury?" and "What are my coverage options and my coverage limit?"

Interested in learning more about one of the companies on the list of the best renters insurance companies in Michigan? You can visit the company's profile page to find more information about the company and read reviews to learn from the experiences of other policyholders.

On this page:

• Michigan renters insurance rates
• Average cost of renting in Detroit
• Renters insurance for Michigan college students
• Michigan property crime statistics

What are your coverage options on a renters insurance policy?

Just like any other policy, you can usually customize your renters insurance coverage to get exactly what you need. A standard policy contains some form of the following types of coverage:

• Personal property coverage – This type of coverage pays the replacement cost for the personal items you keep in your apartment should they be damaged or destroyed. The policy will usually have a list of covered perils, so make sure to look this over closely.

• Liability coverage – Liability insurance pays for medical expenses if someone is injured in your apartment.

• Loss of use coverage – Loss of use pays for your hotel and food expenditures when you are unable to stay in your apartment because of damages. This may also be called additional living expense coverage or temporary living expenses coverage.

Beyond these basic coverage options, you may also be able to purchase extra protection like identity theft coverage, guest medical coverage, and other optional coverages.

People who keep expensive items in their rental unit, like musical instruments, jewelry, or sports gear, may wish to increase their coverage limits for additional protection.

Who offers the best Michigan renters insurance rates?

Out of the most popular renters insurance companies in Michigan, USAA offers the cheapest Michigan renters insurance rates. USAA is only available to active and former military members and their families. If you aren't eligible for USAA renters insurance, the next cheapest option is AAA.

In Michigan, the cost of renters insurance can vary based on your specific needs and the company you choose. Some companies may offer renters insurance in Michigan for a cheaper rate than others. In the table below, you can see average Michigan renters insurance rates from some of the largest companies in the state.

*USAA is only available to former and active military members and their families.

These average renters insurance rates are based on a policy with $30,000 in personal property coverage (with a $500 deductible), $100,000 in personal liability and $1,000 in medical payments to others. The rates displayed should only be used for comparative purposes as individual rates in Michigan will differ. Rate data is provided by Quadrant Information Services.

How much does rent cost in Detroit?

In Detroit, Michigan, the average cost of rent is $987 per month. The cost of rent for a. Michigan apartment can vary based on your location and the size of your apartment.

Detroit is Michigan’s largest and most populous city. Motor City is most known for being the heart of the automotive industry. The average monthly rate for rent in Detroit is $987, but the average rate fluctuates greatly based on the area of the city. Downtown Detroit is the most expensive with an average monthly rate of $1,530. However there are many neighborhoods in Detroit that cost much less than that. The area of Tireman has an average monthly rate of $508 and the Chadsey are has an average monthly rent rate of $442.

Another factor that determines the cost of rent is the size of the apartment. On average, studio apartments in Detroit cost $759 per month, one-bedroom apartments cost $884 per month and three-bedroom apartments cost $1,663 per month. People renting apartments in Detroit should also consider purchasing a renters insurance policy to help cover their personal items from things such as theft or vandalism.

Does Michigan offer renters insurance for college students?

Michigan is home to a number of colleges and universities and that means many college students may rent off-campus apartments at some point while getting their degree. There are a few things for college students renting housing in Michigan to consider in order to protect their personal belongings.

Typically, college students who live in dorms located on the college campus are covered by their parent's homeowners insurance policy. That's usually only the case for students who live on campus, though. College students in Michigan who rent apartments off-campus should consider a renters insurance policy because their items won't be covered under their parents' policy, and without a renters insurance policy, they won't have any protection.

College students will most likely have roommates in the apartment they rent. It's not advised that students share renters' insurance policies with roommates. Rather, each student should have their own renter's insurance policy to protect their own belongings.

What are Michigan's property crime statistics?

Theft and vandalism or malicious mischief are among the 16 perils a standard renters insurance policy protects you from. So, how does crime in Michigan compare to other states around the country? The FBI published the following statistics on crime in Michigan for 2016:

• Property crime - 189,620
• Burglary - 39,568
• Larceny theft - 129,876

All three statistics for Michigan, when compared to the national average rate per 100,000 inhabitants, rank below the national average. It is important to make sure that you are always covered. Ask your local insurance agent if your renter's policy covers additional protection like a burglar alarm. This will not only help keep you safe but also help with peace of mind, knowing that you are protected.

How can you save money on your renter's insurance in Michigan?

While renter's insurance may be more affordable than other types of insurance, no one wants to pay more than they have to. So what are the different ways that you can lower your Michigan renters insurance premium and have some extra spending money?

Here are the top 5 ways to save on your renters insurance:

• Raise your deductible
• Ask about potential discounts
• Bundle your policies
• Determine the value of your personal property
• Pay in full by check

If you bundle your auto policy with a homeowners or renters insurance policy with the same insurance company, you will usually receive a multi-policy discount (this might also be available for bundling with other insurance products, such as a life insurance policy or boat insurance policy). Some insurance carriers also reduce your monthly premium for safety devices in your apartment, such as a smoke detector, protective devices like burglar alarms, or for setting up automatic payments.

A wide range of discount options may be available, so make sure to ask renters insurance providers about your options when you're shopping around for quotes. If you're looking for the most affordable rate, get an online quote for a renters policy from at least three companies before making a decision.

How does Clearsurance rate and rank the best renters insurance companies in Michigan?

Consistent with its mission towards greater transparency, Clearsurance does not keep its rating and ranking formulas in a black box. Our algorithm analyzes a range of inputs from our independent community of insurance customers, including:

• Price
• Customer Service
• Claim service
• Likelihood to renew

The algorithm also takes into account the percentage of what customers say the company does well vs. the percentage of what customers say the company could do better.

The Clearsurance customer ratings and rankings are derived entirely from customer reviews and ratings.

Do you need a renters insurance guide?

As we mentioned above, there are common misconceptions regarding what is and isn't covered by a renters insurance policy. Before you purchase a policy from one of these best renters insurance companies in Michigan, it's important to understand what your policy covers. For example, did you know that many renters insurance policies include liability protection in the event a non-resident is injured on the property? Plus, if your apartment becomes uninhabitable from an incident, some policies may cover your expenses as you find temporary housing.

It is important to know all that you can before taking out a renters insurance policy. Learn about the insurance company and the protection that their policies offer before making a final decision. Know and understand your policy limits and ask about what additional coverages you can add to your protection.

While we all want the most affordable renters’ insurance, it is important not to sacrifice the quality of your protection just to save some money. Talk to a local insurance agent about what insurance company is right for you, and what coverages they offer.

We want to make sure you’re equipped with a proper knowledge of renters insurance, so check out our renters insurance guide. Looking for more educational information about renters insurance? Check out our renters insurance blog for more information and topics related to renters insurance.