Michigan renters’ insurance offers personal liability, loss of use, personal property, and medical payment coverage to others at an affordable price. Read our review to learn about the best renters’ insurance companies in the state.
A Michigan renters’ insurance policy allows you to fulfill your landlord’s liability coverage requirement and protects you if any of your personal belongings get damaged.
Best Renters Insurance Companies in Michigan
We chose Liberty Mutual, USAA, and Farmers as the best renters insurance companies in Michigan because of their coverage options, years of experience, and affordable pricing.
1. Liberty Mutual
Liberty Mutual offers the most affordable renters insurance policies out of the providers in this review. You can get a policy starting at $5 per month, which is well below the national average of $15 per month. With that price, you’ll receive liability, personal property, loss of use, and medical payments to others coverage.
Liberty Mutual Pros & Cons
| Pros | Cons |
|---|---|
| Has over 100 years of industry experience | Offers only up to $25,000 worth of personal property coverage |
| Provides a variety of discounts to lower monthly premiums | The website doesn’t specifically list covered events |
| Offers a choice of actual cash value (ACV) or replacement cash value (RCV) policy | |
2. USA
A USAA policy includes three of the four standard types of renters’ insurance coverage—medical payments to others, personal property, and liability.
What USAA lacks in loss of use coverage, it makes up for with flood and earthquake coverage, which isn’t usually included in base renters insurance policies.
USA Pros & Cons
| Pros | Cons |
|---|---|
| Offers up to $750,000 worth of personal property coverage | Only available for past or present military members and their family |
| Provides up to $1 million worth of liability protection | Doesn’t offer loss of use coverage |
| Policies start at $10 per month | |
3. Farmers
Farmers offer your typical liability, loss of use, personal property, and medical payment coverage in all policies. What makes the company stand out is its non-smoking discount.
The company also offers other discounts for bundling renters’ and auto insurance policies and for having safety features in your home.
Farmers Pros & Cons
| Pros | Cons |
|---|---|
| Offers a deductible as low as $100 | Has more expensive premiums than Liberty Mutual and USAA |
| Provides six deductible options | Offers only one endorsement for identity theft protection |
| Doesn’t have a personal property limit | |
Michigan Renters Insurance Coverage
In general, a Michigan renters insurance policy will have liability, personal property, loss of use, and medical payments to others coverage, along with additional coverage options called endorsements or floaters. Here’s an overview of each type of coverage:
- Liability: Liability coverage protects you when you’re responsible for an event that causes property damage or bodily injury to someone. This coverage will likely also cover any legal fees if a person sues you.
- Personal property: This part of your renter’s insurance covers the cost of replacing your items when one of the covered events damages them. An RCV policy will allow you to get new items, but it will cost more than an ACV policy.
- Loss of use: If an event forces you out of your apartment for repairs, you can get reimbursed for living expenses during that time. This will usually cover the cost of a hotel room or the cost of meals and laundry.
- Medical payments to others: When someone is injured in your home, your policy will cover a certain portion of their medical bills.
- Endorsements/floaters: Every insurance company will offer at least one endorsement that allows you to customize your policy for an additional amount each month. This is similar to add-ons offered by home warranty plans. Common renter’s insurance endorsements include identity theft protection, earthquakes, and valuable personal property.
How Much Does a Renters Insurance Policy Cost in Michigan?
According to the Insurance Information Institute, the average cost of renters’ insurance in Michigan is $182 per year, or slightly above $15 per month. This puts the state average above the national average of $180 per year.
Factors to Consider Before Buying Renters Insurance
To find the best insurance policy, consider these factors when shopping around:
- Weather: Depending on where you live in Michigan, the annual snowfall may be more than 16 feet. This much snow can cause damage from its heavy weight, and cold temperatures can cause frozen precipitation and water damage. Make sure the policy you purchase covers these events so that you can survive the winter.
- Annual or semi-annual payments: To save money on your policy, you can choose to pay your premiums in full or split them into two or four premiums instead of 12. This saves you money in the long run because insurance companies add interest to each monthly installment.
- Personal information: If you have less rental history, have filed a lot of renters’ insurance claims in the past, have pets, or have a poor credit score, you may be considered more risky to insure, which will increase your renters’ insurance rate.
- Property information: The building you live in may increase your premium. For example, if your unit is older, doesn’t have safety features, and is farther than five miles from a fire station, you’ll be charged more per month.
Compare Renters Insurance Coverage Options
If you’re not sure which renters insurance policy is best for you, compare the providers below.
Compare Renters Insurance Companies
| Companies | Liberty Mutual | USA | Farmers |
|---|---|---|---|
| Types of coverage | Personal property, loss of use, liability, medical payments to others | Personal property, liability, medical payments to others | Personal property, loss of use, liability, medical payments to others |
| Personal property coverage limits | $15,000, $20,000, or $25,000 | $25,000–$750,000 | No limit |
| Liability coverage limits | $100,000, $200,000, $300,000, $500,000, or $1,000,000 | $100,000, $300,000, $500,000, or $1,000,000 | $100,000, $200,000, $300,000, or $500,000 |
| ACV or RCV | ACV or RCV | RCV | ACV |
| Monthly price | As low as $5 | As low as $10 | About $30 |
| Discounts available | 5 | 3 | 3 |
| Unique add-ons | Blanket jewelry | Computer and tablet | Identity theft protection |
| Customer service | 24/7 for claims; limited for sales and service | 24/7 for claims; limited for sales and service | 24/7 for claims; limited for customer service |
| BBB rating | A+ | B+ | A+ |
Conclusion
Liberty Mutual, USAA, and Farmers offer the best renters insurance for Michigan renters. Before purchasing an insurance policy in Michigan, we recommend contacting each company and getting a free quote so that you can compare your coverage and pricing options.
Frequently Asked Questions
How does the loss of use coverage work?
Loss of use coverage works as a reimbursement after you’re back in your home. You file a claim using the receipts you kept while away. These receipts should be for your hotel room or temporary rental, food, or laundry. Your insurance provider will reimburse you if the amount you spent that month exceeded your usual amount.
For example, if you usually spend $200 on food every month, but you spent $300 this month because you didn’t have a kitchen and had to eat out for every meal, your provider will reimburse you for $100.
Keep in mind that if an event makes your home uninhabitable, it likely caused damage to your personal property. File a separate claim immediately after the incident to get money to replace your personal belongings.
Can I add my landlord to my renter’s insurance policy?
When you purchase a renter’s insurance policy, you’re typically given the option to add an interested party to the policy. They won’t be protected under the policy, but your renter’s insurance company will send them a copy of your policy so that they know you’re insured.
Can I add my significant other to my policy?
Many insurance companies allow you to add a significant other to your policy, as long as you’re not married to them. Companies like Nationwide and Lemonade offer this coverage as an endorsement after giving you a quote.
You can also purchase separate policies, which may be a better option if your insurance company has a low personal property coverage limit and your belongings together exceed that amount.
Also Read:
- Types of Business Insurance
- What Is Gap Insurance And How Does It Work?
- What is Umbrella Insurance and How Does It Work?
- What is Travel Insurance and How Does It Work?
- What Is Liability Insurance and How Does It Work?
- COBRA Insurance: What Is It and How Much Does It Cost?
- Prescription Drug Insurance
- Is Pet Insurance Really Worth It?
- What Is Mortgage Insurance and Why Should You Get It?
- What Does it Mean to Have Comprehensive Insurance?