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Renters insurance is an important coverage for any renter to have. It protects your personal belongings from damage and theft, provides liability coverage, and can even cover additional living expenses if a covered peril makes your home uninhabitable.1
Though Michigan state law doesn’t require renters to purchase it, your landlord may. Even if you don’t have to purchase renters insurance, it’s useful coverage to have.
Renters insurance is typically affordable. In Michigan, an average policy with $30,000 in property damage and $100,000 in liability coverage costs $17 per month.
How renters insurance works in Michigan
Renters insurance includes three main coverage components:
Personal property insurance: Covers your belongings, like furniture, electronics, and clothing, against covered risks like water damage or theft
Liability insurance: Protects you against lawsuits if someone is injured on your property
Additional living expenses insurance: Covers the increase in cost of your living expenses, like for a hotel and food, if a covered peril makes your apartment unlivable
Buying a policy is easy. First, you should consider your coverage needs. Add up what it’d cost to replace your personal belongings to decide on coverage limits. Then, compare quotes and coverage options from multiple insurance companies. Finally, select and purchase a renters insurance policy and keep all relevant documents on file.
The cost of renters insurance depends on a few key variables. Your insurance company will consider the following factors when determining your premium:
Coverage amount: The higher your coverage amount, the more you’ll pay for your policy, as your renters insurance company is responsible for greater financial risk.
Location: Areas with high break-in rates or frequent severe weather will often have more expensive rates than safe areas with predictable, calmer weather.
Deductible: Deductibles and premiums have an inverse relationship. The lower your deductible is, the higher your premium will be, and vice versa.
How to file a renters insurance claim
If you ever need to file a claim, the process is easy. Here are the steps you should follow:
Document the damage. After you make sure you’re safe, document all damage with photos and videos.
Submit a claim. Contact your insurer and submit your claim, including all the photos and videos that you took to document the damage. Your insurer will send out an adjuster.
Work with the adjuster. Walk through your home with the adjuster and help them understand the damage and how it occurred. The adjuster will then go back to your insurer to decide on a payout amount.
Receive reimbursement. If your insurer approves your claim, you’ll receive a reimbursement for the covered damages.
Best renters insurance companies in Michigan
The best renters insurance company for you depends on your rental situation, budget, and overall coverage needs. But some companies stand out as better options than others.
For example, Erie offers one of the cheapest national average rates, making it a good option if you’re looking for cheap coverage. But if you’re looking for superior customer service or customization in your policy, you might prefer State Farm or Nationwide.
Consider what you’re looking for from an insurance company, and don’t just default to buying the cheapest option. Compare covered and excluded perils, coverage limits, customer service, and more.
Below, you can compare average monthly premiums from several of the best renters insurance companies in Michigan. The premiums reflect nationwide monthly premiums.
What renters insurance covers in Michigan
Renters insurance in Michigan includes three main coverages: personal property, liability, and additional living expenses (ALE). It protects you from significant financial losses if you experience apartment damage or someone steals your belongings.
Here’s what each of these coverages protects in your rental apartment or home:
Unique considerations for renters insurance in Michigan
Renters insurance is almost always worth the money, but Michigan’s weather risks make it especially worthwhile. The state can experience wildfires and severe windstorms that can cause significant damage to apartments and homes.3 Even things like heavy snow can cause property damage.
Learn more about these climate risks below.
Wildfires: While Michigan may not seem like a common place for wildfires, it does experience them. Make sure your policy covers damage from wildfires and not just internal fires, like those caused by cooking.
Windstorms: Michigan can experience severe thunderstorms, which often include high winds and hail. If the wind breaks a window in your home and causes water damage, your renters insurance policy should kick in.
Heavy snow: Michigan experiences heavy snowfall and ice buildup, which can cause property damage. Most renters policies should cover this, but it’s always worth double-checking your policy.
Insurance companies consider all these factors when setting renters insurance rates. If you live in a part of the state that’s more prone to any of these risks, you may face higher rates due to the additional risk your insurer is taking on.
How to save on renters insurance in Michigan
Renters insurance is typically affordable, but you can still find some ways to save money. Here are some of the most effective ways to save on coverage:
Bundle policies. Bundling your renters insurance with your auto insurance can often save you a good bit of money on your policy.
Raise your deductible. Increasing your deductible will directly lower your policy’s premium, as the two are inversely related. Just make sure you can afford the new, higher deductible if you need to file a claim.
Install security systems. Some renters insurance companies offer discounts for installing security features in your home that reduce the likelihood of break-ins.
Stay claims-free. If you can refrain from filing claims, insurers will view you as a lower risk to insure than people who have filed multiple claims.