Average Cost of Renters Insurance in Michigan
The average monthly renters insurance premium in Michigan is $15 per month — or $182 per year. That’s only $2 higher than the national average of $180 a year. Even more affordable plans are available in Michigan for as low as $12 per month.
|Coverage amount||Average cost per month||Average cost per year|
|Source: National Association of Insurance Commissioners (2019)|
In general, as the price of your renters insurance plan increases, so too does your coverage amount. A higher coverage amount can come in handy if you have to make a claim. The cheapest renters insurance plan in Michigan offers less than $13,999 in coverage for just $12 per month. However, if you opt to spend a bit more each month, you can drastically increase your coverage amount. If you opt for a plan with a monthly premium of $22, you could receive up to $50,000 in coverage.
Renters insurance is generally an affordable investment. The value of your possessions can add up quickly. We recommend taking an inventory of your personal items and using that information to help you decide how much coverage to purchase. Considering the cumulative cost of replacing your personal items, a monthly premium feels like a small price to pay for peace of mind.
The average cost of renters insurance in Michigan is $15 per month.
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Renters insurance companies in Michigan
There are many great renters insurance companies to consider when shopping for renters insurance in Michigan. In the table below, you will find a comparison of various insurance companies and their customer service ratings.
|Company||2019 J.D. Power overall satisfaction (out of 1,000)||2019 NAIC Complaint Index (lower is better)|
|Auto Club Insurance||—||0.48|
|Michigan Farm Bureau||—||0.07|
Two different ratings are displayed in the table above. One is the company’s 2019 NAIC Complaint Index, which measures the total number of customer complaints against the size of the company. When looking at a company's NAIC score, keep in mind that a lower value is better. The other rating in the table is from J.D. Power, which measures overall customer service satisfaction on a scale of 1,000.
Consider your specific needs when searching for a renters insurance company. What are your personal priorities when interacting with a company? Are you looking for a company that has a nearby office so you can speak face to face to an agent? Or do you prefer a company that has a user-friendly webpage so you can easily manage your account at home?
Price, customer service and your specific needs are all factors to consider when comparing renters insurance quotes. QuoteWizard partners with thousands of renters insurance companies across the country. This allows you to browse for renters insurance quotes with ease on our website.
Compare quotes from Michigan's best renters insurance companies.
Renters insurance quotes in Michigan
We highly encourage renters to take their time when looking at renters insurance quotes. Price and coverage limit are the first factors many renters consider, but there are other things to take into consideration. Two plans that offer similar coverage limits for similar prices might turn out to offer very different qualities of service.
A helpful step is to familiarize yourself with the different types of coverage offered under renters insurance policies. Here's what renters insurance covers:
- Personal property
- PErsonal liability
- Medical payments to others
- Loss of use
Also consider what types of services you value. If you want to save some money, you can bundle your renters insurance with another insurance plan offered by a company. By purchasing renters insurance and car insurance, for instance, from the same company, you can save money on both. If you want a company that will guarantee you a designated agent, that can offer you peace of mind in the event you need to communicate directly with someone at your insurance provider.
Renters insurance laws and protections in Michigan
Across the country, renters insurance is regulated at the state level. In Michigan, the Michigan Department of Insurance monitors the insurance industry. The Department of Insurance was created to protect tenants in the state of Michigan. If you encounter problems with cancellation or nonrenewal, or if you need to file a general complaint, contact the department.
Renters insurance is not a requirement for tenants in Michigan. However, landlords may require their tenants to purchase renters insurance. The location of your rental unit and the style of the unit can affect your monthly premium. Whether your landlord requires renters insurance or not, we always recommend making the investment of purchasing renters insurance.
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