The Cheapest Renters Insurance Companies Michigan 2020

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Whether you’re scaling down to a rental property for retirement or moving out of your parent’s house with hand-me-down furniture, you need renters insurance. Michigan renters insurance is affordable and can help replace your belongings in case of fire or burglary or pay legal expenses following a mishap in your home.

Find the Best Renter Insurance

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Find the Best Renter Insurance

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According to The Zebra, a research company that studies the insurance industry, Michigan renters pay an average annual premium of $155 for renters insurance, nearly $30 less than the national average. When shopping for Michigan renters insurance, look for policies that provide:

  • Enough personal property coverage to replace your belongings.
  • Liability coverage to pay for damages to the dwelling.
  • Medical payments coverage to pay for injuries to others that may occur in your home.
  • Additional living expenses coverage to help pay your expenses if you need to temporarily move following a covered peril.

Keep in mind that insurance companies allow you to set coverage limits. Some renters might need just $15,000 in personal property coverage while others need $30,000. You can also add coverage to protect expensive items such as artwork, collectibles, guns, jewelry and musical instruments. Before shopping for renters insurance, take an inventory of your belongings to determine how much coverage you’ll need.

Best rental insurance companies in Michigan

Finding the best Michigan renters insurance isn’t difficult. You just need to find good resources. J.D. Power & Associates conducts an annual survey of renters insurance companies, producing ratings and rankings based on billing process, claims handling, customer interaction, overall customer satisfaction, policy information, policy offerings and price. In J.D. Power’s 2019 U.S. Renters Insurance Study, the following Michigan insurance companies ranked among the best:

  • Allstate: Allstate earned J.D. Power’s top rating for its superior claims handling. Allstate’s standard renters policies cover all the bases, with additional living expenses, liability, medical expenses and personal property coverages. You can purchase additional coverage to protect against identity theft or to cover business property. Allstate offers you many ways to reduce your premium, with discounts for installing safety and security devices in your home, maintaining a claims-free account, purchasing multiple policies and signing up for automatic payments. If you’re 55 years of age or older, you may qualify for a discount of up to 25%.
  • American Family: American Family scored five out of five stars in almost all J.D. Power categories. Standard renters policies include personal property, liability and additional living expenses coverages, and you have the option to add home-based business, identity theft and pet insurance coverages. The optional travel protection coverage doesn’t just protect your belongings on the road; it also includes global medical insurance and trip cancellation coverage.
  • Auto Club of Southern California Insurance Group (AAA): AAA earned five-star ratings from J.D. Power in policy offerings and price. A basic AAA renters policy includes liability and personal property coverage, along with personal finance coverage to protect you against unauthorized use of checks or credit cards. AAA auto club members can earn a discount when they purchase renters insurance and can enjoy deep discounts on moving services offered by top companies such as Atlas Van Lines, Consumers Relocation Services, Penske Truck Rental and Sparefoot.
  • State Farm: State Farm earned five-star ratings in almost all J.D. Power categories. State Farm’s standard policies include additional living expenses, liability and personal property coverages, plus you have the option to add coverages such as business property coverage, earthquake insurance and identity restoration coverage. Unlike some insurance companies, State Farm continues to operate local offices in most areas. You can always depend on the help of a dedicated agent if you need to file a claim or purchase additional insurance.
  • USAA: USAA scored five stars in all J.D. Power categories. USAA only offers insurance to military members and their families, but folks who qualify can expect excellent renters coverage. In fact, USAA’s standard renters policy includes coverages most insurance companies only offer as options, including earthquake and flood coverages. Plus, standard policies also include replacement cost coverage, which pays to replace your belongings at current market prices.
  • AM Best Rating J.D. Power Rating Better Business Bureau Rating
    American Family A (Excellent) 5 out of 5 A
    USAA A++ (Superior) 5 out of 5 No Rating
    State Farm A++ (Superior) 5 out of 5 A+
    AAA No Rating 3 out of 5 A+
    Allstate A+ (Superior) 2 out of 5 A+

    Best Michigan renters insurance for military members: USAA

    USAA provides one-stop financial shopping for military members and their families. Besides auto, home and life insurance, USAA also offers checking and savings accounts, credit cards, home mortgages, mutual funds and retirement plans.

    Best Michigan renters insurance for standard policies:Allstate

    Allstate standard renters policies are all many renters need to protect their belongings and finances. Allstate renters policyholders pay an average monthly rate of $16, but you can enjoy an even lower rate if you qualify for discounts.

    Best Michigan renters insurance for young professionals: AAA

    Many upwardly mobile professionals change jobs every few years. AAA’s relocation discounts help you save loads of money on moving vehicles, relocation logistics and storage rentals.

    Best Michigan renters insurance for bundled policies: American Family

    Enjoy huge savings when you purchase American Family automobile and renters policies. Bundling your policies can earn you a 29% discount on your car insurance and a 15% discount for renters coverage.

    Best Michigan renters insurance for small business owners: State Farm

    Whether you own a home-based business or have a separate brick and mortar office, you can add additional coverage to your State Farm renters policy to protect your business finances and property. State Farm sells business insurance for barber shops, cafes, contractors and retail stores.

    Michigan renters pay low insurance rates throughout the state. According to The Zebra, Michigan apartment and house renters pay an average annual renters insurance premium of:

    Ann Arbor $125
    Livonia $133
    Novi $133
    Troy $132
    Wyoming $131

    If renters insurance rates are your most important concern, it can pay to shop around. Based on a The Zebra study, a few Michigan renters insurance companies offer annual rates much lower than the state average, including:

    Frankenmuth Insurance $102
    Hastings Mutual $111
    Meemic Insurance Company $121

    Frequently asked questions

    How much renters insurance do I need in Michigan?

    Before shopping for Michigan renters insurance, take a detailed inventory of your personal belongings to determine how much coverage you need. Insurance companies allow you to increase coverage to meet your needs or add additional policies for expensive items like musical instruments and jewelry. When shopping for renters insurance, look for companies that offer the most comprehensive coverage in their standard policies.

    What is the best renters insurance company in Michigan?

    According to the 2019 J.D. Power Renters Insurance Study, American Family and USAA are Michigan’s top renters insurance companies, based on considerations such as claims handling, customer interaction and price. When you shop for renters insurance, look for companies with strong financial and customer service ratings.

    Doesn’t my landlord’s insurance policy cover my personal belongings?

    No. Your landlord’s property insurance covers the building’s structure but does not cover your property. Purchase enough coverage to replace your personal items and enough liability coverage to help pay for damage you might cause to the property or the medical expenses of a guest who sustains an injury while visiting you.

    Is Michigan renters insurance expensive?

    No. In fact, Michigan renters pay an average annual premium of $155, nearly $30 lower than the national average. For less than $13 per month, it makes good financial sense to protect your belongings and finances with a renters insurance policy.

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