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Renters insurance is an optional — but important — product that works to keep your belongings safe in the event your rental property suffers damage from common incidents. A renters policy defends your items in the event of fire, smoke damage, a wind storm, theft, vandalism and an array of other misfortunes.
Unlike auto insurance, renters policies aren’t priced specifically by state. Even so, there are often differences in renters insurance pricing by state. Renters insurance policy costs in US states vary based on the frequency of — and value of — renters claims filed statewide, and depend on the value of the belongings you're insuring.
Getting a renters policy in Michigan is less expensive than the US average. The average annual cost of renters insurance in Michigan is $155, $29 less expensive than the average across the nation.
The best way to get an affordable renters insurance policy in Michigan is to compare rates from multiple insurance companies. Find out renters insurance rates in Michigan by reviewing the below data. Remember: your rates may differ, depending on your coverage limits and the valuation of your belongings.
Prices for renters insurance in Michigan will vary depending on the insurer you select. Frankenmuth Insurance underwrites the most affordable renters insurance in Michigan, at just $102 yearly. This compares favorably to the state's average cost of $155, offering a 35% discount on average policy costs statewide.
Begin the hunt for affordable coverage by reviewing the most affordable Michigan renters insurance carriers, detailed below.
|Insurance Company||Average Yearly Rate in Michigan|
|Pioneer State Mutual||$158|
Renters insurance rates in Michigan differ by city. Rates are determined based on on city-specific variables, such as the number of claims filed nearby, giving your ZIP code weight in deciding how much you pay.
The cheapest renters insurance in Michigan is available in Ann Arbor. An average renters insurance policy in Ann Arbor costs just $125 every 12 months — $30 less than the average policy in other Michigan cities. The below table shows the best places to live in Michigan if you’re looking for cheap renters insurance.
|City||Average Yearly Renters Insurance Rate|
Looking for information about renters insurance for a particular city? Check out our list of major metropolitan areas in Michigan.
Your renters insurance rates will vary depending on your coverage levels. Two of the most common levels of renters insurance coverage are $25,000 and $50,000 property coverage. In Michigan, the annual cost differential between these options is approximately $63. If you can afford the up-front expense, it's worth considering.
|Coverage Level||Average Yearly Renters Insurance Rate in Michigan|
If you're looking for savings, consider purchasing your renters and auto policies from the same insurance company. A renters and auto insurance bundle in Michigan can lead to substantial savings on your auto insurance policy. In fact, bundling policies in Michigan may earn you a yearly discount of $110.
|Avg. Annual Rate (No Bundle)||Avg. Annual Rate (w/ Bundle)||Annual Savings ($)||Annual Savings (%)|
Unlike auto insurance, renters insurance is not mandated by state law in Michigan, but it's an inexpensive way to protect the contents of your home. It's usually required by landlords before you can rent their property.
Liability insurance, protection for your personal property in the rental, additional living expenses, and medical payments to others are generally all included in a basic renters insurance policy. These options and their corresponding limits can be adjusted depending on your individual needs.
The Zebra is not an insurance company. We publish data-backed, expert-reviewed resources to help consumers make more informed insurance decisions.