Table of Contents
- How much is renters insurance in Michigan?
- Average cost of renters insurance in Michigan
- Cheapest renters insurance in Michigan: Midvale
- Best renters insurance in Michigan: Liberty Mutual
- Other insurers you should consider in Michigan
- Learn more about renters insurance providers in Michigan
- Other things you should know about renters insurance in Michigan
- How we gathered our renters insurance quotes for Michigan
How much is renters insurance in Michigan?
Renters insurance in Michigan costs around $27.14 per month on average. That’s substantially higher than the national monthly average of $20.
According to our data, the cheapest place to purchase renters insurance in the state is right outside of Grand Rapids, in the suburban city of Wyoming, MI, which has an average price of $20.68 per month. Grand Rapids itself ($21.91) as well as Ann Arbor ($21.38) weren’t too far behind, with very affordable monthly averages.
Unfortunately, if you’re a Detroit resident, you’re going to have a hard time finding affordable renters insurance. Detroit’s average premiums are a whopping $58.08 per month — making it the most expensive city in the state, and one of the most expensive cities in the country. Flint and Dearborn also top the list of the most expensive renters insurance cities, with average monthly rates of $31.65 and $31.90, respectively.
How is the price of renters insurance calculated in Michigan?
Insurance actuaries and underwriters base insurance rates on a number of different factors. In addition to your policy coverage choices, insurers run your credit history and take your past claims record into account when calculating your renters insurance premiums.
In Michigan, the price of renters insurance is also affected by:
- Crime rate: The high crime rate in Detroit is a major factor that increases renters insurance premiums in the area. Because renters insurance covers property loss from theft, insurers try to offset their financial liability by raising prices in areas with a lot of crime.
- Weather: Areas prone to extreme weather have increased renters insurance rates. Fortunately, while Michigan is known for having very cold winters, weather across the state is relatively mild throughout the rest of year. However, heavy snowstorms can lead to frozen pipes, which can burst and cause water damage to rental properties.
Average cost of renters insurance in Michigan
The average cost of renters insurance in Michigan is $27.14 per month. That’s $7 more expensive than the national average. The extremely high rates in Detroit are just one of the reasons for this elevated statewide average.
You can see a list of renters insurance quotes for each of the top 15 most populous Michigan cities below.
Average renters insurance quotes in Michigan by city
|City||Average price (monthly)||Average price (yearly)|
As you can see, Detroit runs away with the title of “most expensive city for renters insurance in Michigan.”
Those high rates really drive up the overall statewide average, so it’s particularly important to consider your location when shopping around for renters insurance in Michigan.
As you’ll notice in our next table of average renters insurance quotes by insurer, prices also vary wildly depending on your insurance company.
Average renters insurance quotes in Michigan by insurer
|Insurer||Price||Difference from average|
Cheapest renters insurance in Michigan: Midvale
Midvale offers the cheapest renters insurance in Michigan, with an average monthly cost of $19.61. In addition to being the cheapest provider statewide, they’re also far and away the cheapest provider in Detroit.
Benefits of Midvale renters insurance in Michigan
- Affordable in Detroit: Our pricing survey revealed that Midvale (along with Nationwide) offered very affordable renters insurance rates for around $22 per month in the Detroit area. Their competitors don’t even come close to offering rates that cheap in the Motor City.
- Avoidable down payment: We also found that Midvale was one of a handful of insurers that offered renters insurance with no down payment. Typically, you’re required to pay an installation fee or a one-time down payment when you purchase your policy. Midvale is often willing to waive that cost depending on your situation. Speak to a local agent for more information.
Disadvantages of Midvale renters insurance in Michigan
Run-of-the-mill optional coverage: Midvale is the cheapest option in Michigan, but low costs often mean fewer choices. That’s unfortunately the case with a Midvale policy. They don’t offer the extensive list of renters insurance endorsements or riders that some of their competitors do. Your optional coverage choices are limited to:
- Identity theft protection
- Personal property extension coverage
- Protection against libel and slander
Best renters insurance in Michigan: Liberty Mutual
Average monthly premiums with a Liberty Mutual renters insurance policy are around $21.76, which places them right in the middle of the insurance companies we surveyed.
While their prices are fairly standard, Liberty Mutual’s leniency on pet breeds and optional coverage options give them a slight edge over other insurers in Michigan.
Benefits of Liberty Mutual renters insurance in Michigan
- Less strict on dog breeds: Certain restrictions apply to pet owners seeking to buy renters insurance. Often, dog breeds that are deemed “aggressive” aren’t eligible for pet liability coverage by renters insurance companies, meaning you’ll have to front the cost of any damage or injury caused by that pet. Liberty Mutual’s renters insurance covers pit bulls and other breeds that are commonly blacklisted, including Rottweilers and German Shepherds, but you’ll need to provide proof that they’ve been properly trained and have no history of aggression or biting.
- Flood coverage options: Because flood insurance prices are federally regulated, renters insurance doesn’t usually cover floods. However, Liberty Mutual provides flood insurance through the National Flood Insurance Program (NFIP). Not every insurer participates in the NFIP, and with flooding becoming an increasing concern for Michigan residents, this optional coverage from Liberty Mutual is a welcome sight.
Disadvantages of Liberty Mutual renters insurance in Michigan
- Replacement cost coverage is optional: Replacement cost coverage is the default property coverage option in most renters insurance policies, but not with Liberty Mutual. Their standard policies come with actual cash value coverage, which reimburses each covered loss at the price the item was valued at when it was stolen or damaged. Replacement cost is better, as it covers the value of your damaged or lost item for the amount it would cost to purchase that item brand new.
Other insurers you should consider in Michigan
If the renters insurance providers outlined above don’t seem to fit your needs, take a look at these other insurers that offer unique benefits to Michigan renters:
Best renters insurance for boaters in Michigan: Progressive
Progressive’s renters insurance is a great choice for Michigan boaters taking advantage of living in the Great Lakes State.
Benefits of a Progressive renters insurance policy
- Comprehensive multi-policy bundle options: Progressive offers the widest variety of bundling options we’ve seen, which means more ways to save on renters insurance. Most insurers limit policy bundling discounts to renters insurance and auto insurance, but Progressive offers discounts when you combine renters insurance with its other policies. For instance, boating enthusiasts can save on their renters insurance when they bundle it with a Progressive boat insurance policy.
Best renters insurance for Coast Guard members in Michigan: USAA
The Coast Guard has a sizable presence in Michigan thanks to the Great Lakes and the nearby Canadian border. For Coast Guard personnel or other military members stationed in Michigan, a USAA renters insurance policy is your best choice. However, it’s only available to active-duty military members, veterans, and the spouses and children of other USAA members.
Benefits of a USAA renters insurance policy
- Cheaper coverage than civilian providers: USAA renters insurance usually costs around $10 per month, which is around 50% less expensive than the statewide average. The city you live in and your credit history will impact those rates, but it’s still the cheapest option you can find in Michigan.
- Flood insurance comes with a standard policy: If you purchase a USAA renters insurance policy, you’re automatically covered if your property is damaged by flooding (or, less commonly, by earthquakes). No other provider offers flood coverage in their standard policies.
Learn more about renters insurance providers in Michigan
To learn more about the pros and cons of each insurer, check out our reviews of the top renters insurance companies in MI:
Other things you should know about renters insurance in Michigan
Still have questions about renters insurance in Michigan? Take a look at some other things you should be aware of before buying a policy.
Is renters insurance required in Michigan?
No, renters insurance is not required in Michigan by law. However, your landlord may require renters insurance as a stipulation of the lease agreement. If this is the case, you are required to buy renters insurance if you want to lease their rental property.
How much is renters insurance in Michigan annually?
On average, the annual price of renters insurance in Michigan is $325.67. That amount is based on pricing data for the top 15 most populous cities in the state, and is nearly $100 more expensive than the national annual average. Depending on where you live in Michigan, your annual renters insurance costs could be significantly cheaper or more expensive.
Can you get renters insurance without a credit check in Michigan?
Yes, you can get renters insurance without a credit check in Michigan. It’s one of a few states with laws that limit how companies are allowed to use your credit history. Other states where you can get renters insurance with no credit check include California, Hawaii, Maryland, Massachusetts, Oregon, and Utah.
How we gathered our renters insurance quotes for Michigan
Curious how we collected all this data on Michigan renters insurance costs? First, we looked at the 15 most populous cities in the state, then compared quotes from major insurance providers in each of those cities. You can check out the table below with all of our pricing data if you’d like to know more.
We used the following profile when gathering quotes from each insurer’s system:
- Insured party: 30-year old male, employed, unmarried, with no pets
- Personal property coverage: $30,000
- Personal liability coverage: $100,000
- Guest medical coverage: $1,000
- Loss-of-use coverage: Insurer’s default (usually based off personal property coverage)
- Deductible: $500
The quotes we received from each insurer are going to be different from your own, as your rates will be based on your personal information and your chosen coverage options. Also note that many insurers require down payments and installation fees, which we didn’t factor into our data.
The average price of renters insurance in Michigan by city and insurer
Take a look at the following table to see all of the information we collected on Arizona renters insurance prices. We’ve included each average price by city and insurer, so be sure to scroll left or right to see all of our data.
|City||Allstate||Geico||Progressive||State Farm||Liberty Mutual||Nationwide||Lemonade||Midvale||Farmers|
Wherever you see “N/A”, that means that we were unable to receive a quote for that insurer in that city. Contact a local insurance agent if you need pricing data for those instances.