Best and Cheapest Renters Insurance in Michigan (2024)

Auto-Owners is the best and cheapest renters insurance company in Michigan, with a MoneyGeek score of 97 out of 100 and an average annual premium of $32 for $20K in personal property coverage with a $1,000 deductible.

However, depending on your needs, another insurer might be best. For example, USAA is an excellent choice for military families and veterans, while State Farm is great for those with poor credit.

Auto-Owners has the best renters insurance in Michigan, with a MoneyGeek score of 97 out of 100 and an average annual premium of $32 for $20K in personal property coverage.

• Auto-Owners: MoneyGeek score of 97 out of 100 ($32 per year)
• Chubb: MoneyGeek score of 80 out of 100 ($158 per year)

Auto-Owners offers a good balance of customer satisfaction and affordability. However, the best provider for you depends on your needs.

Auto-Owners offers the cheapest renters insurance in Michigan, with an average annual premium of $32 for $20K in personal property coverage and a $1,000 deductible.

• Auto-Owners: $32 per year
• State Farm: $137 per year

Personal property coverage helps replace or repair your belongings if damaged, lost or stolen. Cheap renters insurance policies often have lower coverage limits. Higher coverage limits can lead to higher monthly costs but offer better protection if you have many personal belongings.

Auto-Owners is the cheapest renters insurance company in Michigan, with an annual premium of $31 for $20K in personal property coverage with a $2,000 deductible.

• Auto-Owners: $31 per year
• State Farm: $122 per year

A deductible is the amount you pay out of pocket before your insurance covers the rest. While a higher deductible can lower your premium, choosing an amount you can comfortably pay is crucial if you need to file a claim.

Chubb is the best renters insurance company for service quality in Michigan, with an average annual premium of $158 for $20K in personal property coverage.

• Chubb: MoneyGeek score of 100 out of 100 ($158 per year)
• Auto-Owners: MoneyGeek score of 93 out of 100 ($32 per year)

Great customer service means quick responses, helpful support and effective problem-solving, giving renters peace of mind. Fast help and clear communication also make filing a claim easier and reduce stress.

Auto-Owners is Michigan's best renters insurance company for $100K of personal property coverage, with an average annual premium of $48.

• Auto-Owners: MoneyGeek score of 97 out of 100 ($48 per year)
• State Farm: MoneyGeek score of 85 out of 100 ($311 per year)

Renters with more belongings need higher personal property coverage to replace items like furniture, electronics, and clothes if they’re damaged or stolen. While higher coverage often costs more, finding a provider that balances cost and good service ensures your valuables are well-protected at an affordable rate.

USAA is the best option for Michigan homeowners with a military background. Its average annual premium is $107 for $20K in personal property coverage.

• USAA: MoneyGeek score of 100 out of 100 ($107 per year)
• Auto-Owners: MoneyGeek score of 97 out of 100 ($32 per year)

USAA offers products tailored for military members, veterans and their families, with discounts and coverage that suit their lifestyles. While Auto-Owners costs less yearly, USAA's specialized options may be worth considering.

Chubb is the best renters insurance company for those with poor credit in Michigan, with an average annual premium of $274.

• Chubb: MoneyGeek score of 100 out of 100 ($274 per year)
• State Farm: MoneyGeek score of 95 out of 100 ($324 per year)

Rates are higher for those with poor credit because they pose more risk to insurers and are more likely to file a claim. Improving your credit and using eligible discounts can help lower rates.

The average annual cost of renters insurance in Michigan is $169 or about $14 monthly. This is $23 more per year than the national average of $146 annually or $12 monthly. These rates are based on a policy with $20K in personal property coverage, $100K in liability limit and a $1,000 deductible.

Renters insurance costs can vary depending on your chosen coverage. Personal property coverage protects your belongings from theft, fire and other risks. Use the tool below to get an estimate based on your needs.

Renters insurance costs can differ by city. For example, the average annual premium in Ann Arbor is $138; in Detroit, it's $251. These rates are based on a policy with $20K in personal property limits, $100K in liability limit, a $1,000 deductible and a good credit score. Check the table below for your city's rates.

Understanding the factors that affect the cost of renters insurance in Michigan can help you find a policy that fits your budget and needs.

• Location: Crime rates and weather risks in your area can affect your premium.
• Coverage amount: Higher coverage limits increase your insurance costs.
• Deductible: A higher deductible lowers your monthly premium but means higher out-of-pocket costs in a claim.
• Claims history: A history of claims may lead to higher premiums due to increased perceived risk.
• Credit score: A better credit record can result in lower premiums.

Determining your personal property coverage as a renter starts with a thorough personal inventory of your belongings, along with their estimated value and proof of ownership. Here's how to create one:

1. Start with big-ticket items: List all high-value items first, such as electronics, jewelry and furniture, noting their make, model and serial numbers when available.
2. Document with photos or videos: Take clear photographs or video recordings of your belongings, capturing any identifying marks or conditions.
3. Include receipts and appraisals: Attach purchase receipts, warranty cards and appraisal documents for items of significant value.
4. Store information securely: Keep your inventory list and supporting documents in a safe, accessible location, such as a cloud storage service.
5. Update regularly: Review and update your personal inventory annually or whenever you acquire or dispose of items.

Renters insurance primarily protects your personal belongings from damage, but it also extends to other areas, such as liability and additional living expenses. Here's what a typical policy may cover:

• Personal property coverage: Safeguards your possessions against covered perils, like theft, and helps you replace them.
• Personal liability coverage: Protects you from legal responsibility for injuries or damage to others, such as if a guest is injured in your rental unit.
• Loss of use coverage: Pays for additional living expenses if your rental is uninhabitable due to a fire. For example, loss of use coverage can cover temporary housing costs.

Renters insurance typically applies to specific events, like theft, vandalism or specific natural disasters. Here's what most policies cover:

• Fire or lightning
• Windstorm or hail
• Explosions
• Riots
• Damage caused by aircraft
• Damage caused by vehicles
• Smoke damage
• Vandalism
• Theft
• Volcanic eruption
• Falling objects
• Weight of ice, snow or sleet
• Water-related damage from home utilities
• Electrical surge damage

While renters insurance protects your personal property and liability, it doesn't cover all losses. Standard policies typically exclude:

• Natural disasters: Events like floods and earthquakes are usually not covered.
• High-value items: Expensive jewelry or electronics might exceed policy limits.
• Business equipment: Items used for business may require additional coverage.
• Roommate property: Your policy doesn’t cover your roommate’s belongings.
• Pest damage: Infestations and damage from pests are generally not covered.
• Car theft: Personal vehicles are covered by auto insurance, not renters insurance.

Understanding these exclusions can help you get additional coverage if needed, ensuring better financial protection against various risks.

Choosing the best renters insurance provider depends on your unique needs. We address common questions to help you find the right coverage.