The Best MI Renters Insurance

Michigan offers natural beauty, gorgeous coastlines and picturesque lakes — plus its share of wintry weather. But renting in the Great Lake State doesn’t have to make you feel like you’re walking on thin ice. Benzinga’s comprehensive reviews of MI renters insurance can help you choose the best company for your needs and budget. 

Quick Look: The Best MI Renters Insurance

• Best for Seamless, 100% Digital Signup: Lemonade
• Best for Current Customers: Farmers
• Best for High-Value Items: Allstate
• Best for Customizable Policies: Nationwide

The Best MI Renters Insurance

Take a look at the list we compiled and compare quotes for the most affordable rate in Michigan.

1. Lemonade

Did you know most of our readers prefer to work with Lemonade for their renters insurance needs?

When you’re looking for affordable renters insurance, Lemonade is a great place to start. You can visit the site, answer a few questions and get a quote for the coverage you need. Your landlord has insured the building, but they have no insurance covering you, your family and your personal belongings. Plus, you need coverage—in most cases—if you wish to sign a lease.

You can get a quote for renters insurance online in 90 seconds, and prices drop as low as $5 per month.

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Lemonade offers fast, easy coverage through their seamless application and claims process. Get personal property and liability protection with Lemonade Renters Insurance.

2. Farmers Insurance

Farmers earned top marks not only for its fast, hassle-free claims process but also for its low rates across several Michigan cities.

You can also qualify for discounts on renters insurance from Farmers if you live in a smoke-free household for at least 2 consecutive years and if you have a fire alarm or security system in your apartment.

You may save even more if you bundle renters insurance with another Farmers policy like auto or life insurance. 

3. Allstate

It’s hard to beat Allstate’s low prices — it’s one of the most well-known renters insurance companies in Michigan.

You may be able to pay as little as $4 per month if you already have an auto insurance policy with Allstate and decide to bundle your renters insurance as well.

Allstate also provides you with discounts if you are over 55 and retired, if you go claims-free for a specific period of time or if you sign up for Allstate’s Easy Pay Plan and have your renters insurance taken from your checking or savings account automatically every month. 

4. Nationwide

One of the more unique features of Nationwide insurance for both renters and homeowners insurance is its “Brand New Belongings” option.

Nationwide will pay to have them fixed or replaced if items inside your apartment are damaged. That means that you’ll first get money for the depreciated value of the items and once you buy the replacement, you simply send the receipt to Nationwide and they’ll pay you the difference.

It’s hard to beat Nationwide’s coverage for renters insurance that can protect your valuables from fire, water or even theft. 

Renters Insurance in Michigan Overview

Unlike with car insurance, renters insurance is not required in the state of Michigan. It’s a good idea to have it to protect your possessions. Some landlords will not let you rent from them unless you have renters insurance. Buying renters insurance in Michigan is inexpensive. The average fire loss per structure is over $20,000, so protecting the items in your apartment is a wise decision. 

You might think landlord insurance will cover your belongings, but this isn’t true. Like homeowners insurance, landlord insurance is designed to protect your landlord’s investment in the property and accompanying structures. It’s not designed to protect the items within the property or structure — that’s what renters insurance covers. 

Average Annual Renters Insurance Premium in MI

The average annual cost for renters insurance in Michigan is a $170 premium, which is around $14 per month. This is slightly below the national average cost of $17 per month for renters insurance, which recommends coverage levels of up to $40,000 for personal property and $100,000 of liability protection with a $1,000 deductible.

Keep in mind that these are approximate amounts recommended for renters insurance in general. Let’s say you have high-value items or want extra protection in case of injury or damage to your belongings from natural disasters. It’s a good idea to increase these numbers so you can be sure you have adequate coverage. 

MI Renters Insurance Coverage Explained

Renters insurance helps protect you whether you rent a home, condo or apartment in Michigan. It helps pay for repairs if you accidentally damage someone else’s property. It also helps pay for medical bills in case a guest is injured in your apartment and you are found liable for the injuries.

Renters insurance can also cover other living expenses like hotel bills, in the event that your apartment is uninhabitable because of fire or another natural disaster. 

Most Affordable Cities for Renters Insurance Michigan (MI)

• Dexter: Renters in Dexter pay an annual insurance rate of $320, which is a little over 20% cheaper than the state average.
• Grand Rapids: Grand Rapids renters insurance tops out at around $321 per year. 
• Holland: Residents of Holland pay a yearly average of $331 for renters insurance. 

Most Expensive Cities for Renters Insurance Michigan (MI)

• Flint: Residents pay over $1,000 per year for renters insurance, which is nearly one and a half times more than the state average. 
• Ferndale: Just north of Detroit, Ferndale residents pay an average of $819 per year for renters insurance. 
• Southfield: Residents here tend to pay around $760 per year for renters insurance. 

Save on Renters Insurance in the Wolverine State

You shouldn’t have to feel like you’re fighting tooth and nail to get coverage. Many MI renters insurance policies cover fire and flood damage, medical liability and theft and the prices can differ widely between one company and another.

For this reason, we highly recommend getting quotes from the top providers we’ve reviewed here. You could save hundreds of dollars simply by shopping around and comparing rates from the best renters insurance companies to get your customized quote. 

Frequently Asked Questions