Based on our list of top renters insurance companies in Michigan, average premiums range from $139 to $363. The state average cost of renters insurance is $247 per year, according to Quadrant Information Services.
*Pricing is based on data from Quadrant Information Services or sample quotes we pulled for a standard insurance policy for a single occupant in Ann Arbor, Mich. Your cost may vary depending on factors like your location, coverage and personal property needs.
Top 6 Renters Insurance Providers in Michigan of 2023
After in-depth research, we at the MarketWatch Guides Team found the following to be Michigan’s best renters insurance providers:
Lemonade
- AM Best Rating*: NR
- J.D. Power Score: 853/1000
Lemonade is a modern insurance company that makes it easy for its customers to submit and manage claims. The company has a convenient mobile app where users can file claims quickly or track the progress of a claim they’ve already submitted. Lemonade is great at handling claims quickly, shaving weeks off of how long you have to wait for payments on approved insurance claims compared to other providers.
Lemonade’s customer service is 100% AI-based, which means it’s available 24/7 and is significantly faster to respond than human-based customer service. Unfortunately, it also means it’s hard to get help when you have a problem the AI doesn’t understand.
Costs and Coverage Options
Lemonade renters insurance is very affordable, costing just under $140 per year on average in Michigan — well below the state’s overall average annual premium of $247. The company also offers barebones coverage that is even more affordable — starting at just $5 per month.
Discounts:
- Claim history
- Lower rates for a high deductible choice of $2,500
- Safety devices
Endorsements:
- Landlord property damage
- High-value property such as bikes, fine art, cameras and jewelry
- Significant other if you’re not officially married or in a legally-recognized civil union
- Water backup damage
Get your quote: Get a free quote from Lemonade today.
To learn more: Lemonade renters insurance review
Geico Renters Insurance
Geico offers excellent customer service and helps new renters easily understand their coverage options, making the company a great option for people who have never purchased renters insurance before.
Geico’s coverage is also outstanding, with generous coverage limits and reasonable deductibles. The only downside to choosing Geico for renters insurance is that the policies are underwritten by a third-party insurer, not by Geico itself. While this shouldn’t be a problem most of the time, it does add another link in the chain that could complicate things.
Costs and Coverage Options
Geico’s website states that its renters insurance policies start at $12 per month and cost around $16 on average. According to our secret shopping experience, the average Geico policy in Michigan costs $24 per month.
Discounts:
- Multi-policy bundling
- Home security systems
- Sprinklers or smoke alarms
Endorsements:
- Replacement cost personal property
- Disasters
- Identity theft protection
Get your quote: Get a free quote from Geico today.
To learn more: Geico renters insurance review
Allstate Renters Insurance
Due to Allstate’s excellent bundling discounts, the company’s renters insurance is an attractive option for people who already have an insurance policy with Allstate or who are looking to get multiple policies from a single provider. However, its standalone renters policies can be quite expensive.
Allstate’s coverage is solid, offering above-average coverage limits and great discounts. Allstate is our pick for seniors due to its unique insurance discount for retired renters who are 55 years old or older.
Costs and Coverage Options
Allstate’s average annual cost for renters insurance in Michigan is a whopping $363 — well above the state’s average and higher than all of the other providers on this list. However, the base price doesn’t tell the whole story since Allstate customers can save by taking advantage of the following discounts.
Discounts:
- Retired seniors
- Autopay
- Claim-free
- Multi-policy bundling
- Protective device
Endorsements:
- Scheduled personal property add-ons
- Identity theft protection
To learn more: Allstate renters insurance review
State Farm Renters Insurance
If you’re buying renters insurance to satisfy your landlord’s requirement or are simply shopping on a budget, State Farm might be for you. According to our cost data, it consistently offers cheaper premiums than many competitors. While its coverage is outclassed by some providers, it features a wide range of deductibles and customization options.
State Farm offers impressive coverage for personal belongings plus four endorsements to strengthen your policy if needed. Its expansive network of local insurance agents also provides a personal touch to your insurance dealings.
Costs and Coverage Options
Nationwide’s renters insurance policies cost about $170 per year on average for Michigan residents — significantly below the statewide average.
Discounts:
- Multi-policy
- Protective device
- Claims-free
Endorsements:
- Brand New Belongings
- Loss assessment
- Identity theft protection
- Water backup (limited)
- Building ordinance or law
- Special limits of liability
To learn more: State Farm renters insurance review
Nationwide Renters Insurance
If you’re looking for a way to customize your insurance with additional coverage, consider Nationwide. They offer a wide range of renters insurance coverage that can be added to their base policy, such as theft protection, earthquake coverage and flood protection.
Additionally, if you install fire alarms, burglar alarms, smoke detectors and other protective equipment in your rental home, your premiums will be lowered. Nationwide also offers Brand New Belongings, increased personal property coverage that ignores the depreciation of your belongings for larger payouts.
Costs and Coverage Options
Nationwide’s renters insurance policies cost about $170 per year on average for Michigan residents — significantly below the statewide average.
Discounts:
- Multi-policy
- Protective device
- Claims-free
Endorsements:
- Brand New Belongings
- Loss assessment
- Identity theft protection
- Water backup (limited)
- Building ordinance or law
- Special limits of liability
To learn more: State Farm renters insurance review
USAA Renters Insurance
USAA is a financial services company for military members and veterans. The company’s insurance products provide excellent coverage at unbeatable prices, making it the go-to choice for renters insurance for Michigan military members and their families. USAA also has coverage for military uniforms and gear — something you won’t find from other providers — as well as identity theft coverage.
Costs and Coverage Options
Unfortunately, we can’t provide sample quotes as you must be a USAA member to get a monthly premium estimate.
Discounts:
- Multi-policy bundling
- Active-duty military
- Home security systems
- Claims-free
Endorsements:
- Personal property replacement cost
- Business property
To learn more: USAA renters insurance review
Do I Need Renters Insurance in Michigan?
Michigan does not require renters to have renters insurance, but many landlords won’t enter into a lease agreement with you unless you have renters insurance with liability coverage. A standard policy includes coverage for around $15,000 to $20,000 worth of your personal belongings, liability coverage in case someone gets hurt at your residence and loss of use coverage, which pays for your additional living expenses if your residence becomes temporarily unlivable.
Even if you don’t have enough personal belongings to justify Michigan renters insurance, a policy covers you in other ways that can prevent you from experiencing financial disruption. For instance, personal liability insurance and additional living expenses are important types of coverage to carry.
What Factors Affect Renters Insurance Rates in Michigan?
There are several factors that insurance companies use to calculate your monthly premium when you request a quote. Here’s a look at the most important factors that determine what you’ll have to pay for renters insurance.
- Claims record: If you have a history of filing claims, your monthly premium will be higher than that of someone who has never made a claim. You may be penalized in the future for filing claims even if the covered event, like a natural disaster or random theft, was completely out of your control.
- Amount of coverage: You have some control over your renters insurance rate by changing some of your policy options. You can reduce your monthly premium by choosing a plan with less coverage, although you’re opening yourself up to more risk by doing so. Make sure you choose a policy with an appropriate level of coverage that matches the value of the items you’re insuring.
- Deductible: Policies with low deductibles cost more per month than those with high deductibles — the tradeoff being that high deductible policies require you to pay more out of pocket before your coverage kicks in.
- Credit score: Customers with higher credit scores tend to pay less per month. Raising your credit score takes time, but managing your debt-to-income ratio, paying off old debts and practicing good spending habits can help boost your credit.
- Location: If you live in a part of Michigan with high crime rates, be prepared to pay more for renters insurance. Companies manage their risk by charging customers higher premiums if the company thinks the odds of the customer filing a claim are higher than normal. There’s not much you can do about this short of moving to a safer location, but it might be the reason your quotes are higher than you expected.
What Are the Common Causes of Renters Insurance Claims in Michigan?
Michigan residents are lucky that they don’t have to deal with many tornadoes or earthquakes, but they do have to worry about brutally cold winters in the northern part of the state and a higher-than-average crime rate. Here are two extra things to consider when you’re shopping for a renters insurance policy in Michigan.
Water Damage
Make sure your renters insurance covers water damage in case your building’s pipes freeze in the winter. Water damage coverage is different from flood protection, so don’t get confused by any flood exclusions. Water damage protection will also protect your possessions from damage caused by leaks, overflowing toilets and other in-home water-related issues.
Theft Protection
Not all renters insurance policies cover theft or vandalism, so make sure you choose a policy that covers it if you live in a high-crime area. Even if a company’s core policy doesn’t include theft coverage, check to see if there is an optional add-on you can use to supplement the basic coverage. It may be more affordable to add theft coverage to an otherwise solid policy than to find a company that offers it as part of the standard policy.
The Bottom Line
Our top pick for renters insurance in Michigan is Lemonade. They offer affordable prices without compromising on quality coverage, as they do not have a physical network of agents to maintain. Filing a claim and getting covered is also hassle-free, which reduces any potential stress if you experience a covered loss. However, it’s important to note that everyone’s needs are different and other providers on this list may better serve your specific requirements. We suggest comparing at least three quotes with equal deductibles and coverage limits before making a final decision.
Get instant renters insurance quotes by entering your ZIP code in the form.
How We Gather Cost Data
We at the MarketWatch Guides Team gathered renters insurance quotes for the providers in this article using data from Quadrant Information Services. Quadrant is a leading source of property and casualty insurance solutions and data.
Our sample renter is a 30-year-old single male with good credit and no prior claims history. Our sample policies featured a $1,000 deductible and the following coverage and limits:
- Personal property: $30,000
- Loss of use: $9,000
- Liability: $100,000
- Medical payments: $1,000
For each provider, we gathered a quote for 50% of the ZIP codes in every state the provider is licensed in. We used the most populous ZIP codes for our study. We took the average of these individual quotes to calculate a national average premium per provider. Our sample rates are for informational purposes only. Actual premiums will vary.
AM Best Disclaimer
Mike Miller is a writer with a decade of experience producing product and service content to help consumers make informed purchasing decisions. Mike has a bachelor’s degree in creative advertising. In his spare time, Mike enjoys riding and fixing motorcycles, reading a good book and spending time with his wife and two cats.
Sabrina Lopez is an editor with over six years of experience writing and editing digital content with a particular focus on home services, home products and personal finance. When she is not working on articles to help consumers make informed decisions, Sabrina enjoys creative writing and spending time with her family and their two parrots.
Alice J. Roden started working for Trending Insurance News at the end of 2021. Alice grew up in Salt Lake City, UT. A writer with a vast insurance industry background Alice has help with several of the biggest insurance companies. Before joining Trending Insurance News, Alice briefly worked as a freelance journalist for several radio stations. She covers home, renters and other property insurance stories.