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.

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Best Overall: Auto-Owners

Auto-Owners is the best overall renters insurance provider, with a MoneyGeek score of 97 out of 100 and an average annual premium of $32.

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Cheapest: Auto-Owners

Auto-Owners is Michigan's cheapest renters insurance provider, with an average annual premium of $32.

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Best Service: Chubb

Chubb is the best renters insurance provider for service quality, with a MoneyGeek score of 100 out of 100 and an average annual premium of $158.

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Best for Extra Personal Property: Auto-Owners

Auto-Owners is the best renters insurance provider for those who need extra personal property coverage of $100K. It has a MoneyGeek score of 97 out of 100 and an average annual premium of $48.

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Best for Military: USAA

USAA is the best renters insurance provider for military members, with a MoneyGeek score of 100 out of 100 and an average annual premium of $107.

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Best for Bad Credit: Chubb

Chubb is the best renters insurance provider for those with poor credit, with a MoneyGeek score of 100 out of 100 and an average annual premium of $274.

Why Trust MoneyGeek? We gathered data from the Michigan Department of Insurance and Quadrant Information Services to find the best renters insurance in Michigan.

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Renters insurance rates in Michigan reflect the best quotes as of September 2024.

25,920Quotes Collected
 
9Cities Analyzed
 
16ZIP Codes

Overall Best Renters Insurance in Michigan

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.

Company logo for Auto-Owners Insurance
Best OverallAuto-Owners Insurance
MoneyGeek Score:
97/ of 100

Overview

Auto-Owners is Michigan's best renters insurance, ranking first in affordability and coverage with an average yearly premium of $32.

Its contents replacement cost coverage pays for repairs or replacements of your things at their current value without deducting for depreciation. Auto-Owners also offers backup of sewer or drain coverage, which financially protects against water damage from sewer backups.

Best Renters Insurance in Michigan
Data filtered by:Results filtered by:
Coverage:
Coverage:$20K Personal Property
Auto-Owners Insurance97$ 32
Chubb80$ 158
State Farm80$ 137
Farmers69$ 168
ASI64$ 166
Encompass53$ 254
The Hanover51$ 267

Cheapest Renters Insurance in Michigan

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.

Cheapest Renters Insurance in Michigan
Data filtered by:Results filtered by:
Coverage:
Coverage:$20K Personal Property
Auto-Owners Insurance$ 32
State Farm$ 137
Chubb$ 158
ASI$ 166
Farmers$ 168
Encompass$ 254
The Hanover$ 267
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QUALITY OVER COST

Prioritize quality service when choosing renters insurance. Paying a bit more for the best renters insurance often ensures smoother claims handling than cheaper options, leading to savings over time.

Cheapest Renters Insurance by High Deductible in Michigan

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.

Cheapest High-Deductible Renters Insurance in Michigan
Data filtered by:Results filtered by:
Coverage:
Coverage:$20K Personal Property
Deductible:
Deductible:$ 2,000
Auto-Owners Insurance$ 31
State Farm$ 122
Chubb$ 143
Farmers$ 153
ASI$ 166
Encompass$ 216
The Hanover$ 241

Best Renters Insurance for Customer Service in Michigan

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.

Company logo for Chubb
Best ServiceChubb
MoneyGeek Score:
100/ of 100

Overview

In Michigan, Chubb ranks highly for customer satisfaction and coverage, with an average annual premium of $158.

Chubb offers replacement cost coverage, which replaces your belongings at full value without deducting for depreciation. It also provides rental car insurance, giving primary coverage for car rentals and saving you money if you rent often.

Best Renters Insurance for Customer Service in Michigan
Data filtered by:Results filtered by:
Coverage:
Coverage:$20K Personal Property
Chubb100$ 158
Auto-Owners Insurance93$ 32
State Farm89$ 137
Farmers77$ 168
The Hanover75$ 267
Encompass72$ 254
ASI66$ 166

Best Renters Insurance for Extra Personal Property in Michigan

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.

Company logo for Auto-Owners Insurance
Best for Extra Personal PropertyAuto-Owners Insurance
MoneyGeek Score:
97/ of 100

Overview

Auto-Owners ranks first for affordability and customer satisfaction for renters in Michigan who require extra personal property coverage. Its average annual premium is just $48.

Auto-Owners offers contents replacement cost coverage, which replaces items at current value without deducting for depreciation, and backup of sewer or drain coverage, which financially protects against damage from water backups.

Best Renters Insurance for Extra Personal Property Limits in Michigan
Auto-Owners Insurance97$ 48
State Farm85$ 311
Farmers75$ 392
Chubb73$ 651
ASI71$ 365
Encompass61$ 639
The Hanover51$ 878

Best Renters Insurance for Military Families in Michigan

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.

Company logo for USAA
Best for MilitaryUSAA
MoneyGeek Score:
100/ of 100

Overview

USAA is the top insurance provider for Michigan renters with a military background. It ranks first in customer satisfaction, affordability and coverages, with an average annual premium of $107.

Its contents replacement cost coverage ensures you can replace stolen or damaged items, like a TV, with new ones without deducting for depreciation. The worldwide personal property coverage financially protects your belongings while deployed abroad.

Best Renters Insurance for Military Families in Michigan
Data filtered by:Results filtered by:
Coverage:
Coverage:$20K Personal Property
USAA100$ 107
Auto-Owners Insurance97$ 32
Chubb80$ 158
State Farm80$ 137
Farmers69$ 168
ASI64$ 166
Encompass53$ 254
The Hanover51$ 267

Best Renters Insurance for Bad Credit in Michigan

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.

Company logo for Chubb
Best for Bad CreditChubb
MoneyGeek Score:
100/ of 100

Overview

In Michigan, Chubb ranks first in affordability and coverages, offering the cheapest premium for renters with poor credit at $274 annually.

Chubb offers a rare discount for rental car coverage. This provides insurance for rental vehicles, saving you from extra costs during vacations or business trips. Additionally, Chubb offers reasonably common contents replacement cost coverage, ensuring you receive the full cost to replace items, which is especially beneficial if you have to replace high-value items after a loss.

Best Renters Insurance for Bad Credit in Michigan
Data filtered by:Results filtered by:
Coverage:
Coverage:$20K Personal Property
Credit Score:
Credit Score:Poor
Chubb100$ 274
State Farm95$ 324
Encompass85$ 377
Farmers82$ 567
ASI81$ 406
The Hanover65$ 1,157
Auto-Owners Insurance60$ 1,662

Average Cost of Renters Insurance in Michigan

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 Calculator

MoneyGeek's renters insurance calculator will give you a customized estimate of your renters insurance costs.
It's free to use, requires no personal information and we won't send you any spam.

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Rates updated:

Dec 06, 2024

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Average Cost of Renters Insurance by City in Michigan

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.

Ann Arbor$ 138
Detroit$ 251
Grand Rapids$ 148
Lansing$ 143
Sterling Heights$ 150
Warren$ 165
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COMPARE QUOTES TO SAVE

Renters in Michigan can save money on renters insurance by comparing quotes from various providers. For $20K in personal property and a $1,000 deductible, Auto-Owners offers the lowest annual premium at $32, while The Hanover is the most expensive at $267. Renters can save $235 annually or $20 monthly by shopping around.

What Factors Impact Renters Insurance Costs in Michigan?

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.

How Much Personal Property Coverage Do You Need?

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.

Personal Property Coverage Calculator

When figuring out how much renters insurance you need, experts recommend the standard $100,000 in liability insurance and enough personal property protection to cover your possessions. Use MoneyGeek's calculator to estimate the value of your possessions so you know how much personal property coverage to buy.

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What Renters Insurance Typically Covers in Michigan

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

What Renters Insurance Typically Doesn't Cover

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.

FAQ: Renters Insurance in Michigan

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

What is the cheapest renters insurance company in Michigan?

What is the best renters insurance company in Michigan?

How much does renters insurance cost in Michigan?

Is renters insurance required in Michigan?

About Mark Fitzpatrick


Mark Fitzpatrick headshot

Mark Fitzpatrick is a Licensed Property and Casualty Insurance Producer and MoneyGeek's Head of Insurance. He has analyzed the insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. He has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.

Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.