Who Has The Cheapest Renters Insurance Quotes in Michigan?

Cheap renters insurance in Michigan

Michigan renters can find the cheapest rates with Travelers, where a policy costs $182 per year, or $15 per month, on average. That's $134 per year cheaper than the statewide average.

Renters in Michigan should also consider getting a quote from State Farm — the average policy costs $18 per month, or $212 per year, which is 33% cheaper than the state average.

There's a substantial difference in price among renters insurance companies in Michigan. The cheapest insurer, Travelers, is 64% less expensive than the most expensive. Switching could save a Michigan renter $318 per year.

Cheapest renters insurance companies in Michigan

Best renters insurance for most people: State Farm

The best renters insurance company for most Michigan renters is State Farm — it offers affordable rates and has well-rated customer service. State Farm's quote for renters insurance is very low for Michigan at $18 per month, on average. That's $8 per month less than the statewide average.

In addition, State Farm earns fewer complaints than other insurers of a similar size, according to the National Association of Insurance Commissioners (NAIC). This suggests customers tend to be satisfied with the service they receive. J.D. Power also awarded it second place in its renters insurance customer satisfaction survey.

The only drawback to State Farm is that it doesn't offer a lot of extra coverage options. For example, State Farm doesn't offer replacement cost coverage for renters insurance. Renters who have particular coverage needs may need to look elsewhere for the right coverage.

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Best for cheap quotes: Travelers

Renters looking for the cheapest rates in Michigan should consider Travelers. The average price of a renters insurance policy from Travelers is $15 per month. That's 42% cheaper than the state average. In addition, the company offers discounts for being claim-free, for having a home alarm and for insuring your car with Travelers.

Travelers also offers optional replacement cost coverage, which isn't available at State Farm. This coverage pays you the full cost to replace a damaged or stolen item without factoring in depreciation.

The biggest drawback to Travelers is its mediocre customer service relative to the competition. The company earned last place in J.D. Power's annual renters insurance customer satisfaction survey, which polls policyholders from the largest renters insurance companies in the country. Additionally, Travelers doesn't allow renters to make monthly payments, so you'll have to pay your entire annual balance at once.

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Best customer service: Amica

Renters who place a high value on customer service should consider Amica. The company scored 0.12 on the NAIC complaint index, which means that it receives only 12% as many complaints as average insurers of a similar size. ValuePenguin editors also awarded Amica an excellent score for offering great service and low rates to its customers.

Renters insurance rates from Amica are also cheaper-than-average in Michigan. At $20 per month, or $234 per year, a policy from Amica costs 26% less than the state average.

However, Amica doesn't offer many extra coverage options for renters who need expanded protection. For example, renters insured with Amica can't purchase water protection, which protects your belongings against water damage from backed-up pipes, sewers or sump pumps.

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Renters insurance in Michigan: Cost by city

Prices for renters insurance vary significantly across the 25 largest cities in Michigan. In Detroit, renters can expect to pay $824 per year for insurance, on average. On the other hand, people living in Wyoming pay an average of $258 per year for the same coverage. That's a difference of $566 per year.

People who live in areas with more crime or severe weather may pay more for coverage, as insurers believe they're more likely to make a claim.

The cost of renters insurance also varies by state. Renters in Michigan pay $104 per year more than the average cost of renters insurance nationwide, which is $212 per year.

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Best-rated renters insurance companies in Michigan

Amica receives far fewer complaints than competitors of a similar size, according to the NAIC. That means renters in Michigan are generally happy with their experience with Amica. In addition, our editors awarded the company a high rating based on the value it provides customers, service reviews and coverage options.

Selecting a renters insurance company with dependable customer service is very important. Good service makes the process of buying coverage straightforward and quick, and it eases the stress of having to make a renters insurance claim.

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What does renters insurance cover in Michigan?

Every renter has different insurance coverage needs. All of the insurance companies we looked at offer the following basic coverages. If you're considering an insurance company that doesn't offer all of these, you should view that as a red flag and look for another company.

When evaluating insurers, some renters may need to consider the availability of extra coverage options. Some optional coverages that may appeal to Michigan renters are:

Methodology

To find the best renters insurance company in Michigan, we considered three key factors: affordability, coverage options and customer service.

To compare renters insurance rates, we collected quotes from seven major insurers across 25 cities in Michigan. Our sample renter is a 25-year-old man who lives by himself and has not made any recent renters insurance claims.

Quotes are based on the following coverage limits: