Michigan Affordable Renters’ Insurance

The average cost of renters’ insurance in Michigan is $21.6 per month, which is about $260 per year. However, the average range of renters’ insurance premiums can significantly vary based on your location. Urban areas with high population density, crime rate, or areas that are prone to natural disasters generally have a higher rate, which can range from $137 to $408 per year.

The average rate is just to help you get an estimate; your actual insurance rate will depend on the building’s age, safety features, accident records, and most importantly, your insurance claims history. Here at PLPD, we are committed to offering the most affordable renters’ insurance rates to every customer in Michigan.

If you’re considering purchasing a renters’ insurance policy in Michigan or would like to know how much it may cost, book a free quote, and one of our agents will contact you soon.

Renters’ insurance is a financial safety net that covers your personal belongings, medical fees, liability compensation, and legal expenses due to an accident, theft, or damage from some natural disasters. Here’s an overview of the benefits of renters’ insurance in Michigan that secures your finances and helps you avoid hefty out-of-pocket expenses.

• Affordable Protection for Your Belongings: Renters' insurance offers coverage for your personal items like furniture, electronics, and clothing, usually for about $20 per month in Michigan. Even low-cost policies provide invaluable protection against loss due to fire, theft, or vandalism.
• Coverage Beyond Your Home: Your policy doesn't just cover your possessions at home; it extends protection wherever your belongings go. Whether they’re in your car or traveling with you, your items remain covered under most policies.
• Liability Protection for Accidents or Injuries: If someone is injured in your rental or if you accidentally damage someone else's property, renters' insurance provides liability protection. It can cover medical expenses, legal costs, and settlement fees, typically starting at $100,000 in coverage.
• Additional Living Expenses (ALE) Coverage: When your rented property is temporarily uninhabitable, your renters' insurance can help with expenses such as hotel stays, meals, and other living costs while your home undergoes repairs.
• Protects You When Your Landlord Doesn’t: Landlord insurance covers the building, not your personal belongings. Renters' insurance fills that gap, protecting what you own against loss or damage.
• Helps Meet Lease Requirements: While renters’ insurance isn’t required by Michigan state law, many landlords require it as a condition of your lease. Having it protects your possessions and reduces dispute risks between you and your landlord.

Note: Standard renters’ insurance does not cover flood or earthquake damage. If you’d like protection against these risks, a PLPD agent can help you explore specialized coverage options.