Michigan Renters Insurance
Whether you rent an apartment in a gleaming Detroit tower or a lakeside home near Traverse City, renters insurance in Michigan can help you repair or replace your personal belongings if they’re damaged or stolen.
How much does renters insurance generally cost in Michigan?
Renters insurance in Michigan can cost as little as $15.50 a month (or $187 per year) for around $35,0001 in coverage, about the same as the national average, according to 2021 data (the most recent available) from the National Association of Insurance Commissioners (NAIC). Keep in mind that insurance premiums in most states have changed since then. Also, your cost may be different, depending on things like how much personal property you want to cover, what deductible you choose and risks specific to your location.
What does Michigan renters insurance typically cover?
Typically, renters insurance policies in Michigan can provide coverage against damage to or loss of personal belongings if caused by:
- Fire
- Vandalism and theft
- Lightning strikes
- Wind
- Hail
- Explosions
- Falling objects
- The weight of snow or ice
Flooding — a common risk in Michigan — is not covered, but special flood insurance through the National Flood Insurance Program (NFIP) may be available for renters.
Is renters insurance required in Michigan?
No state laws require you to have renters insurance in Michigan. However, landlords can require you to have a renters policy as part of a lease agreement. It may help pay for another person’s medical bills or repairs to their property if you’re found legally responsible for their injuries or property damage. Renters liability coverage may also help cover your legal expenses if you’re sued over an incident that occurs in the place you’re renting. Keep in mind that your landlord’s insurance provides coverage for the building itself, but this likely does not include your personal belongings.
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More coverage options in Michigan
Learn From Experience
Do you have more questions about renters insurance? We have answers.
New paint and hardwood floors are fine, but in-unit washer/dryers, smart lights and pet-friendly features are catnip to apartment seekers.
Your renters policy helps cover the contents of your apartment for a number of perils — including theft. If someone walks off with your laptop or sound system, your policy can help cover the cost to go out and buy a new one.
The amount of coverage you should consider getting depends on the combined value of all your personal possessions. Make a written inventory of what you brought into the place. Now think of what it would cost to replace everything with new merchandise at current prices.
1 Estimate is based on HO-4 policy with coverage of $32,000 to $37,999.