Whether you are renting an apartment in a Grand Rapids high-rise or leasing a house in the Dearborn suburbs, if you rent your home, you can benefit from having renters insurance. Unfortunately, too many tenants in Michigan only discover the importance of having this coverage after it is too late.
Local independent insurance agents can help you find an ideal renters insurance policy. These agents do not work for a particular insurance provider, so they are free to shop around to find the coverage you want at a price you can afford. Contact an independent insurance agent near you to get started.
Michigan Rental Statistics
- Michigan residents pay an average of $871 per month in rent.
- Around 28.8% of all homes in Michigan are occupied by renters.
- Around 44.3% of renters in Michigan spend more than 30% their income on rent and utilities.
How Much Does Renters Insurance Cost in Michigan?
The average renters insurance policy in Michigan costs just $182 a year. That’s only about $15 a month, which is less than most people spend on Mackinac Island fudge.
Here are some factors that can make your actual cost higher or lower than this average rate.
- The amount of property coverage you need
- The crime rate and weather risks where your home is located
- Your payment method (paying electronically can earn you a discount)
- Your claims history
- The size of your deductible
When you take the time to contact a few competing insurance companies and request customized quotes, you can be certain you are getting your coverage at a fair price. If you prefer, a local independent agent can do the comparison shopping for you.
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What Does Michigan Renters Insurance Cover?
Renters insurance can protect your finances through three different types of coverage, all of which come standard in every renters insurance policy.
- Contents coverage: This can cover repair or replacement costs if your personal belongings are lost or damaged due to covered hazards like:
- Property crimes, like burglary and vandalism
- Fires, whether they originate in your home or in a neighboring unit
- Severe weather events, such as:
- Thunderstorms and lightning
- Snowstorms and ice accumulation
- Loss of use coverage: This can cover your temporary living expenses if you are displaced from your home due to damage caused by a covered event like a fire or tornado. It can continue until your landlord has brought your rental home back up to code.
- Renters liability coverage: This can cover your financial responsibilities if you unintentionally cause injuries, property damage, or financial harm to others. It can also cover the cost of legal representation, if needed.
When you buy your policy, you will want to be sure that you purchase sufficient contents coverage. That way, if all of your personal property is destroyed in a disaster like a fire, you will have the funds necessary to replace it.
What about Coverage against Floods in Michigan?
It is important to know that renters insurance does not cover property damage if it is caused by floods.
If you rent a second-floor or higher apartment, you probably don’t need to worry about flood damage. However, if you are renting a house, a mobile home, or ground-level apartment, you may benefit from supplementing your renters insurance with flood insurance.
The National Flood Insurance Program (NFIP) is a program run by FEMA to ensure that all Americans have access to affordable flood insurance for their homes. As a renter, you can purchase a contents-only policy through the NFIP at a very reasonable price.
How Can an Independent Insurance Agent Help?
If you are ready to buy renters insurance, be sure to ask a local independent agent for help. These agents can answer all of your insurance-related questions and can shop around to find you the coverage you want at the most competitive price.
Best of all, it doesn’t cost a thing to get information from an independent agent. There are close to 900 independent insurance agencies in Michigan, so it should be easy find an experienced insurance agent near you.