Who Has the Most Affordable Renters Insurance Quotes in Michigan?

Renters insurance is not expensive, but it is a must-have for any Michigan renter. To locate the finest renters insurance companies in Michigan, we gathered dozens of bids from across the state. The best price we discovered for renters insurance was $18 per month, but we don't advocate purchasing based just on price. Customer service and coverage options are also critical.

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State Farm provides the best renters insurance for the majority of consumers.

State Farm is our preferred renter's insurance company in Michigan because it offers far lower prices than the competition and has very well-rated customer service.

State Farm's renter's insurance premiums in Michigan are incredibly low: we found an average cost of about $18 per month. This is 48% less than the statewide average of $34.

We're also quite pleased with State Farm's customer service. It has a complaint score of 0.38 from the National Association of Insurance Commissioners (NAIC), which means it got 38% fewer complaints than the average insurer of its size. This indicates that clients are generally pleased with their service. In its renter's insurance survey, J.D. Power awarded it a solid grade of 850, the highest of any business we looked at in Michigan. The only disadvantage of State Farm is that not all coverage options are offered. If you require specialized coverage, you may need to go elsewhere; for example, State Farm does not provide replacement cost coverage for renters insurance.

Liberty Mutual is the runner-up in terms of low prices.

Renters who value affordability and are searching for an alternative to our #1 selection can consider Liberty Mutual. It had the second-best costs of the insurers we looked at, and it also has a lot of discount options.

The average monthly price we discovered from Liberty Mutual was $23. This is 37% less expensive than the state average. And Liberty provides other discounts, including those for not filing a claim, having a home alarm, and paying your annual payment in full.

Liberty is especially appealing to students and young renters since they will sell insurance with very low coverage limits – as little as $5,000. A lower limit also means a cheaper premium. Liberty Mutual also offers optional replacement cost coverage, whereas State Farm does not. This coverage reimburses you for the full cost of replacing a damaged or stolen item, excluding depreciation.

The most significant disadvantage of Liberty Mutual is its subpar customer service in comparison to the competition. It had an NAIC complaint index of 0.70, indicating that it received 70% as many complaints as the average insurer. While this is lower than the national average, it is one of the higher scores we discovered among Michigan renters insurance carriers.

Farmers came in second place for customer service.

Renters who aren't interested in our top option but appreciate customer service might look into Farmers Insurance. Its customer service is comparable to State Farm's, but it falls short in other aspects.

Farmers' customer service is well regarded. It has an NAIC complaint index of 0.37, which means it has received around 37% of the complaints you'd expect given its size. This suggests that clients are likely to be satisfied with the service they receive, and it is the highest score we discovered among Michigan renters insurance businesses (State Farm had 0.38).

Farmers, on the other hand, did not fare as well in J.D. Power's customer assessment, receiving only 808 points - lower than State Farm's score of 850 and below the national average. Farmers did not fare well outside of customer service. Its interest rates were exactly average.

How did we select the best renters insurance companies in Michigan?

We looked at three main variables when determining the top renter's insurance company in Michigan: cost, coverage options, and customer service.

Affordability: Is the insurer's pricing competitive when compared to other companies?

Coverage options: Does the insurance offer a diverse set of helpful coverage options?

Customer satisfaction: Are customers generally satisfied with the service they receive from their provider?

Affordability: Obtaining low-cost renters insurance in Michigan

We discovered a significant pricing discrepancy between renters insurance firms in Michigan. While the average monthly cost was $36, the least expensive insurer, State Farm, was 60% less expensive than the most expensive. A Michigan tenant might save up to $360 per year by switching.

See below for a price comparison of the lowest renters insurance in Michigan.

Our coverage levels of choice were as follows:

$30,000 in personal property coverage

$100,000 in liability insurance

$1,000 in medical payments coverage

$500 is the deductible.

$0 in lost use

Options for coverage: comparing renters insurance policies and advantages

Every renter has various insurance requirements. As a result, while evaluating insurers, we search for organizations that offer a diverse selection of helpful coverage options. Here are some optional coverages that Michigan renters may find appealing: Replacement cost coverage: Pays the full cost of a damaged or stolen item, without taking depreciation into account. Coverage for precious objects: Provides coverage for valuable items such as jewelry or high-end electronics, which are frequently excluded from standard renters insurance.

The following basic coverages were provided by all of the insurance firms we investigated. If an insurance company does not provide all of these services, consider it a red flag and a tip to hunt for another one. Personal property coverage pays to repair or replace the property that is stolen or damaged as a result of a covered danger.

Additional living expenses: Covers the cost of a hotel room or other temporary lodging if you are unable to remain in your home due to a covered risk.

Liability coverage: Pays for losses caused to others for which you are accountable, such as if your dog bites a visitor in your home.

Medical payments coverage: Pays for medical expenditures incurred by guests harmed in your house, regardless of negligence. Pays out before the onset of liability coverage.

Customer service: assessing insurer quality in terms of service and claims.

It is critical to choose a renters insurance company with solid customer service. Good service makes the process of purchasing coverage simple and quick, as well as reducing the stress of having to file a renters insurance claim.

We utilize three main sources to compare the customer service of Michigan renters insurance companies: the National Association of Insurance Commissioners Complaint Index, J.D. Power's renter's insurance ratings, and A.M. Best's Financial Strength Rating (FSR).

NAIC Complaint Index: This has through an insurer's complaint volume to its size. A lower figure implies that there are less complaints, with 1.00 representing the national average.

J.D. Power ratings: This score is based on a national poll of renters insurance customers who were asked how happy they are with their renter's insurance providers. The scores are out of 1000, with the national average being 835.

A.M. Best Financial Strength Rating: This letter grade represents an insurer's overall financial health. A++ to D are the grades, and a higher grade indicates that the company is more positioned to meet claims, even when demand is strong (such as after a natural disaster) or during an economic crisis.

Costs of Michigan renters insurance vary by city.

The cost of renters insurance varies by state. People who live in high-crime regions, as well as those who live near the seaside, may have to pay extra for insurance. In the table below, you can see how much renters insurance will cost you.

The cost of renters insurance varies by state as well. See our nationwide research of renters insurance costs to see how prices in Michigan compare to those in other states.