Who Has the Cheapest Renters Insurance Quotes in Michigan?

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This article has been reviewed and deemed factual by our content auditor with 8 years of banking experience.

Article Approved By Banking Expert

This article has been reviewed and deemed factual by our content auditor with 8 years of banking experience.

Michigan, with its diverse environments, economic centers, and population, is home to many people who rent their home, and unfortunately, those renters are subject to risks such as crime, harsh weather (the cold can do some damage to your place), and more. We don’t want you to worry about these risks, though, and instead focus on preventing potential damage in the form of insurance coverage. We know that renters insurance is something that can benefit just about everyone, so we looked into the top providers in the state to find the cheapest ones.

Here are the five cheapest renters insurance providers operating in Michigan:

The Four Cheapest Quotes:

Your living situation and needs might be different from the average person’s, so please understand that your results and quote might be different from the averages listed below, even if the trends will be consistent.

The number listed next to each provider is the average annual rate for a standard policy.

1) State Farm: $253

The cheapest choice by quite a margin and one of the most pervasive providers of insurance (renters and otherwise) in the country, it’s hard to go wrong with State Farm if all you are looking for is a very cheap policy that will cover you regarding the basics. Add onto this, opportunities for bundles and additional discounts that are often available, and State Farm renters insurance has the possibility of being affordable for any apartment in Michigan.

There is a tradeoff, and in this case, you might not get the water damage insurance you would like (which can be a must if you one of the many residents who live near the water). There are also customer service issues for many, and you might get thrown for a loop depending on your needs.

You can expect the following working with State Farm:

  • A consistent commitment to providing you with the cheapest rates possible.
  • A loss-of-use policy that blows away most of the competition.
  • Expensive items coverage that exceeds what you might expect for the price.

2) Farmers: $371 

The provider who can probably offer you the best and smoothest customer service experience on this list, Farmers is a step up in price from State Farm, but for many it will also be a step up in the quality of insurance you get. They are also the provider you will want to talk to first if you have particular coverages you want to get enhanced or if you have particular worries or needs regarding your apartment.

All of this said, they aren’t perfect, and Farmers doesn’t always have the default coverages you may want, potentially forcing you into taking on some enhanced options (which may drive your rate up a bit). Additionally, there have been made complaints about the paperwork and bureaucratic runaround associated with Farmers, which can vary from person to person.

You can expect the following working with Farmers:

  • A patient and responsive customer service team.
  • Customization options which include identity theft coverage, pet injury insurance, liability coverage, and others.
  • A strong umbrella coverage policy, if you feel it’s necessary.

3) Liberty Mutual: $410

A solid provider providing a consistent level of service and coverage for each and every customer, Liberty Mutual, while a rather expensive provider when compared to the previous couple of options, is a company you will be able to rely on if you’re uncertain as to what you want or how much coverage you need. Great by default and easy to work with online, getting a plan is rarely the wrong call if you’re budget isn’t a top concern.

There are a few issues with them, although they don’t necessarily relate to the renters insurance coverage you’ll get. The primary warning is that you’ll want to be cautious about getting over coverages from them without knowing what you’re getting into, as some of their options don’t get such high ratings.

You can expect the following working with Liberty Mutual:

  • Discounts offered to those belonging to one of the organizations they’re partnered with, of which there are more than we could count.
  • An easy-to-use and highly accurate online quoting system that will tell you whether you can use them or lose them.
  • Plenty of optional coverages such as identity theft, electronics, jewelry, water escape damage, and additional high-value items coverage.

4) Allstate: $577

By no means the cheapest provider in the state, even if it did make this list, we understand if you write Allstate off before looking further into it, but we would like to note that it does still have plenty to offer some customers if they’re willing to overlook the price and perhaps take advantage of some deals.

Some concerning aspects about the company is their lack of top-tier customer service as provided by Farmers and even Liberty Mutual by comparison, and also the fact that your rate might be even higher if you live in a high-crime region in Michigan (of which there are unfortunately more than a few). Some research is needed to get the most out of Allstate.

You can expect the following working with Allstate:

  • Great water damage and flooding insurance options if you want them, which are essential purchases in some parts of the state.
  • High-value items coverage that can be worth the cost.
  • Great bundling options, so your auto insurance rate might offset the higher renters insurance rate. It might be best to look at Allstate holistically.

 

Conclusion

There’s no place in the country like Michigan, and if you’re happy there, you might not wish to live anywhere else. Yet we also know that you want to feel secure in your apartment, and that quality renters insurance coverage is one of the best ways to get that feeling. We know that among the choices above not everyone will be a good fit, but we’re also certain that among them you will be able to find a policy that’s perfect for your Michigan apartment. We hope that you find that policy soon, and that the above information steered you in the right direction.