The Best and Cheapest Renters Insurance in Michigan

The Best and Cheapest Renters Insurance in Michigan

If you are a college student, most of your possessions may be in your apartment. Therefore, it is essential to cover them with renters insurance. Yet, many college students don’t know they need their own policy, and think they are covered by their landlord. We are here to help you understand why you need insurance, the cost and what is and is not covered by renter insurance.

Renters Insurance in Michigan

There are many variables when it comes to renters insurance in Michigan. The first variable that you need to consider is the property damage limitations. This amount is the total amount of money you will receive for a claim. Additionally, check the limits for different categories if you bring expensive gaming computers, cameras, musical instruments or any valuable collection with you. In that case, you may need to purchase a rider covering these items.

Another factor that you need to think about is water damage. Imagine that you went home for a weekend and came back to find that the water heater had busted. Under some policies, water damage to your apartment is covered while not covered in other cases.

A third factor to consider is your liability. Imagine having a group of friends over, and someone falls and gets hurt. Almost all policies will provide them with primary care, but the amount of coverage varies widely between policies. You will want to look at the medical limits and the personal liability limits.

Another factor to consider is if the insurance policy covers temporary housing expenses. Imagine if you start a fire while cooking one night and the damage is too severe to live in your apartment until the landlord fixes the damage. This coverage pays you to stay for a few days in a hotel, so you do not have to beg friends to let you stay with them.

If you are a broke college student having trouble coming up with the money to pay for renter’s insurance, consider your deductible. Often, raising your deductible will lower the price of a policy. On the other hand, raising your deductible will mean that you have to come up with more money to replace your processions if something happens.

Is Michigan Safe? A Case for Renter’s Insurance

The rate of burglaries near college campuses continues to rise. For example, in:

  • Ann Arbor- There were 126.8 burglaries per 100,000 people
  • East Lansing – There were 167.8 burglaries per 100,000 people
  • Kalamazoo – There were 915 burglaries per 100,000 people
  • Detroit – There were 1,231 burglaries per 100,000 people

Therefore, you need renters insurance to protect your belongings.

How Much Is Renters Insurance in Michigan?

The answer to how much is renters insurance in Michigan varies across the state. If you are a 20-year-old male, you can expect to pay:

City Amount per year
Ann Arbor $145.08
East Lansing $233.04
 Kalamazoo $198
Detroit $1,377

Best and Cheapest Renters Insurance Companies in Michigan

Price is not the only factor to consider when looking for the best Michigan renters insurance. You also want to know that you will receive fast and fair treatment if something happens. Learn more about eight insurance companies that provide coverage for renters in Michigan.

Toggle

Coverage

The basic renters insurance from Toggle only provides $100,000 in liability insurance. The liability amount can be raised to $300,000. There is a standard $500 deductible, but it can be lowered to $1,000 or increased to $1,000. The company provides additional fee coverage up to $20,000 for technology, $20,000 for personal belongings, $10,000 for jewelry and fashion, $10,000 for musical instruments and creative equipment, $10,000 for athletic gear and $10,000 for collectibles.

Claims

The claims process is completed on the company’s website.

Customer Service

All customer service is done by submitting a form on the company’s website.

Ratings

Toggle is a division of Farmers Insurance Company. Farmers Insurance Company is rated A- by A.M. Best.

Price

$60 annually

Liberty Mutual

Coverage

You can set many different values with Liberty Mutual. If you value your stuff at under $15,000, the company will pay out up to $5,000 towards replacing your things in the event of theft, fire or rental. Note that you may need additional coverage for collectibles. You can also get up to $3,000 to help with temporary living expenses. There is a $500 deductible.

Claims

You can file a claim online or use their app. The company claims it takes less than 10 minutes to file a claim.

Customer service

Liberty Mutual provides many ways to contact them, including their app, sending a text, calling or mailing them.

Ratings

Liberty Mutual gets an A from A.M. Best and an A2 from Moody’s, and they also get an A from Standard & Poors.

Price

$74.04 annually

Progressive

Progressive provides renters insurance with prices based on the number of units in the building, the type of building, safety features and other data.

Coverage

Progressive offers several different policy choices. You can get property damage deductibles as low as $500 to as high as $2,500. You can also get medical payments as low as $1,000 to as high as $5,000 if someone gets hurt at your apartment. The policy also covers personal liability, and you can choose $100,000 to $500,000 limits. Select your personal property damage amount from $10,000 to $30,000.

Claims

Depending on your coverage, you can file a claim for personal property damage, liability, medical payments and temporary housing expenses. You may be able to file a claim for water damage or personal injury if these have been added to your basic coverage.

Customer service

Progressive is a vendor for two different home insurance companies, and they are Progressive Home and Homesite. Once you file a claim, you will deal with whichever company has your policy.

Ratings

Progressive has an A+ Superior rating from A.M. Best, an AA rating from Standard and Poor and an Aa rating from Moody’s Investors Services.

Price

You can get Progressive renters insurance for as low as $125 per year.

Lemonade

Coverage

Lemonade provides up to $20,000 of coverage on your personal property. Higher amounts are possible for an additional fee. Personal electronics are covered for up to $1,500. The policy includes $20,000 in personal liability coverage and $6,000 in loss of use coverage. Medical coverage of $1,000 is included in the policy.

Claims

Claims are submitted through the Lemonade app, and lemonade collects a fee upfront and uses the rest of the money renters pay the company to pay claims.

Customer Service

Most customer service is handled through the app or the company’s website. The company has an emergency number for those needing assistance that cannot use the app or the website.

Ratings

Lemonade carries a Financial Stability Rating® of A. They are also rated exceptional by Demotech Inc

Price

$145.08 annually

GradGuard

Coverage

With GradGuard you get $5,000 in property coverage with the basic policy, which can be increased to $75,000. Additionally, the policy comes with $50,000 in liability coverage, which can be lowered to $25,000 or raised to $300,000. The basic policy comes with a $100 deductible, which can be raised to $1,000.

Claims

All claims start with a phone call to the company.

Customer Service

If you need help with your insurance, submit a form on their website. There is also a phone number you can call or chat with a representative online.

Ratings

GradGuard is a product of Markel American Insurance Company. They have received an A+ rating from A.M. Best.

Price

$199.60 annually

Geico

Coverage

With a Geico basic rental insurance policy, you get $15,000 in personal property protection, and there is a $500 deductible. You also get $100,000 in personal liability coverage and $1,000 in medical liability. The policy will pay others up to $500 if their property is damaged and water backup is not covered.

Claims

Claim reporting is done online.

Customer Service

You can call, email or chat online with Geico.

Rating

Geico has earned an A++ rating from A.M. Best. The company has received an AA+ rating from Standard and Poors and an Aa2 rating from Moody’s.

Price

$209.00

Allstate

Coverage

Allstate renters insurance is available at three different levels. The basic level offers $15,000 worth of protection per claim and $100,000 in personal liability coverage. Guests can get $1,000 in medical protection if they get hurt at your apartment, and there is a $1,000 deductable per occurrence.

Claims

Claims can be filed from the company’s website or app.

Customer Service

Customer service is a quick phone call away, or you can chat with a representative on the company’s website.

Ratings

Allstate has an A+ rating from A.M. Best and an A- rating from Standards & Poors. The company has an Aa3 rating from Moody’s.

Price

$252 annually

Nationwide

Coverage

Basic Natiowide renters insurance covers $10,000 for personal property. It also includes inflation protection and the ability to buy brand new items to replace damaged ones. It includes $100,000 in personal liability and $100,000 in medical. Most items, like jewelry, tools and cameras, have a $2,500 limit. This policy has a $500 deductible.

Claims

The claims process is started through a phone call.

Customer Service

Customer service is a quick phone call away.

Ratings

Nationwide has an A+ rating from A.M. Best and Standard & Poors. They have an A1 rating with Moody’s.

Price

$267.47 annually

What Does Renters Insurance in Michigan Not Cover?

Generally, renters insurance in Michigan will not cover damages caused by everyday living. This is an essential factor, especially when it comes to your technology. If you spill a glass of wine on your computer and fry it, your insurance will not cover the replacement cost.

Your renters insurance will not cover the cost of things stolen out of your vehicle or if the vehicle is stolen. Therefore, you need automobile insurance in addition to renters insurance. The great news is that many companies offer a discount if you insure both through them.

Read the policy carefully when it comes to replacement value. In a few cases, the policy will replace what was stolen or damaged with a new item like it. In most cases, the policy will only provide you with money to replace it with one of the same age and condition. For example, if you bring your 15-year-old bed from home and it gets stolen, the insurance company may pay you almost nothing because they consider that the bed has served its purpose.

The Best and Cheapest Renters Insurance in Michigan

When purchasing the best and cheapest renters insurance in Michigan, there are many factors to consider. You now have ideas on how to compare different insurance policies, and there is no doubt that you can study better knowing that your stuff is covered by renters insurance.