Michigan Renters Insurance Quotes

Michigan has a high ratio of renters, which isn’t surprising considering that there are two major college towns, Ann Arbor and Lansing, along with several smaller universities statewide. Per the Insurance Information Institute, 44.6 percent of renters spend at least 30 percent of their income on rent. In other words, acquiring renters insurance in Michigan is especially important as many people in the Great Lakes State would be unable to afford an emergency.

The good news is that the annual premium for the average renters insurance in Michigan is only $182. You can expect this number to fluctuate based on your location and the amount of coverage you need. Either way, filing a single claim would likely save you a lot of money overall. That’s the reason people in all areas of the state, ranging from the suburbs and Detroit to the Upper Peninsula, sign up for a Michigan renters insurance policy.

Common Misconceptions: Renters Insurance Michigan

If you’re currently one of the 63 percent of American renters who doesn’t have a renters policy, it’s time to put aside any misconceptions and start protecting yourself today. There are a few myths that definitely need to be busted, including:

1. Your Landlord’s Responsibilities

Let’s get this one out of the way right now. No matter what you’ve heard, your landlord’s property insurance does not cover any of your personal belongings. It also doesn’t automatically provide free and clear coverage for incidents that are your fault. For instance, if you burn down your apartment, your landlord’s losses will be taken care of by their policy. However, unless you have your own renters insurance to back you up, you could be personally sued by the landlord’s insurer to help them recoup their related expenses.

2. The Value of Your Belongings

Has anyone ever told you that insurance doesn’t make sense unless you’re a homeowner? The misconception here is that renters don’t have enough valuable possessions to make a policy worthwhile. Stop for a moment and take a look around you. How many valuables do you see? If you couldn’t easily replace or live without everything from your computer to your bed, you should definitely start gathering Michigan renters insurance quotes.

How to Get Cheap Renters Insurance in Michigan

There are many ways to reduce your annual premium without giving up the level of coverage you need. We encourage you to use as many of these options as possible to save money without giving up on protecting your belongings and potential liability.

1. Bundle Your Policies

Using the same Michigan insurance provider for your renters and car insurance is a good way to save between 5 and 20 percent on your overall premium expenses.

2. Raise the Deductible

The higher your deductible, the cheaper your policy will be. Just make sure you don’t lock yourself into a deductible that you could never even hope to afford.

3. Install a Safety System

Insurers love it when renters and homeowners install a security system. Not only does this reduce your odds of being selected by a burglar but it also makes a would-be thief much more likely to get caught in the act.

4. Add Safety Features

Your landlord should include basic safety features such as a smoke detector. Adding a fire extinguisher, sprinkler system or even extra smoke detectors may get you a reduction on the best renters insurance in Michigan. Be sure to get permission from your landlord for any safety features that require installation.

5. Select the Right Policy Limit

There’s no reason to pay for $50,000 in coverage if the combined value of your personal belongings is far less than that. Take your time and come up with a realistic assessment of the coverage you need. The lower your coverage amount, the less you’ll pay for it.

6. Pay Once a Year

You’ll typically save at least 5 percent if you can afford to make one annual payment instead of staggering your premium over 12 smaller ones.

7. Avoid Small Claims

The longer you go without a claim, the better your rate is likely to become. Therefore, we encourage you to think long and hard about making small claims. For example, if your deductible is $500 and the total damage equals $550, you may save more money in the long run by not making a claim and covering the entire $550 out of pocket.

8. Quit Smoking

Even the cheapest renters insurance in Michigan will go up a bit if you’re a smoker. By quitting, you can reduce your premium and improve your health.

9. Ask for Other Discounts

If you’re a retiree or willing to sign up for paperless billing, you may be eligible for a discount. Ask your agent for details on any extra available discounts to ensure you get the best possible rate.

How Much is Renters Insurance in Michigan?

You can only be certain you’ve gotten the lowest possible price by shopping around. Of course, this takes significant time and effort, which causes many people to skip this process and, subsequently, pay much more than necessary. Remember: being offered the average rate of $182 isn’t a reason to celebrate. Keep looking for an even better deal.