Does Michigan require Renters insurance cover?
The state does not require Michigan renters insurance, but it’s a good idea to have it if you live in a house, townhouse, or apartment. Your landlord’s insurance only covers the building, not your personal property. In Michigan, landlords often require tenants to get renters insurance when signing a lease.
What does Michigan Renters insurance cover?
Renters insurance in Michigan covers personal property losses due to fire, lightning, wind, vandalism, vehicle damage, or theft. There are two options for protecting personal property.
- Actual cash value coverage (how much your property is worth today).
- Replacement value coverage (how much it would cost to replace your property). You will have to pay extra a little more to get this coverage.
If your home becomes uninhabitable due to a covered loss, your insurance can pay for alternative accommodations during repairs.
Your renter’s policy provides medical payments for medical expenses incurred when a non-resident has an accident on your property. You can file a claim within three years of the date of the accident or injury. This coverage does not apply to the insured or residents of the household and starts at $1000.
Renters policy also provides liability coverage in case of injuries to visitors or damage to their property. Liability limits start at $100,000, with additional amounts available. Apartment complexes require insurance because of liability claims and potential damage from other units.
How Much Does Michigan Renters Insurance Cost
The average cost of renters insurance in Michigan is $10-$20 per month. Still, the actual price depends on location, coverage amount, and insurance carrier. Maximizing the discounts helps lower the premium you pay for your renter’s policy.
Discounts Available for your Michigan Renters Insurance:
- Safety Discounts – Discounts for installing smoke detectors, fire extinguishers, central burglar and fire alarms, and deadbolt locks on the doors.
- Renewal or Claims Free Discount – Most companies have policies that reward loyalty or offer discounts if you have renewed you’re with the same company for some years. Companies can also provide claim-free discounts if you have not made a claim. These discounts will be based on different criteria and vary from company to company.
- Multi-policy Discounts –Check with your agent to see if your company offers a Multi-policy discount. This discount will reduce your premium if you carry the same type of insurance with the same company.
- Deductible – Increase your deductible, you will have to pay more out of pocket to repair the damage, but your premiums will be lower.
Michigan insurance agent:
To start a renters insurance policy in Michigan, call 248-277-4505 or visit the link to get a Michigan renters insurance quote.
