Renter’s Insurance

How Much Is Renters Insurance?

The cost of your renter’s insurance depends on the company you use, the level of protection you need, and the region you live in. Some rental insurance policies cost as little as $15-30 per month. The average cost of renters insurance in Michigan is between $139-363 per year. The average cost of renter’s insurance for the state is $247 per year, which is more than the national average.

How to Get Renters Insurance

You can typically sign up for renter’s insurance through your car insurance and even some health or life insurance policies. You can also buy standalone renter’s insurance policies through insurance companies like Allstate, State Farm, Nationwide, USAA, Geico, and Lemonade. Be sure to compare policies carefully and pay attention to the cost of the premium and the coverage they offer.

What Does Renter’s Insurance Cover?

The renter’s insurance coverage you get depends on your policy and your premium amount. Most renter’s insurance policies offer coverage for unforeseen circumstances like:

• Fire
• Lightning
• Hail
• Frozen pipes
• Theft
• Vandalism
• Car accident
• Windstorm
• Property damage

Some policies offer compensation if you have to temporarily move out of your home due to unlivable conditions or property damage caused by fire, burglary, vandalism, or other circumstances. Some renter’s insurance policies also cover costs related to the injury of someone else on your property.

Benefits of Renter’s Insurance

There are many good reasons to get renter’s insurance. One of the biggest advantages of having renter’s insurance is peace of mind, knowing that your valuables and sentimental items are protected. Here are the biggest benefits of renter’s insurance:

• Affordable and easy to integrate into other insurance policies.
• Covers losses to personal property so that it’s easier to replace lost, stolen, or damaged property.
• It may be required by your landlord or property management company.
• It often provides liability coverage.
• Your belongings will be covered while you travel.
• It may offer reimbursement or protection for living expenses if your rental property is deemed unlivable.

• Coverage Details – You want to explore the renter’s insurance coverage details to compare what coverage each policy offers. For instance, one policy may cover property damage or loss due to an explosion, and another might not. One might offer coverage for pet damage or injury to a visitor by a dog bite, while another does not.
• Policy Options – You should also explore each policy’s options. Some allow you to add supplementary insurance that provides added protection for circumstances you’re more likely to encounter. For instance, if you live in a wet, humid climate, you may want to look for a policy that offers mold protection.
• Liability Protection – Liability protection protects you if someone is damaged on the property you’re renting. This could include an injury from being bitten by your dog or if they trip on one of your child’s toys and break a bone. Liability insurance covers medical bills and other costs if you are found responsible for the injury.

• Additional Endorsements – You can also sign up for additional insurance coverage options that offer greater protection than the standard coverage. For instance, you can sign up for replacement cost coverage, which pays the replacement cost of lost, stolen, or damaged items rather than their original value.
• Cost Considerations – Finally, you should consider the cost of each renter’s insurance policy. Do not commit to a policy you aren’t sure that you can afford. You should get the policy that offers the highest level of protection at a price point that is comfortable for you and that you can easily fit into your monthly budget without stress or strain.