Ferndale Third-Most-Expensive Place for Rental Insurance: Study

FERNDALE, MI – Ferndale is the third-most-expensive community in Michigan to buy renter’s insurance, according to a new study.

In its analysis, the personal finance site valuepenguin.com examined renters’ insurance quotes for a 1,000-square-foot residence with at least $25,0000 in personal property and $100,000 in liability coverage.

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Insurance quotes were collected for the sample residence from five major carriers offering renters’ insurance in Michigan, then averaged the rates for the sample home in each city as a benchmark.

The study authors noted results are comparative values that are indicative of what tenants can expect to pay for an annual renters insurance premium.

The most expensive place in Michigan to buy rental insurance is Detroit, where average annual rates are $827, according to the study. Southfield came in as the second-most-expensive place to buy insurance, with average annual rates of $748.

Flint and Saginaw rounded out the top five-most-expensive places to buy rental insurance, with annual average rates of $588 and $541, respectively.

Rental insurance is a bargain in three Washtenaw County communities. Residents of Saline, Ann Arbor and Dexter can expect to pay an average of $364 annually to insure the sample property. The cheapest average annual costs on the sample property can be expected in Hart, at about $356 a year. Also among the five cheapest places to insure the sample property was Alpena, with an average annual rate of $366.