Renters Insurance

Many people mistakenly think that if they are renting a place to live, they don’t need renter’s insurance. If you live in Minnesota and are leasing your place of residence, you should learn about the value of renter’s insurance and the coverage it provides for your personal belongings and cherished possessions.

Why You Need Renters Insurance in Minnesota
If you currently rent your home or apartment, you may already be aware of the importance of having renter’s insurance. A comprehensive renter’s policy protects your personal property against damages and loss in the event of fire, theft, or natural disaster. It can also provide liability coverage in the event a visitor to your home or apartment injures themselves. Many people don’t think about the consequences if this occurs, but unfortunately accidents do happen. Without the proper liability coverage, you can be sued for damages. This can put your income, your savings, your personal property and even your future wages at risk.

Often people assume that the landlord is responsible for all insurance coverage. It is true that the landlord or property owner is required to carry homeowner’s insurance on the property. But this only covers the actual structure (building) itself and the land on which it is built. The personal property which is inside the apartment or rental home is strictly the responsibility of the renter. Because of this fact, many landlords and leasing companies today require all tenants to provide proof of renter’s insurance before they can lease and move into a property.

Probably the number one reason people don’t buy renter’s insurance is because they think it will be too expensive. The fact is that most renter’s insurance policies cost between $200 and $300 for an annual premium. This breaks down to around $18-$25 per month, depending on the value of an individual’s personal belongings, where the rental property is located, and other factors. In the scheme of things, this is really a bargain. For this price you can normally get $30,000 of personal property coverage against theft, fire and natural disasters along with $100,000 of liability coverage.

Most people seriously underestimate the monetary value of their personal possessions. A great reality check is to make a complete inventory of everything you own. This includes all the big items such as furniture, appliances, electronics, etc. Then include the smaller items- dishes, glassware, CDs, DVDs, jewelry, carpets, and clothing. You will probably be amazed at the number of things you own. Then imagine having to replace all of these items out-of-pocket at today’s prices. That is exactly what you will be faced with if your personal property is lost or damaged due to theft, fire, or weather-related issues. Now you can begin to understand the importance of having an adequate renter’s insurance policy and the peace of mind which it brings.

What Renter’s Insurance Covers
Minnesota renter’s insurance will normally offer you three types of protection:

Personal possessions – This will protect your personal belongings against loss and damages due to theft, leaky water pipes, fire, smoke, vandalism, and various natural disasters. Floods and earthquakes generally require separate coverage.

Liability – This protects you in the event a person visiting your home injures themselves and sues you for damages. This policy provides medical coverage for the injured person’s medical bills.

Additional living expenses – If the place you are renting is damaged or destroyed by a natural disaster covered by your renter’s policy, your temporary living expenses, such as a hotel room, will be paid for along with restaurant meals.

Ways to Save on Your Minnesota Renters Insurance
There are additional ways you can save on the cost of your annual premium:

  • If you are comfortable having a higher deductible, choose this option. This means you will pay more upfront in case of loss or damage but it will keep the price of your renter’s policy lower.
  • Most insurance companies offer discounts for bundling policies. If you have all of your policies (renter’s, life, and car) with the same company, you should receive a nice discount.
  • Non-smokers generally have lower rates for renter’s insurance.
  • If your apartment or rental home has deadbolt locks, a security system, and smoke detectors, these safety features can bring down the cost of your annual premium.

We have friendly, qualified agents available 24/7 to help you formulate the policy you need at a price you can afford. You can easily compare policies and get quotes from several different companies and then make the right decision for your situation and budget.