Minnesota Renter’s Insurance: Protecting You and Your Possessions

Renters insurance is an affordable way to protect your daily life from many risks. In other words, it can safeguard what you own in the residence that you don’t.

Did you know? The average renter’s insurance premium in the North Star State is around $140 — about $34 less than the national average. The cost varies depending on the cost of your property, the deductible you choose, and some other variables.

Why Renter’s Insurance?

Renter’s insurance isn’t required by law in MN, but apartment complexes and landlords may require tenants to buy a policy before they sign the lease. Since the landlord’s own insurance just covers the damage to the actual residence, your policy will protect your belongings inside the unit in case of theft, fire, or damage. Your policy ensures that you’ll be given replacement and compensation for lost items.

What Factors Affect the Premium?

The three main factors that impact the premium are:

  1. The amount of coverage you select, including your deductible, amount of liability coverage, and the value of your personal property and whether your policy covers replacement costs.
  2. The location of the property you’re renting. If crime rates are high in your neighborhood, the renter’s insurance rates may be higher, too.
  3. Discounts. You may qualify for discounts if you’ve bought other insurance policies with the provider or bundle your insurance. Discounts are also available for renters with deadbolt locks and security systems.

What Are the Risks to Consider in Minnesota?

Unfortunately, most policies don’t cover property damage caused by an earthquake or flood. Minnesota tenants are exposed to the risks of natural hazards like floods, storms, and ice storms. So, it’s a good idea to consult your agent and learn more about what renter’s insurance policies are available that cover these disasters.

Flood

Storm

Ice Storm

So, What Does Renter’s Insurance Cover?

Before you purchase renter’s insurance in Minnesota, you need to know what it covers. A renter’s policy will cover the repair costs if you, your children, pets, or a guest cause damage to your unit. It’ll also cover medical bills for other people if they suffer an injury at your apartment. In case somebody sues you, the policy includes liability coverage to cover the cost of the suit.

Renter’s insurance can help protect your car as well. The liability and collision portions of your car insurance won’t cover car theft. Consider this before buying an insurance policy.

Also, a disaster can make your rented home unlivable. In this case, you’ll need temporary housing. Our rental insurance can cover hotel and other costs for you and your loved ones in Minnesota.

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Belongings You Need to Protect

Your personal property can be stolen, damaged, or destroyed. Losing any of these items can result in significant financial loss:

  • Jewelry
  • Clothing
  • Laptops
  • Furniture
  • Air pods
  • Sporting equipment
  • Entertainment systems

You’ll be reimbursed for what these items cost to replace — as long as your policy defines it. You may consider additional coverage for more expensive belongings.

The Bottom Line

A Minnesota renters insurance policy won’t prevent unfortunate events from happening, but it’ll give you a sense of comfort knowing that you’re protected. At All Things Insurance in Otsego, MN, we help people get a renter’s insurance policy that suits their needs. Talk with Quin today to get started.