It doesn’t matter if you live in Mankato, Rochester, Duluth, Minneapolis, or St. Paul, renters insurance is a must for anyone renting a property. This insurance coverage will help to protect you from future financial hardship due to damages of your possessions or liability for incidents that occur on the property which is deemed to be your fault.
Before you start thinking that you can’t afford renters insurance, you need to realize many policies are very affordable for every budget. Monthly premiums range in between $15 to $30 according to the Minnesota Department of Commerce. That is a very small monthly fee to pay in order to avoid the costly replacement of all your possessions in the case a disaster occurs.
Why Is Renters Insurance A Good Idea?
Although you may be hesitant to the idea of getting renters insurance, we urge you to take a look around your apartment or townhome. You will soon notice your thought of “I don’t have anything of real value to insure” will go right out the window. That comfortable bed, hi-def surround sound system, furniture, and kitchen appliances are all items that will need to be replaced in the event of a disaster, such as a fire.
Take the time to do a complete inventory of your stuff. You may come to realize there is a lot more thereof value than you thought. We recommend pricing out each item and then totaling up the value of all the items on your list. You will want to look for renters insurance policies that will have a coverage amount great than the total of your possessions.
As a side note, while you are doing your inventory you should be taking pictures of the more valuable items. Things like furs, jewelry, firearms, and others alike will need to be recorded in their proper condition to receive the right amount of reimbursement from the insurance company later.
What Incidents Are Covered Under Minnesota Renters Insurance?
The coverage limitations of your policy will depend on the level of the coverage and the insurance company you go through. Each renters insurance policy can be customized to fit the needs of the individual renter.
In general, there are a few different incidents that a renters insurance policy will cover. These include:
- Fire Damage
- Smoke Damage
- Falling Objects
- Electrical Surges
- Plumbing Issuses
- Weather Damage
- Water Damage
Pay careful attention to the specifics of your insurance policy agreement. Your coverage should include lodging and meals in the event your apartment or condo becomes inhabitable. You don’t want to find yourself out of possessions and a place to live.
Misconception About Your Landlord’s Insurance
It’s important to realize that your landlord’s insurance policy will not typically cover your individual possessions. You need to have your own insurance to cover your items in order to relieve yourself from any potential financial hardship due to a disastrous incident in the future.
In addition, if a visitor to the property were to be injured due to your fault, you will be liable for paying their medical expenses, lost wages, and any pain or suffering. This is another coverage area of a renters insurance policy that will protect you from financial loss in the future.
Yes, as long as you are legally an adult. In fact, it’s highly recommended that any person that is currently renting or thinking about renting a property gets coverage. You can find many nationwide brands that offer renters insurance. In addition, there are many different companies that offer city and statewide insurance.
Doing a simple online search can reveal different potential insurers and their coverage options. Each insurer will have various policies and options so that you can customize a renters insurance policy that fits your lifestyle and budget. One major factor to pay attention to is the maximum amount of coverage. You want to be sure that as you acquire more items each year, that your insurance plan will cover the total cost of replacing all your items.