A 2013 report published by Minnesota Public Radio, says that Minnesota is the least affordable Midwestern state for renters. Rents are particularly expensive in urban areas like the Twin Cities. Higher home and apartment rental rates may make it particularly important to select a good Minnesota renters insurance policy.
Renters insurance does not have to be expensive. How can you get great coverage at a budget-friendly price? It is important to shop around and compare Minnesota renters insurance quotes and plans. Your independent agent in the Trusted Choice® network will help you compare quotes from multiple insurance companies and find any available discounts. Contact a member agent today to get started.
- Average U.S. yearly rental insurance cost: less than $200
- Average yearly homeowners insurance premiums in Minnesota: $981
- The average renter owns $20,000 worth of personal property
As a renter in MN, you do not have to cover as many risks as a home owner does. Primarily, you want to cover your liability risks and the possibility of your personal items being damaged or stolen.
Many renters can find adequate coverage for a few dollars a month. While premium rates are a bit higher in densely populated cities like Minneapolis and St. Paul than in small towns and rural areas, it is still an affordable coverage. Your actual premium will depend on many factors like where your property is located and how much personal property you wish to cover.
Renters vs. Homeowners Insurance in Minnesota
A typical homeowner has to insure the actual house and external structures. If you are renting, your landlord should cover the property, grounds and all public areas. While the owner’s property would include the actual building, it may also cover large appliances, carpets, drapes, and whatever else is in your unit that belongs to the owner.
Minnesota Rental Insurance Discounts
Renters may be entitled to many of the same discounts that homeowners can get. In general, insurers offer discounts for things that make the customer less risky to insure. For example, you might want to talk to your independent agent about potential discounts if you have multiple insurance policies, you pay in advance, you are a non-smoker, and you have installed safety features such as a burglar alarm.
Who Needs Minnesota Renters Insurance
Most renters should purchase rental insurance in order to protect their home contents and financial future. Burglaries, accidents, fires, and storms can affect renters as much as they affect families who live in houses that they own. Renters may also be held liable for injuries to people inside their home or apartment. Additionally, if your rental unit is severely damaged by water, mold or fire, you may need to move out temporarily while your rental is repaired or rebuilt.
Consider some of the coverage that a typical tenant policy covers.
- Home contents insurance: Covers the personal property that you bring into the rental unit. This might include your computer, cell phone, TV, furniture, small appliances, jewelry and clothes. Be sure to inventory your personal property as if you had to purchase it all again at current market prices. Also pay attention to policy limits. The average renter actually owns about $20,000 worth of personal property kept inside the unit.
- Renter’s liability insurance: If you are responsible for someone else’s injuries or property damage, your renter’s liability coverage can help pay the costs. If the injured party sues you – whether due to damage, injury they sustained due to your negligence – your liability insurance will cover you up to the limits in your policy. For example, if your dog bites someone, you can be sued for the medical costs as well as pain and suffering. Liability claims can add up to thousands of dollars in medical payments and lost income.
- Relocation insurance: This is an inexpensive option that can help you cover the cost of temporary living arrangements in the event your rental is damaged. This coverage will help you pay for temporary lodging or even help you find another place to live.
Compare Minnesota Renters Insurance Quotes
Good renters insurance may be very low in cost, but it is important to shop around for the best policy and rates. Most renters are not insurance experts, but your local Trusted Choice member agent can evaluate your coverage needs and help you compare Minnesota renters insurance companies.
Find a local independent agent in the Trusted Choice network today to get started comparing Minnesota renters insurance.