Whether you a tenant in a Minneapolis high-rise apartment building or leasing a house in Eden Prairie, it is a good idea to cover yourself and your property with a solid renters insurance policy. Unfortunately, too many renters in Minnesota fail to understand the importance of having this insurance until it is too late.
If you are among this state’s many tenants, a local independent agent can help you find the best renters insurance. These agents work for you, not for an insurance company, so they are free to shop around to find a policy that includes the coverage you want at a price you can afford.
Contact an insurance agent near you to learn more.
Minnesota Rental Statistics
- Minnesota residents pay an average of $977 per month in rent.
- Around 28.4% percent of all homes in Minnesota are occupied by renters.
- Around 41.8% of renters in this state spend 30% or more of their income on rent and utilities.
How Much Does Renters Insurance Cost in Minnesota?
We understand. With a large chunk of your income already going toward your housing costs, you probably don’t want to shell out even more money to carry renters insurance. However, you may be surprised by just how affordable these policies actually are.
The average renters insurance policy in Minnesota costs just $140 a year. That is less than $12 a month. You can easily spend more than that on breakfast. Here are some factors that can make your actual cost higher or lower than this average amount.
- The estimated value of your personal property
- The crime rate and weather risks where your rental home is located
- Your claims history and credit score
- Whether you are bundling your renters insurance with another policy like car insurance or life insurance
When you take the time to compare quotes from a few different insurance companies, you can rest assured that the policy you choose is offered at a competitive price. Independent agents make comparison shopping easy.
What Does Minnesota Renters Insurance Cover?
Renters insurance is designed to protect you in three important ways. It covers your personal property, personal liability risks, and displacement costs if your home is severely damaged.
- Personal property coverage: This is referred to as contents coverage. It can pay for repair or replacement costs if your personal belongings are lost or damaged by the following covered events.
- Property crime, like burglary and vandalism
- Fire, whether started in your own home or a neighboring unit
- Severe weather, like tornadoes, thunderstorms, windstorms, heavy snows, and prolonged freezing temperatures
- Personal liability coverage: This is referred to as renters liability insurance. It can cover your financial responsibilities and associated costs if you accidentally cause injuries, property damage, or financial harm to others. It can cover you against things like:
- Dog bites, if your pet gets loose
- Accidental injuries sustained by visitors in your home that can be attributed to negligence on your part
- Accusations of libel or slander
- Displacement coverage: This is referred to as loss of use insurance. It can pay for your temporary living expenses if a covered event like a tornado severely damages your home and you must seek alternate accommodations while repairs are made. It can cover the following expenses.
- The cost of a hotel or temporary rental home
- Meals, if your accommodations do not include a kitchen
- Moving expenses
- Storage fees
- Mileage if you must drive further to get to and from work
- Pet boarding costs
When deciding how much property coverage you need, you may want to look at all your belongings, including electronics, furniture, clothing, jewelry, and collections, and think about how much it might cost you to fully replace everything if you were to experience a total loss.
What about Coverage against Floods?
Although renters insurance can cover against severe storms, it does not pay for damage caused by the flash floods that that heavy rains can sometimes cause. Your landlord will be responsible for covering flood damage to the structure of your home, but you need to cover your own property.
This may leave renters who live in ground-floor or basement apartments, and those who rent houses in flood-prone areas wondering what their options are.
Fortunately, you can have coverage against this risk by supplementing your renters insurance policy with flood insurance. Affordable policies are available through the National Flood Insurance Program (NFIP), a program that is administrated by FEMA. Contents-only policies start at less than $10 a month.
Why Work with an Independent Agent in Minnesota?
When you are shopping for renters insurance, local independent agents can help. These agents can explain your different coverage options, help you determine how much coverage to buy, and find you a great policy at a competitive price. Best of all, talking to an independent insurance agent is free.
There are more than 500 independent agents in Minnesota who are available to assist you with all of your insurance coverage needs. Arrange an obligation-free consultation with an insurance agent near you to get started.
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