Insurance Considerations for Renters in Minnesota

Our houses, our vehicles, our vehicles, and our health all deserve protection – and insurance is one way we keep these things safe and covered. But if you don’t own a house right now (the market is challenging!), renters’ insurance can help protect your belongings. Let’s talk about it. 

Renters’ insurance is a type of coverage that allows for your personal property to be covered in the event of an accident. It covers damages and loss in emergencies, such as a fire or flood. It can also protect you, as the renter, from liability should anyone be injured while at your rental unit.

Like most types of insurance, renters’ insurance is an affordable way to be sure that, should life’s unexpected incidents occur, you are financially covered. Let’s say a fire burns down your apartment complex. While you may physically be safe, you’ve lost all of your belongings. With renters’ insurance, you should be covered for your losses.

Some policies may also cover you for living arrangements while repairs are being done. If the same fire we used in the example above occurs, you not only have lost all of your possessions, but you also are out a place to live. Comprehensive policies often can cover your time in a hotel while restorations are in progress.

As the name implies, renters’ insurance is for, well, renters. If you are renting a space such as an office, storage, or apartment, these policies make sense for you. At an affordable rate of $15 to $30 or so per month, it is almost something that would be silly to NOT invest in, for your own protection!

Renters’ insurance typically is offered in two different types: personal property and liability. As again the names imply, a policy for your personal property would replace things that you owned, should they be lost in the event of fire, flood, tornado, etc. Liability covers you if someone is injured while at your rental property, so that your policy would pay out in the event of a lawsuit, and not you directly.

Renters’ personal property insurance also can be purchased in two unique styles: broad or comprehensive. In a Broad Renters’ Insurance policy, very specific events are covered. Typical coverage under broad form includes damage from fire, lightning, explosion, smoke, vandalism, theft, and water-related damage from property utilities. Any other incident would not be covered.

If you live in an area prone to weather-related emergencies, such as hurricanes, tornadoes, or violent thunderstorms, you may want to consider a comprehensive plan. This would cover incidents that broad policies don’t. Because of this, it will often be the more expensive of the two options.

If you are not sure which policy is right for you, it is always best to consult a professional. You can reach out to my office anytime to schedule an appointment , or just give us a call at (507) 345-3366. I am happy to review your situation and get a quote for renters insurance.