Minneapolis is a thriving city that fits many types of people well. In this major Midwest business center, people lead busy lives and don’t have much time to think about Minnesota Renters Insurance. Effective Coverage believes in educating renters about the coverage options available to them, so much so that it’s enshrined in our core values. That’s why we take the time to create these renters insurance guides for cities, to make sure that you can get the information you need efficiently.
Nationwide, only forty-four percent of tenants have renters insurance. Effective Coverage believes that it’s a travesty that so many people are at risk. Through education and the Renters Insurance Challenge, we intend to get that number to 40 percent in 2017, as a start towards getting all renters the coverage they deserve at a price they can afford. But first, how well do you know Minneapolis, MN renters insurance? Whether you’re in Bloomington, Maple Grove, Eden Prairie, or elsewhere in the Twin Cities metro, you need renters insurance in Minneapolis to protect your family and the things you’ve worked so hard for.
Minneapolis, MN Renters Insurance
True Or False: Renters insurance is expensive?
False! Minneapolis renters insurance is among the least expensive in the nation, often coming in at slightly below the national average of fifteen dollars a month. That’s just $180 a year.
True or False: Everyone pays the same price for Minneapolis renters insurance
False! Location, claims history, and factors like your credit based insurance score all play a role in the price of renters insurance. So does the slight fee that is imposed by the state on Minnesota Renters Insurance, though this usually amounts to just a few cents on the cost of the policy. That money goes to the state.
True or False: Minneapolis renters insurance covers living expenses if the city doesn’t allow you to use the apartment
True! If a civil authority prohibits your use of the residence because of direct damage to a neighboring premise by a peril insured against, coverage is available for additional living expenses. A good example might be if your neighbor had a fire and the city hasn’t yet confirmed that the building is safe for other tenants to use, or if the power hasn’t been turned back on yet as a direct result of the fire.
Frequently this coverage is limited to a shorter period of time, for example two weeks, but that’s generally more than sufficient time for you to either be able to return to the premises or to find a new place. To use the fire example again, it’s possible that the building has been so weakened by your neighbor’s fire that it will have to be rebuilt. If that’s the case, you’d know within a day or two. In the Twin Cities, two weeks would be more than enough time to locate another apartment.
True or False: After a claim, all I have to do is call the insurance company, they don’t need anything else from me
False! In your Minneapolis renters insurance policy contract, you have a duty to assist the company in determining the facts of any claim, as well as assisting to determine who may be liable for the loss.
You also have a duty to provide honest and truthful statements, provide an inventory or proof of purchases where applicable, and even to submit to an examination under oath if requested by the adjuster. What that really means is that you can’t intentionally make it more difficult for the company to determine the facts of a claim, and that you have to offer reasonable assistance to make the process as smooth as possible.
True or False: Electronics are covered against power surges
False! No insurance policy will replace your MacBook if it gets hit by a power surge. You can and should take precautions that will nearly eliminate the risk of such a loss.
On the other hand, if that power surge causes a fire because it overloads the wiring in the building, the resulting cause of loss to your computer is the fire itself, not the power surge that caused it. An incident like that could be a covered loss. To determine if coverage applies, we look for the proximate cause of the loss – that is to say, the cause closest to the loss.
The power surge is irrelevant because the proximate cause of the loss in the above example is the fire. Fire is a covered peril on Minneapolis, MN renters insurance, meaning that we don’t have to look any further as to the cause of the fire, unless it turns out that the fire was intentionally set by an insured. Obviously intentional acts are not covered.
True or False: Exclusions are always absolute on Minneapolis renters insurance
False. Some policies, for instance, will exclude nuclear hazard. That sounds pretty straightforward. But if a missile comes screaming in but doesn’t detonate, that’s a falling object, which is a covered peril, possibly even if the missile is armed with a nuclear warhead.
By the same token, if you were on the very outside of the area targeted, and suffered fire as a result of a nuclear detonation that didn’t otherwise impact you, that fire could be a covered cause of loss.
Minnesota Renters Insurance is influenced heavily by the nuances of the situation and of the policy. It’s important to read the policy, and it’s important to work with the Minneapolis, MN renters insurance experts at Effective Coverage. We can answer your questions, help you understand what’s covered, and walk you through the process quickly, efficiently, and at the right price. It just takes one phone call or click, get covered today!
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Renting In Minneapolis, MN
Minneapolis is known for more than just being cold. Home of the Vikings and 400,000 people, it’s a great place to live. With a median home value of $195,300 and an average rent of just $807, there are lots of renters in the city because it makes more fiscal sense to rent than to buy. But many of them don’t have Minneapolis, MN renters insurance, leaving those families at risk.
As the larger of the metro area commonly known as the Twin Cities, which is in the top fifteen metropolitan areas in the US at nearly four million residents, Minneapolis has a great deal to offer its residents. One of those things is a strong sense of community and a need to help other people. When the I-35W bridge collapsed some years back, people from all walks of life came together both to participate in the rescue and to make sure those who had lost someone in the incident were taken care of. This sense of community is profound, and runs deep like in most large Midwest cities.
Transportation in the area is easily accomplished by many modes. Private passenger vehicles are, of course, quite common. If you’re headed farther afield, consider a train or a plane via Minneapolis-Saint Paul Airport, affectionately known to the locals as just MSP. Buses from MSP run to nearly all points nationwide, which makes it a popular place to fly into if you’re headed to other parts of the Midwest that don’t have significant air service, like the oil fields of North Dakota.
Ever wonder why Minneapolis is named what it is? The city’s first schoolteacher took the Lakota Sioux word for water and the Greek word for city. Appropriate, given the lakes and rivers that give life to the city. That water was a major boon to the economy when the city was developing, and remains so today. It also contributes to the weather patterns in the area. There are plenty of water-related activities to be found in this bustling city, as well as water-related jobs.
The Twin Cities are a safe place to rent, and a great place to raise a family, but that doesn’t mean you can afford to go without Minneapolis renters insurance! Protect your family today with the perfect policy from Effective Coverage.