Most Minnesotans Rent!
Did you know that the vast majority of Minnesota residents rent their homes? They might be downsizing from a home they owned now that the nest is empty, they might be just starting out, or they might just prefer not having maintenance be their problem. Whatever the reason is, there are many people in Minneapols, St. Paul, Eagan, MSP Suburbs, and all over Minnesota who choose to rent.
Official Minnesota Renters Insurance Guide
Minnesota renters insurance isn’t complex, but whether you live in St. Paul, St. Cloud, or even St. Olaf, you need to be aware of the protection you’re entitled to.
While there are many variables, a common thread between them is that they all need Minnesota renters insurance, which leads us to the question,
Why Does Every Renter Need Minnesota Renters Insurance?
Every renter from the Twin Cities to Mankato needs Minnesota renters insurance to protect themselves. While the risk of crime and theft is fairly low in most parts of Minnesota, the chance of a home fire is the same as the national average. While that may still be a tolerable risk for some people, that’s not all. The more people you have close together in apartments, the more effect someone else’s fire or negligence has on you. Just because you have Minnesota renters insurance doesn’t mean he does! That means you need to protect yourself for your personal property and for your liability (in case you’re the one who starts the fire). If the person responsible doesn’t have Minnesota renters insurance liability or doesn’t have enough, your personal property coverage on your own policy kicks in so you can replace your possessions quickly and get back to the business of life.
What Else Will Minnesota Renters Insurance Do For Me?
Minnesota renters insurance also can cover an alternate place to stay while your apartment is being repaired or while you’re looking for a new one. That’s a coverage that you just can’t put a price on. Apartment fires tend to occur either in the middle of the day when you’re at work or in the middle of the night. 3AM with no place to go and standing outside watching the fire is not a good place to be. Minnesota renters insurance can cover your additional living expenses, like a hotel, until you get back on your feet.
Can My Landlord Require Renters Insurance In Minnesota?
Aboslutely! As in any other state, landlords in Minnesota can require Minnesota renters insurance. While Minnesota renters insurance can be required by the landlord, it’s something that everyone should have regardless of how much they have to protect. The only variable is the limit.
I Don’t Have Any Personal Property!
That’s an outright untruth. Everyone has at least some personal property. You might not have paid much for it and it may not be worth much in its current state, but you’ve still got $5,000-$15,000 (at retail cost) of personal property even if you’re a college student with a couch. You may not think much of it, but you would pay close to $1,000 if you had to replace that couch at retail with like kind and quality! Add up everything in your apartment, including your electronics, furniture, and everything else. Again, add them up at retail price. That’s the price you’d pay to replace them. Can you afford that? Of course not. Very few people can replace everything in their homes at sticker price on zero notice. That’s why you need Minnesota renters insurance with replacement cost coverage (standard on many policies) to protect you. You may not cause the fire, but it’s almost a guarantee that you’ll have smoke and water damage if the guy three doors down has a fire. That can be as destructive to much of your personal property as the fire itself would be. Get Minnesota renters insurance, and relax. You’re safe.
Why Do I Need Minnesota Renters Insurance? I’m Not Responsible For The Building!
Au contraire. You’re generally not responsible for the building. You could, however, be responsible for the structure if you cause the loss through your negligence. If you cause a fire, it will damage the building as well as cause damage to your property and that of other tenants. You’re on the hook for all of that. Say it costs $50,000 to rebuild the apartment and another $30,000 or more for the personal property of other affected tenants. Minnesota renters insurance allows you to cover those expenses with liability limits starting at $100,000 and going up to $500,000 The difference between the two ends of that spectrum can be as little as ten dollars a year for more coverage! Can you fix the building and replace everything everyone else lost, much less your own things, out of pocket? Most people can’t. And remember, if you get a judgement against you for those things, you will never be able to buy a house because the minute you do the judgement will attach to it in the form of a lien. People you caused harm to in the fire will own the house you just bought, not you!
How Can I Get Minnesota Renters Insurance?
Call Effective Coverage, Minnesota renters insurance experts, at (800)892-4308 or click above. It’s as easy as that. Get a free quote, and even start your policy and get covered today in just minutes! Effective Coverage focuses on the needs of renters and brings a powerhouse of insurance industry experience to get you the best coverage at the best price possible. Call today for your Minnesota renters insurance!