Minnesota Renters Insurance From Effective Coverage Protects You Across The North Star StateMinnesota is known as The North Star State, based on its state motto “Star of the North”. It’s also known as the Land of 10,000 Lakes. That nickname is technically inaccurate, as there are more than eleven thousand lakes in the state. It’s also The Gopher State, because the striped gopher is common across the state; as well as New England of the West because of how many people came here from New England.
Minnesota has the 12th largest area in the United States, but the vast majority of people live near Minneapolis or Saint Paul. In addition to people who moved from New England, the state has a long history of welcoming refugees and migrants from other countries.
Whether those people came from the parts of the world that gave Minnesota its distinctive accent, or from war-torn countries today, Minnesota has always been welcoming and those new residents have contributed to vibrant communities.
Whether you prefer hot summers or long, cold winters you’ll find something to appeal to you in Minnesota. There’s weather to suit anyone, as well as someplace to live to suit anyone. Minnesota offers substantial career opportunities with a variety of large and international companies. While some people think of lakes when they think of Minnesota, they should think of companies such as United Health, Target, Best Buy, US Bank, and Medtronic. These are just a few of the companies that call Minnesota home.
Minnesota has much to offer its residents. In addition to a strong economy and good healthcare, Minnesota offers easy access to much of the rest of America. Many major cities are an easy trip away, but everything you need is right here in your own state. Most of Minnesota is Protestant, but Hispanic Catholics and other religions are becoming a significant percentage of the state.
If you’re looking for an apartment in Minnesota, you’re looking in the right place. While major cities offer more opportunities, you’ll find rentals in suburbs and outlying areas as well. Since manufacturing has given way to other sectors of the economy, many people have moved into the state. That has resulted in additional rentals entering the market, keeping the market stable.
Apartments in Minnesota range from converted rowhomes to new construction apartment communities. Whatever your preference, Minnesota has plenty to offer residents in 2018. If you want big city life, try Minneapolis, Saint Paul, or Rochester. Bloomington, Duluth, and Brooklyn Park are smaller cities that still offer most of the perks you’re looking for. Smaller towns around the state abound, as well.
When you get a new apartment, Minnesota renters insurance should be the first thing you think about. Renters insurance in Minnesota is quite affordable, around $187.00 for a year’s worth of coverage. That coverage protects you whether you set a box on top of the stove while moving in and it catches fire, or if someone steals your stuff a year from now. It’s the most comprehensive protection you can get for your family, and more affordable than you think.
Effective Coverage is here to help with your Minnesota renters insurance. We work to educate people about the coverage available to them because a policy is the single most affordable way to protect what’s important to you. Our mission is providing solutions for those buying and requiring insurance, because insurance is our world and we want you to get back to yours.
You can buy a policy online, and a friendly insurance expert who can help you choose coverage is just a quick phone call away if you have questions. If you’re a landlord, Effective Coverage offers efficient solutions for insurance compliance tracking in Minnesota. Tracking renters insurance, commercial insurance, and other types of policies has never been easier.
Whether you need renters insurance in Minnesota or you need easy Minnesota certificate tracking solutions, Effective Coverage has the answers. We make it easy and let you get back to the rest of your life. We’re easy to reach, online, by web chat, or by calling a friendly insurance expert at (800)892-4308.
2018 Minnesota Renters Insurance Guide Table Of Contents
- What Should I Know About Minnesota Renters Insurance In 2018?
- What Risks Does Renters Insurance In Minnesota Protect Me Against?
- Can I Get Just Liability Coverage On Minnesota Renters Insurance?
- Does Renters Insurance In Minnesota Have Exclusions??
- How Does A Renters Insurance Claim Work In Minnesota?
- Minnesota Renters Insurance Fast Facts
- Bonus Section: 2018 Guide To Renting In Minnesota
What Should I Know About Minnesota Renters Insurance In 2018?
- Policy forms are similar, but having a policy from a highly rated underwriter is important.
- Roommates are better off with their own policy. Coverage is improved, and claims are much easier that way.
- Reading the policy is crucial, because you’re responsible for knowing what’s in it. Questions? Effective Coverage is here to help.
The good news is that renters insurance in Minnesota is written on a substantially similar policy form no matter which company you work with. But endorsements, underwriting guidelines, and interpretation of the policy can vary between companies.
It’s important to buy a policy issued by a reputable underwriter that has a record for paying claims quickly and efficiently. Effective Coverage works to build relationships with highly rated underwriters who believe that insurance exists to pay claims and protect the policyholder.
Will a Minnesota renters insurance company allow you to endorse a roommate onto the policy? In many cases the answer is yes, but you’re better off having a policy for each roommate.
That’s because a policy for each roommate means that your coverage limits remain your own and that checks for claim payment are made to the policyholder rather than to both of you, or to the roommate who bought the policy. If you are the roommate, and you’re only endorsed onto the policy, the check would be made out to the policyholder. That puts your funds at risk.
You should know what’s in your Minnesota renters insurance policy. That means reading the policy, of course. Undoubtedly, that will lead to you having questions. That’s where renters insurance experts come into play. Effective Coverage insurance experts are here to answer questions about your policy. We’re not just here to sell you a policy, we’re here to help you get the right coverage and make sure that your questions are answered.
What Risks Does Renters Insurance In Minnesota Protect Me Against?
- Personal property, liability, and additional living expenses are all covered.
- Additional living expenses add up quickly after a loss, because hotels in Minnesota are expensive.
- Liability pays for bodily injury or property damage caused by your negligence.
- Medical payments to others covers small injuries to guests where there is no fault.
Minnesota renters insurance is designed to protect your personal property, protect you against liability risk, and protect you against the additional costs following a loss. How does it do that? There are a number of different kinds of coverage on the policy. The first one that most people think of is personal property. The things you own are protected against renters insurance covered perils such as fire, theft, vandalism, windstorm, hail, and weight of snow and ice. This coverage is generally at replacement cost rather than actual cash value.
Loss of use coverage is designed to pay your additional living expenses after a covered loss. Any loss due to a covered peril under the policy is likely to result in you have additional costs. That may come in the form of a hotel, or in the form of additional meals you can’t cook at home. This additional living expenses coverage on your renters insurance helps you to maintain your standard of living following a covered loss.
Any time that you cause bodily injury or property damage through your negligence, you are responsible to defend against the lawsuit as well as to pay for the loss. Minnesota renters insurance covers both the defense costs as well as the costs of the loss, up to the limit of liability on the policy. It’s incredibly affordable to increase that limit, usually just a few dollars a year. This protects your present assets and your future ones.
You also have coverage for medical payments to others, if a guest is injured in your home. This coverage doesn’t require fault, it just requires that the guest be injured in your home and not a member of the household. This can help to resolve small injuries where things just happen. These types of coverage are all clearly defined in the policy. Sometimes, those definitions are rather lengthy because they’re a little too clear. That’s where an insurance expert can help.
Can I Get Just Liability Coverage On Minnesota Renters Insurance?
- Renters insurance is a package policy, but it’s a very affordable one.
- Personal liability policies with no other coverage are hard to find, unless you need excess coverage in the form of an umbrella.
- Renters insurance in Minnesota averages about $187.00 a year.
No. Renters insurance in Minnesota is a package policy. It’s designed to protect you from a wide variety of risks, and the coverage is all designed to work together. While you might find a personal liability policy, it’s likely to cost the same as renters insurance would.
The only time it makes sense to get a policy only covering personal liability is when you already have a package policy and need more liability coverage on top of that. In that case, you would buy an umbrella policy to provide additional liability on top of the renters or homeowners policy you already have.
The average price of Minnesota renters insurance is about $187.00 per year. That works out to about fifteen dollars a month, the least expensive form of protection you can find. Those few dollars a month can buy you $15,000 of personal property coverage, $4,500 of loss of use, $1,000 of medical payments to others, and $100,000 of liability coverage.
Does Renters Insurance In Minnesota Have Exclusions??
- All policies exclude floods, in the form of water moving along the ground, but burst pipes are covered.
- Jewelry and certain other classes of property may require endorsements.
- Intentional acts aren’t covered, but this may not apply to children.
Minnesota renters insurance excludes flood, just like any other renters or homeowners insurance policy. Let’s be clear about the terms of that exclusion, though. Flood means water moving along, through, or under the ground. If water seeps in through the sliding glass door from your porch, that’s a flood.
Flood insurance is a separate type of coverage, often underwritten through a federal government program. This is because floods present a unique and nearly limitless exposure. A burst pipe, on the other hand, is separate and distinct from flood. Burst pipes are a covered peril under your policy. While any water damage is often called a “flood” in conversation, insurance is dependent on being as accurate as possible.
Jewelry and a few other valuable classes of property have sublimits. It’s important to read your policy and ask about this coverage. There are endorsements and additional policies available if you have jewelry that needs to be protected. These sublimits specifically apply to theft of these classes of property, but not to fire and other losses generally.
If you intentionally do something, liability coverage doesn’t apply. Intentional acts are excluded from coverage. However, intentional acts of children under 13 years of age can often be covered because they lack the capacity to understand the consequences of their actions. Exclusions are found in your policy, usually as a part of the section to which they apply. It’s important to read the policy in its entirety to make sure you understand your coverage. If you still have questions, just call an insurance expert at Effective Coverage for fast and easy answers.
How Does A Renters Insurance Claim Work In Minnesota?
- Renters insurance claims are straightforward and easy.
- You call, advise the company of a loss, speak with an adjuster, and the claim is reviewed and paid.
- Liability claims are handled on your behalf by the company.
- Deductibles are not paid to the insurance company, they are simply deducted from the total of the claim.
When you make a claim on your Minnesota renters insurance, you’ll speak with a member of the “first notice of loss” team. They’ll take some basic information about the claim and get the ball rolling. From there, you’ll be contacted by an adjuster. Whether the adjuster will need to come out to the site of the loss depends on the claim, the amount, and the situation. In many cases, everything can be handled over the phone.
The adjuster’s job is to make sure that the claim is paid fairly under the terms of the policy. They’ll ask you for information about the items that suffered the loss, any additional living expense claim you might need to make, and how the loss occurred. They’ll use this information to determine how the policy and coverage applies to the loss. Once that’s done, they cut a check and you cash it and move on with your life, replacing your property.
For a liability claim, the process is somewhat different. The adjuster will need to get information from the person who suffered the loss attributed to you. Depending on how that person intends to proceed, a settlement may be worked out or the insurance company may retain an attorney for you. If that happens, the attorney is defending you as their client – even though the insurance company is paying the bills you’re still the client.
Liability claims can be litigated, but your participation in the process is often very minimal. You answer questions as necessary, but otherwise simply let the insurance company take care of it. You don’t need to negotiate with anyone, that’s all part of the process and taken care of by the company because they’re the ones paying for it. Renters insurance claims are easy. The process is designed to work with you to get your life back on track quickly after suffering a significant loss.
What about your deductible? On a claim to which the deductible applies, such as personal property, the check for payment of the claim is reduced by the amount of your deductible. Once you add that money in, you arrive at the total value of the claim. To be clear, your deductible is not paid to the insurance company, that’s a common misconception.
When you have a loss, budgets are often stretched. That’s why increasing your deductible to save a few dollars is usually a false economy. Risking spending more money to save five or ten dollars a year just isn’t worthwhile for most people.
Minnesota Renters Insurance Fast Facts
- The average price of renters insurance in Minnesota is about fifteen dollars a month.
- Renters insurance in Minnesota can protect your entire family, including children who can’t contract for their own policy.
- The average fire loss per structure is $20,700 according to the NFPA.
- Just because someone has insurance for the damage you cause doesn’t make you not liable. Their insurance company can sue you for the money they paid to cover the loss. Your policy defends you and pays for the loss up to the policy limit, if you’re liable.
- Renters insurance protects you from liability risk, risk to your personal property, and costs incurred following a covered loss
Bonus Section: 2018 Guide To Renting In Minnesota
Finding An Apartment In Minnesota
In Minnesota, many people are looking for apartments in Minneapolis and Saint Paul. While traffic isn’t too bad around the Twin Cities, you’ll want to consider how long it will take you to get to work. It’s not just the highways, of course, getting to the highway can take some time. Parking is another important consideration when you’re looking for an apartment in Minnesota.
If you’re looking for housing outside the Twin Cities, you’ll have a more difficult search. Larger cities in Minnesota offer no shortage of private landlords and small property management companies as well as professionally managed communities who can help you find exactly what you’re looking for. For example, Eagle Ridge apartments in Maple Grove, Lexington Heights Apartments in Saint Paul, Promenade Oaks in Eagan, and Salem Green Apartments in Inver Grove Heights all offer professionally managed apartments that are peaceful, tranquil, and move-in ready.
Outside of the Twin Cities, you’ll be dealing mostly with private landlords. That means scanning online ads and driving around town finding “for rent” signs in windows or yards. It’s a different kind of search, but you can often get more for your money if you go just a little bit outside the city. You’re also likely to lead a slower paced lifestyle in a more pastoral setting, which fits the desires of many people – especially those raising a family.
It’s crucial to get a written lease and make sure you do a walk-through checklist with the landlord. You don’t want to be held responsible for any existing damage, and you want to make sure everything works. That way, you don’t have to call the landlord on your second day in the apartment for a repair that should have been dealt with before you moved in. Apartments in Minnesota are plentiful and surprisingly affordable.
If you’re working with an apartment community or a property management company, you can expect to be asked for the usual slate of credit and references. On the other hand, not all private landlords in Minnesota work that way. Some will ask for the information but not check it. Some private landlords are more concerned with their impressions of you and are willing to work based on a handshake. With or without the handshake, you still need that written lease.
Leases For Minnesota Apartments
In Minnesota, your lease needs to include the name and address of your landlord. Your landlord also has to disclose any outstanding violations on the apartment before you sign a lease or pay a security deposit. You’d be well advised to make sure the landlord plans on correcting that violation before you sign a lease. If the landlord has received notice of a foreclosure, the landlord may not enter into a long-term lease that extends beyond the redemption period of the foreclosure. Your lease also needs to include a mutual promise between you and the landlord not to allow various types of crime.
When it comes to security deposits in Minnesota, people who have difficulty renting are actually in luck. Minnesota does not limit the amount that may be charged as a security deposit. If you’re willing to tie up some cash, offering additional money as a deposit may help encourage a landlord to rent to you. When you move out, return keys, and leave a forwarding address, the landlord has three weeks to return the deposit to you. Your recourse is small claims court, for amounts up to $10,000.
Your lease must specify any late fee to be charged if rent is late. It should also set out the amount of rent to be charged. The rent is open for negotiation, there are no rent controls anywhere in Minnesota. Where, and by what method, rent is to be paid should be part of your lease as well. If there is important maintenance the landlord can’t or won’t perform, such as a broken hot water heater or nonfunctional heat, you have the right to withhold rent until repairs are made. You also have the right to make repairs and deduct that amount from the rent due.
Minnesota Tenant Rights
Before you start deducting from your rent, however, you should probably contact a local landlord-tenant organization to make sure you’re on the right side of the law. You don’t want to make repairs to the apartment and then find yourself looking for a new apartment anyway. The law sets out the types of problems that qualify, the notice you must give to the landlord, how often you can do this, and your protection from potential retaliation.
Minnesota has strong protections for tenants, and is a great place to rent your home. But the legal protections you enjoy aren’t the only kind that you need. Once you’ve found the perfect home, make sure you have the right protection. Just call (800)892-4308 or click above to get the Minnesota renters insurance you need with easy payments and coverage you can rely on. Effective Coverage insurance experts are happy to answer your questions and help you to understand what type and amount of coverage may best fit your personal situation.