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Minnesota renters insurance is a very important and very affordable investment for renters. Whether you live in Minneapolis, St. Paul, Duluth, Rochester or Mankatot, you need renters insurance to protect your belongings.

"But insurance is expensive," you may say. "There's no way I can afford renters insurance."  If that's what you really think, you should look into Minnesota renters insurance a bit deeper. Did you know that according to the National Association of Insurance Commissioners, the average cost of Minnesota renters insurance is $139 a year, one of the cheapest rates for renters insurance in the entire nation? That works out to a mere $11.58 per month or a scant 38 cents per day. What's even more amazing is that rate gets you basically the same coverage as the average Minnesota homeowner's policy, which costs on average $788 per year.

Why You Need Minnesota Renters Insurance

"But I don't have anything that needs renters insurance coverage," you may say.  Not so. Take a walk through your apartment and take an inventory of your belongings. Whether you live in Minnesota City, Minnesota Falls or Minnesota Lake, your apartment, flat or condo has plenty that will need to be covered.

Your walk-through is the first step in getting the Minnesota renters insurance coverage you need. You need to take an inventory of your possessions in order to make sure you get enough insurance. Jot down each of your possessions in a notebook, along with how much the item is worth and how much it would cost to replace it. As you proceed, you will likely be amazed at how much your "junk" is really worth. Think of what it would take to replace it all. That's why you need Minnesota renters insurance

Take a picture of particularly valuable items (including electronic equipment, jewelry, furs and collectibles), making sure to have clear views of identifying marks.  Make multiple copies of your inventory list and the pictures to have ready in case you need to make a renters insurance claim. Keep one copy in your apartment or flat and store others off-site in a safe location where you can reach them easily.  That way, if your Minnesota apartment is collapsed under heavy snow, you will still have a list of your possessions.

Minnesota Renters Insurance Coverage

Many people are surprised to find that apartment rental insurance policies do not cover your possessions for heavy snow. That's just one of about 17 conditions that are generally covered under Minnesota renters insurance. Other coverage includes: theft, vandalism, fire, smoke, windstorms and hail, explosions, riots, vehicle crashes, falling objects, electrical surges and plumbing or climate control malfunctions such as frozen pipes.

In general, however, Minnesota renters insurance does not typically cover flood coverage which is typically purchased by the landlord if they're building is at risk.  If your Minnesota apartment is at risk of spring flood damage, you should be able to get federal flood insurance.

Even though Minnesota renters insurance is so cheap and covers so much, many people still put off buying it. "My stuff is okay, my landlord's insurance will take care of it," they think. It's a common misconception. Actually, your landlord's insurance will only cover your stuff if the loss has been clearly shown to be his or her fault, which may be hard to prove. Your landlord's insurance generally only covers the building itself.

The reason your landlord's insurance covers your stuff if it's his or her fault is because of the insurance policy's liability coverage. Your Minnesota renters insurance should also include liability coverage. This protects you if someone is injured in your apartment, flat or condo.  Suppose you were entertaining friends in your St. Cloud apartment and someone tripped and bumped his or her head on a countertop. Theoretically, that person could sue you for his or her injuries. If surgeries or rehabilitation were required, the victim could sue you for medical bills, lost wages and pain and suffering. If you don't have liability coverage under your renters insurance, you could lose all your savings and other assets. Liability coverage is a crucial piece of Minnesota renters insurance policies.

Another important piece of the Minnesota renters insurance puzzle is loss of use coverage. If your apartment in Rochester is destroyed by a fire, your renters insurance should cover temporary lodging and meals until you can get new permanent digs.

Is it difficult to get Minnesota renters insurance? Not at all. You can start with our easy online process which allows you to compare quotes from several companies that cover your part of Minnesota.  Simply pick a company, answer a few basic questions about the coverage you need and you'll have your quote. Most experts advise getting at least three renters quotes but the process is so fast and easy, you can easily get more in the space of your lunch hour.

As you compare renters quotes, make sure the information is the same for all of them, including deductibles, liability coverage and duration. This is especially important if you see a significant difference between quotes.  While renters quotes can vary wildly, they should be in the same general range.

You will likely notice that different companies offer different discounts. As you obtain renters quotes, carefully consider whether you qualify for each discount. For example, have you had your car or life insurance covered by the same company for many years? Then you should qualify for a loyalty discount. Some companies may also offer discounts if you have safety and anti-theft devices installed, such as fire extinguishers and alarm systems. (You may want to discuss this with your landlord.)

In addition to renters coverage, you should take other precautions as well. Renters should be extra cautious with their belongings and never flash large amounts of cash or valuables. Sensitive documents should be stored securely and escape plans should be created.

While it may be tempting to just accept the lowest-priced renters quote, you should check into the company's reputation first.  Ask your neighbors, friends and relatives where they get their renters insurance coverage. Ask if they have ever made a claim and if they were satisfied with how it was handled.

If you don't know anyone with renters coverage,  (Surprisingly, some experts estimate that only about 25 percent of renters get renters coverage), you can also check with Minnesota's insurance office, 612-296-6848, to find out whether any complaints have been filed against the company you are considering. You should also check with your local Better Business Bureau and search for news reports about the company. After all, you are trusting this company with most of your worldly possessions; you want to be sure the company will be around if and when you need it.

You may also want to meet an agent to ask any questions you may have about Minnesota renters insurance. Having a good rapport with an agent will help reassure you if disaster ever strikes.

You should also look into the company's claim process. Make sure you understand exactly what you must do to file a claim and under what conditions could the company deny your claim.  If you do need to file a claim, document all damage as much as you can and keep copies of all records.

Minnesota renters insurance is an easy, affordable way to keep your belongings safe and secure.

So what are you waiting for? Compare cost and coverage details from the Minnesota cities of: The Twin Cities: Minneapolis and St. Paul, Bloomington, Duluth, St. Cloud, Rochester, Albert Lea, Alexandria, Austin, Bemidji, Brainerd, Fairmont, Faribault, Northfield, Fergus Falls, Hutchinson, Mankato, Marshall, New Ulm, Owatonna, Red Wing, Willmar, Winona, Worthington and more...

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