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Minot renters insurance is an affordable safeguard against financial loss from a natural disaster or burglary. In the midst of a crisis, the last thing you want to think about is money. Without North Dakota renters insurance coverage, you could be paying to replace many of your belongings out-of-pocket. Furniture, clothing and electronics add up quickly, and the result of a disaster could be a mountain of debt. Protect your finances with Minot renters insurance.

Incidents like fire and theft tend to come to mind first, but Minot renters insurance is also a necessity because it affords policyholders liability coverage. Most people never consider the enormous costs of a lawsuit until they are slammed with one themselves. Attorneys' fees, settlements and the sheer amount of time lost in court can cripple your savings and assets. If someone sues you for negligence, your Minot renters insurance will cover those costs for you.

Minot is a city in North Dakota 110 miles north of Bismark, ND. Minot is best known for the nearby Air Force Base. The city has also made news recently for the largest flood in the area's history, which caused property damage to approximately 20 percent of the town. Natural disasters are some of the best reasons to invest in Minot renters insurance.

Covered Perils

Renters insurance policies are available in two forms, named peril and open peril. The most common of these is named peril coverage, which covers loss or damage caused by a specific list of disasters. Common perils listed are fire, windstorm, fallen objects, weight of ice and snow, vehicle or aircraft collision, explosion, electrical fire, burst pipes, theft and vandalism. Some notable exceptions are flooding, normal wear and tear, pet damage and electrical fire caused by faulty appliances.

Open peril coverage covers damage and loss caused by any sort of disaster. While this sounds like a better option, it is very expensive and hard to come by. In most cases, named peril coverage is more than sufficient, and Minot renters insurance providers offer endorsements and riders to supplement a policy. The exception is flood insurance, which must be purchased through a federal program.

Endorsements or riders can fill the gaps in named peril coverage. Renters in hurricane prone areas might buy a hurricane endorsement, though this is hardly a concern in North Dakota. Minot residents' greatest disaster-related concerns tend to be tornadoes, as ND is located at the northern tip of Tornado Alley, and ice storms. Endorsements can also give added protection for valuables like jewelry and furs. For instance, an art collector might buy a $1,000,000 endorsement just to cover her paintings.

The amount of coverage you purchase is based on the value of your belongings. Someone with a large rental house full of expensive furniture will need more coverage than a studio renter. Things like expensive electronics and large collections can drive up the amount of coverage you need. Renters insurance providers require an inventory from their clients to determine how much their belongings are worth, from decorative wall pictures to antique furniture. The more accurate the inventory, the more likely you will be compensated fairly for any loss you incur.

Rates and Discounts

Your rates are tailored to the value of what you own, so they vary among renters. On average, renters insurance costs less than $200 per year [1], which makes your monthly premium just $16. When you consider how much your belongings are worth, Minot renters insurance is a very cost-effective investment. Compare rates from several Minot providers to get the best coverage for the lowest price available.

There are several ways to lower your rates even further. Raising your deductible makes a large impact on your premiums. The deductible is the amount you pay out-of-pocket before coverage kicks in. Providers reward customers for taking on more financial responsibility. Many policies start with a deductible of $250, so consider raising it to $500 or $1,000; just be sure you have the cash-on-hand to meet the deductible if you ever need to make a claim.

Opting for an apartment with great safety features can also lower your rates. Entrance gates, fire extinguishers, burglar alarms and safety officers are all features that can improve your premiums. Some Minot renters insurance providers also reward non-smokers. Many house fires begin with a cigarette, so declaring yourself smoke-free can earn you a discount.

Having two or more insurance policies with your Minot agent can lower your rates across the board as well. Consider combining your North Dakota auto coverage with your Minot renters insurance policy for a better deal. Minot providers also reward loyalty, so finding a good company and sticking with it can lead to lower rates over time. Fill out our easy-to-use form for more information about forms of ND homeowners coverage, and get started building your policy today. Retrieved 2012-01-22