Renter’s insurance isn’t a requirement in Minnesota. If you rent a home, apartment, or condo, however, you have much to gain by obtaining a renter’s policy. Even if your landlord has insurance, his policy doesn’t protect you against liability claims or your personal property against damage or loss. Here are just a few ways that renters insurance from Up North Insurance Agency, Inc. in Minnesota can protect your assets.
Property coverage from your renter’s insurance policy protects your personal goods against theft or damage in an unforeseen disaster. If a severe storm damages the roof of your apartment and your furniture and electronics get waterlogged, your contents coverage will help pay for damages. If you get replacement coverage, your insurer will pay the cost of replacing damaged goods, so you don’t have to.
Renters insurance even covers your goods when you’re traveling. If your laptop is stolen from your vehicle while on a road trip, renters insurance will pay to have it replaced, after subtracting your deductible.
If you like to party in your rental apartment, home, or condo, you will do well to get personal liability coverage for protection against accidents. Partying often involves serving alcohol, increasing the risk of accidents. If a friend falls down the stairs after one too many drinks, he could sue you for damages. Liability covers doctor or hospital bills of people who have accidents on your property and protects you against lawsuits if they decide to sue for damages.
Loss of Use Coverage
If you have to leave your rental property in Minnesota due to excessive damage from a major disaster, loss of use coverage helps pay for your living expenses elsewhere until your home is repaired. This could save you hundreds, if not thousands, of dollars out-of-pocket.
To learn more about renters insurance options and costs, contact an agent from Up North Insurance Agency, Inc. in Minnesota.