In many cases, if a fire in a neighboring apartment causes smoke damage, burglars loot your apartment, or someone gets hurt while visiting you, renters insurance will aid you in replacing belongings and covering medical and legal expenses. We did the research to provide Minnesota renters with a user-friendly guide covering renters insurance policies in the state.
Average Renters Insurance Cost in Minnesota
Rental insurance in Minnesota costs an average of $149 per year, which is 20% less than renters pay nationwide. Compared to what you would spend to replace all of your belongings, renters insurance costs next to nothing. In fact, if you make minimum wage, you’d only need to work 17 hours to cover the cost of your renters insurance for a year. And if you fall victim to a theft or a disaster, you’ll be really thankful you have renters insurance to cover the expense.
Minnesota Rental Insurance Coverage
Minnesota had 25,378 burglaries across the state in 2012. Would you want to become one of these numbers without having the proper rental insurance coverage in place? Probably not.
Renters insurance will help you replace your missing items—often for the full retail value. That’s not all renters insurance can help you with either. If your home suffers damage from a fire, water, or weather-related events, renters insurance helps with repair costs. Rental insurance can even protect you if someone is injured during a visit. Once you consider all the things that could go wrong, you’ll see the true value of investing in renters insurance.
Discounts Make Renters Insurance in Minnesota Even More Affordable
Where you live, what you own, your claims history, and whether you have another policy with an insurance company all influence your renters insurance premium. Even though renters insurance is already very affordable, there are still some discounts you can qualify for, including:
- Multi-Policy: Combine insurance policies to save more money.
- No Prior Claims: You won’t pay extra if you haven’t ever filed a claim.
- Safety Devices: Smoke detectors, sprinklers, anti-theft systems, and home monitoring systems can save you money.
- Higher Deductibles: If you opt into a plan with a higher deductible, you’ll have a lower payment amount every month. Watch out for this though. Your deductible is something you’re responsible for paying if you file a claim.
Minnesota Renter Statistics
Of all Minnesota residents, 27% rent their homes. Those renters spend $894 a month on average for a two-bedroom rental. Considering that it costs only $149 per year for renters insurance, the small premium seems like a valuable investment compared to other expenses. If you have to deal with the financial fallout of a theft or natural disaster, you’ll be happy you paid for the protection provided by rental insurance.
Find Affordable Renters Insurance
Ready to start shopping around? Call 855-462-2213 to speak to licensed agents who know the ins and outs of policies in your state.