Renters Insurance Minnesota: Top Online Quotes!

We love Minnesota customers, and no matter how cold it gets there’s just something about cities like Minneapolis and St. Paul that stick with us. And let’s not forget that incredible sports teams – the Vikings have really done some good in the NFL over the years, so it makes sense their fan base remains loyal.

At Insurance Geek we love all our states, but we really love when families work with us to make sure they get the lowest rate and tell us their specific situation so we can address their needs with an affordable renters insurance policy that really fits. Read on to find out more about renters insurance in Minnesota and whether or not you may need it.

Is renters insurance legally required?

Generally, most states do not legally require renters insurance, but your landlord can tell you that you must have it before you sign the lease. Most landlords will want proof of a policy that is been started at least on the same date you’re moving in. They don’t want to have to cover any loss of your property should something happen to the dwelling, so in most cases, you can expect that you should have some type of insurance before you move into the residence.

How much is renters insurance in MN?

Your quote includes a 12-month breakdown that lines out into a monthly premium payment. You will pay around $212 yearly on average for renters insurance in Minnesota, though know this amount might end up varying based on your specific situation and needs.

Here are recommended Minnesota insurance coverage amounts:

Personal Property Insurance 

We recommend: $20,000

Since we’re sure you want to cover the things that matter most, covering your personal property is so important. When you begin letting us know the actual value of your items, we can start to come up with some numbers for you. We can help you come up with a ballpark amount for things like electronics, furniture, etc. while you may want to disclose other items (a specific laptop you use to work from home, heirlooms, jewelry, etc.) $20,000 how much we recommend for personal property for our clients.

Medical Liability

We recommend: $100,000

If someone gets hurt in your rental, medical liability can help pick up the tab if you’re found responsible for the medical expenses. As we all know, an accident can happen at any time and medical expenses are astronomical in the US. This part of your renters insurance coverage is more expensive to help meet that cost, as even a small accident can be incredibly costly. If you don’t have this type of coverage and ending up needing to pay the difference, you could be out more money than you’re worth.

Loss of Use 

We recommend: $1000

If you lose access to the basic necessities in your rental – the kitchen, washing facilities, etc. – you may end up paying costs out of pocket to accommodate your needs greater than what you’d pay if you were able to access these parts of your home. Therefore, you’ll need coverage that will help you make up those expenses. This is where Loss of Use can help.

For your information, metro areas in Minnesota where we write many policies include:

  • Minneapolis
  • St. Paul
  • St. Cloud
  • Elk River
  • Anoka

Most renters insurance policies we write come with a $500 deductible, but not always. If you’re a high-risk potential policyholder – meaning, you’ve had a few or more rental claims over the past few years – your deductible and premium may be higher. You may also opt for a higher deductible to save on your annual premium amount, though most customers don’t do this because the cost of renters is generally so low. Whatever your situation, we can look at different options to see how we can best help you.

What does a policy cover?

Minnesota’s winters are fairly intense, and that’s likely an understatement. Drifts, heavy winds, blizzard conditions, damage to trees and property – these are all things to watch out for.  It makes sense to protect against seasonal and other damages to property by getting the best possible renters insurance you can for your situation.

It’s a good idea to talk to your agent about RCV or ACV. RCV stands for replacement cash value and ACV stands for actual cash value. In most cases, getting the RCV of your items is a better deal for you, because it factors in what will actually take to replace your item without looking at the actual value of the item. Anytime you buy a new item it depreciates as soon as it leaves the store and you start using it, so you may be stuck with the difference between the two values if you go the ACV route.

How much insurance is best?

Work with your agent by adding up and itemizing your personal property. You should make sure to provide a list of all your property, and not just the most valuable things you own. If there’s some type of loss on your property, you will end up paying out of pocket to replace everything from clothing to furniture to bedsheets to electronics, and many people don’t realize that the total value of their items may exceed the renters coverage minimums. We find that $20,000 works for most people, however, make sure that you work with us using that itemized list to determine whether or not you need further coverage.

The minimums above may not apply in your situation – that’s why it’s so important to work with an agent you can explain your specific situation to, so you can get connected with the policy that really fits your needs and gives you the maximum amount of protection possible at the lowest rate. This is something we can definitely help with.

Are discounted rates available?

You might be eligible for a discount, especially if you would like to bundle home and auto, pay in full, pay n advance (one day before the policy goes into effect), etc. Check with your agent to find the best discounts for your Minnesota residence.