Renters insurance will protect your personal property in the event of loss or damage and will help you in case someone is injured at your property.
Your landlord may require renters insurance in Minnesota. It’s important to remember that your landlord’s coverage will only cover damage to the building’s structure and not your belongings. In addition to covering your belongings, a policy may also cover living expenses if your home or apartment isn’t habitable due to insured damage. Many people will go without this coverage since they assume that the landlord will have insurance that will protect them in the event of any loss. This isn't the case. If you live with roommates, then each renter should have his or her own policy in order to protect all possessions. An agent at McClure Insurance Agency, LLC can help you find the right policy for your needs.
Most policies will provide two basic types of coverage for liability and personal property. Personal property coverage will pay to repair or replace belongings that are destroyed, stolen, or damaged. Liability coverage will protect against a lawsuit or claim for bodily injury or property damage in an accident you cause. If you have expensive items in your rental home, such as fine jewelry, you may also want to consider a rider for additional coverage. When looking at renters insurance, pay attention to the difference between actual cash value and replacement costs. Actual cash value coverage will cover you for the cost of your belongings at the time of the claim. You will have to account for depreciation with this coverage option. Replacement costs coverage will reimburse you for the full value of your property. The upfront costs can be greater with replacement coverage but you will get more if you do need to replace your belongings.
Contact McClure Insurance Agency, LLC to get a quote on renters insurance.
for all your insurance needs!