Renters Insurance

You have a lot of things that are important to you – from your clothes and furniture to your sound system, sports gear, and computer. And you want to feel confident that everything you’ve worked for is not at risk. Let City Insurance help you find coverage options that protect you, your family, and your personal property. Call us at (763) 582 1888 and let us help to make sure you’re properly covered.

The Importance of Renters Insurance

If you live in a rental home or apartment, chances are you don’t have the proper insurance. Despite the fact that rented homes are more likely to be burglarized than owner-occupied properties, nearly 60 percent of renters don’t have a renters policy.

Why does it matter?

“If you rent a house or apartment and think that your landlord is financially responsible when there is a fire, theft or other catastrophe—think again,” warns the Insurance Information Institute*. “Your landlord may have insurance to protect the building you are living in. But your landlord’s policy won’t replace your personal possessions or pay for your living expenses while the building is being repaired. The only way to protect yourself financially against disasters is to buy a renters insurance policy.”

Renters insurance covers your possessions, liability and additional living expenses. Let’s take a look at these three types of protection:

Minneapolis & St Paul – What you need to know about renters insurance

Your renters policy covers your personal property against theft or damage subject to the limits and deductibles you select. The coverage applies even when you are away from home. For a small additional premium, you can choose to carry full value coverage on your personal property, which ensures that you will be paid the full replacement cost of items that are damaged or stolen without deduction for depreciation.

Minnesota & Wisconsin - Protect yourself and your guests

Your renters insurance policy protects you and your family against certain bodily injury and property damage claims for which you are liable. Legal defense is also provided in the event you are sued after a covered loss, subject to the limits you have selected. In addition, you can select medical payments coverage which will pay for medical expenses incurred by a visitor who is injured at your residence regardless of fault. Various limits are available. Let City Insurance help you find the right amount of coverage to suit your insurance needs MN and WI. Call us today at (763) 582 1888.

Get the right amount of insurance coverage MN and WI at the best price

Whether you’re starting out, between homes or downsizing, City Insurance will help you pick the renters insurance coverage that best fits your needs. Give us a call today at (763) 582 1888 and get covered. Be sure to ask about available discounts including burglar alarm credits and the account credit for customers who package auto policies with their renters policy.

Possessions

Standard renters insurance protects your personal belongings against damage from fire, smoke, lightning, vandalism, theft, explosion, windstorm, water and other disasters listed in the policy. Floods and earthquakes are not covered.

To decide how much insurance to buy, you need to know the value of all your personal possessions—including furniture, clothing, electronics, appliances, kitchen utensils and even towels and bedding. The easiest way to figure this out is to create a home inventory, a detailed list of all of your personal possessions and their estimated value.

There are two types of renters insurance policies for your possessions:

Actual Cash Value pays to replace your possessions minus an amount for depreciation (the reduction in the value of items due to age and use) up to the limit of your policy.
Replacement Cost pays the full cost of replacing your possessions (with no deduction for depreciation), up to the limit of your policy. The price of Replacement Cost coverage is about 10 percent more than Actual Cash Value coverage, but can be well worth the additional cost.

Note that a standard renters policy offers only limited coverage for items such as jewelry, silver, furs, etc. If you own property that exceeds these limits, it is recommended that you supplement your policy with a floater. A floater is a separate policy that provides additional insurance for your valuables and covers them for perils not included in your policy such as accidental loss.

Liability

Standard renters insurance policies also provide liability protection in the event you or members of your familiar cause injury to others or damage their property. It also pays for damage your pets cause.

If you are sued, the liability portion of a renters policy may pay for both the cost of defending you in court and for court awards, up to the limit of the policy. Liability limits generally start at about $100,000. Your policy may also provide No-Fault Medical coverage. If visitors are injured in your home, regardless of fault, you can submit their medical bills directly to your insurance company. You can generally get $1,000 to $5,000 worth of this coverage. It does not however, pay medical bills for your own family or your pets.

Additional Living Expenses

Many people are pleasantly surprised to learn that Additional Living Expense (ALE) coverage is typically included in a renters insurance policy. If the home or apartment you are renting is damaged or destroyed and you need to live elsewhere while it is being repaired or rebuilt, renters insurance will cover your additional living expenses—namely the difference between your regular living expenses and the additional costs incurred by having to live away from your home, such as hotel bills, temporary rentals, restaurant meals, etc.

Extra coverage doesn’t have to cost a lot

Whether you’re starting out, between homes or downsizing, we will help you pick the renters insurance coverage that best fits your needs. If you have special valuable items such as jewelry, art, antiques or collectibles, ask about our Valuable Articles option which provides broader coverage and no deductible in the event of a covered loss.