Protect What You Own with Renter's Insurance in Minnesota

Purchasing a renter’s insurance policy is one of the easiest (and cheapest) ways to protect yourself and your belongings while renting your home. A typical policy costs only $10 to $20 per month and can save you much more should unexpected damage or liability occur. 

But despite its affordability and practicality, only about half (55%) of U.S. renters currently have renter’s insurance, most of whom must have a policy per their landlord’s requirements. 

We’ve prepared this article to help you understand why you need renters insurance and how to obtain a policy in this state—from cost and coverage to additional policies you may need.  

What is Renter’s Insurance? 

Renter’s insurance is insurance that covers specific types of losses suffered by renters during their occupation of a rental property. A typical renter’s insurance policy covers personal property, liability protection, and additional living expenses. Renter’s insurance often kicks in after damage from natural disasters, accidents, or other incidents.  

An important note: Renter’s insurance does not cover the actual building itself. The physical building you live in should be covered by your landlord’s insurance. Renters insurance helps protect you and the belongings you own within the property that may be damaged or stolen. 

Why Do I Need Renter’s Insurance? 

Everyone who rents their home—whether that be a single-family home, studio apartment, mobile home, townhome, condo, or other type of property— should have a renter’s insurance policy. This is because even though you don’t own the physical building you are renting, the items you keep within it (or even in your car, or elsewhere) could still be damaged or stolen. 

For example, imagine that a fire occurred in your apartment complex. Your landlord’s insurance would cover the damage to the actual building, appliances, and building systems. However, your landlord is not responsible for replacing all your lost clothes, furniture, electronics, and other belongings. That’s what renter’s insurance is for.  

Renters insurance policies can also cover medical or legal expenses if you are sued. For example, your renter’s insurance would apply if someone gets injured in your home and you are responsible for their medical bills. 

An average renter’s insurance policy includes $20,000 – $30,000 of personal property coverage and doesn’t cost you more than a $20 bill each month. It’s a small price to pay for the great financial security renters insurance offers. 

What Does Renters Insurance Cover? 

Renter’s insurance has three main categories of coverage. 

• Personal Property: Personal property refers to any belongings like clothes, furniture, electronics, etc. Your personal property is subject to limits and requires a deductible. However, your insurance will reimburse you should your personal property get damaged by disasters such as the following:  
• • Fire and smoke 
  • Storms, lightening, wind, hail 
  • Theft 
  • Vandalism 
  • Explosions 
  • Winter weather damage 
  • Damage from infrastructure tearing, cracking, burning, etc. 
  • Sudden, accidental damage from electric currents 

•  
• Liability: Liability coverage pays for your medical or legal bills should you be responsible for an injury on the property or damage to the property itself. 
• Loss of Use/Living Expenses: Loss of use insurance kicks in if the property you rent becomes uninhabitable due to damage or repairs. It pays for your hotel bills and even certain food expenses while you wait for repairs to be completed. 

There are a few disasters renter’s insurance doesn’t cover, like flooding. It’s important to read your renter’s insurance policy to understand what is and isn’t included. If you need coverage that isn’t included, you can purchase add-on policies, such as water backup coverage, theft extension coverage, scheduled valuables coverage, or earthquake and volcano coverage. 

Minnesota Renters Insurance 

Renters insurance in Minnesota protects you and your belongings from a range of perils. Each year, Minnesota experiences severe weather events like tornadoes, winter storms, and wildfires. If your home is damaged due to any of these events, your belongings might be too. A Minnesota renters insurance policy will reimburse you for either the cash value or replacement cost of your damaged items, in addition to covering legal or medical expenses in the case of liability. 

What Does Renters Insurance Minnesota Cost? 

Many renters are understandably concerned about the cost of renters insurance. Fortunately, renters insurance in Minnesota is very affordable. According to NerdWallet, the average Minnesota renters insurance premium in 2024 is $125, or about $10 a month. Minnesota’s renters insurance rates are even a few dollars cheaper than the national average monthly cost. 

Keep in mind that the cheapest renters insurance policies will have higher deductibles, while more expensive options will have lower deductibles. However, most renters insurance policies are highly affordable regardless and well worth the investment for the security they offer. 

What Are the Most Common Claims in Minnesota? 

Common renters insurance claims in Minnesota include damage due to heavy snowfall and tornadoes. Minnesota experiences an average of 27 tornadoes per year. From 2010 to 2020, Minnesota experienced 208 tornadoes totaling $212,086,500 in damage. If your property is damaged or lost due to a tornado or other severe weather event, you can file a claim with your Minnesota renters insurance and be reimbursed. 

What Additional Policies Do I Need in Minnesota? 

Minnesota renters may also need flood insurance. Flooding can occur after heavy rains or rising water levels near large bodies of water. 

FEMA data from the past several decades shows that all Minnesota counties have experienced flood events, in some cases more than 50. Winona, Hennepin, and Wilkin Counties had the highest number of floods between 1996 and 2019. However, floods can occur anywhere where water levels rise after heavy rains, such as near the Mississippi River and Lake Superior. 

If your home is within a floodplain or has previously flooded, investing in flood coverage is a smart decision. Flood coverage is typically excluded from most renter’s insurance policies, so a separate policy is necessary. The National Flood Insurance Program (NFIP) helps renters find a flood insurance policy customized to their individual needs and coverage preferences. 

How to Get Renters Insurance in Minnesota 

Most major insurance providers offer renter’s insurance, often bundled with auto insurance for a lower price. To determine your policy and coverage details, your insurer will typically ask you a few questions about the rental unit (such as the type of building, year it was built, and address) and the dollar value or replacement cost of high-value personal belongings you own. You’ll be able to tailor your policy and coverage details to your needs. 

Get Renter’s Insurance with Innago 

Innago offers renter’s insurance through our partnership with Viaffinity. If you’re a renter, regardless of whether your landlord uses Innago, you can purchase a policy and get protection for you and your personal belongings. You can get quick and affordable quotes, customize your coverage, and add an additional person onto your policy at no extra cost.