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Renters Insurance in Shoreview, MN

As a renter, you may not own your home outright, but your residence is still essential to your daily life. Your home is responsible for providing members of your household and your possessions with safety and security. However, even if you are committed to caring for your home and minimizing potential risks and exposures, incidents affecting your life and property may be inevitable. With this in mind, adequate loss control measures, such as renters insurance, should be prioritized.

Why Should I Get Renters Insurance?

As its name suggests, renters insurance provides a financial safety net for you and the home you rent. These policies may help you recoup losses and damages arising from many common incidents and perils, including those over which you may have little control, such as certain severe weather events. Conversely, lacking coverage could leave you and your loved ones without the means to replace lost belongings, maintain your lifestyle or otherwise manage difficult financial situations.

What Does Renters Insurance Cover?

Renters insurance combines several features to provide versatile protection across many aspects of your financial wellness and property. While policies may often be customizable, most renters insurance can provide financial assistance for losses involving the following:

  • Personal property—If the contents of your home are lost, damaged or stolen, such as by a fire or criminal activity, this coverage may help pay for repair or replacement costs.
  • Personal liability—This part of your renters insurance may provide financial assistance if you or another insured (e.g., spouses and dependents) are at fault for the losses of a third party, such as guests, neighbors or passersby.
  • Medical payments—Your renters insurance may help pay for resulting health care costs if someone is injured in your home, regardless of who was at fault for the incident.
  • Additional living expenses—This coverage may cover costs made necessary by your home becoming temporarily uninhabitable, such as paying for hotel stays, restaurant meals and storage units.

Is Renters Insurance Required?

Although there are typically no laws regarding renters insurance, your landlord may require you to carry certain minimum levels of coverage. Although many landlords and property management companies may have rental property insurance, these policies typically only cover the structural elements of a building, common areas and landlord liabilities. Losses involving your belongings or for which you are responsible may require additional insurance. Even without any requirements, you should consider securing your home and financial wellness with an adequate renters insurance policy.

Get the Right Coverage

At the Dean Olson Insurance Agency, our knowledgeable team works with over 50 insurance carriers to help families, individuals and businesses in the Shoreview area acquire and maintain optimal coverage. Contact us today to get started.

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