The number of renters in the Minneapolis area and the United States is increasing. This is a trend that has been ignited, in part, by the housing crisis of 2008. It is also being fueled by the number of Millennials who prefer to rent, and an increasing number of 55+ renters who are discovering the convenience and affordability of renting vs buying.
Renters, however, can be making a mistake if they think loss prevention insurance isn't necessary if they rent. If you are renting a home, apartment, student housing or condo, here are five important reasons you should have renters insurance.
1. You will not be covered by the property owner's insurance. Some renters believe that it is the property owner's responsibility to have insurance, and they are partially correct. The owner's insurance, however, will only cover the owner's interests, and not yours. Your risks will only be covered by renters insurance.
2. You still have liability risks. If you have people over to your rental home or apartment and they sustain an injury, you could be held liable. Renters insurance will cover you in case civil litigation results due to an injury in your rental.
3. Renters insurance will protect your property from theft and more. You may be surprised at the value of your personal property. When you include clothes, jewelry, furniture, video games and televisions as well as personal and computer electronics, it can be costly to replace. Renters insurance covers your property in a variety of situations including theft or fire.
4. Property may be covered even in your car. Even when traveling, renters insurance can cover your personal property and electronics in case of theft. This can be a substantial benefit.
5. Renters insurance is inexpensive. One of the most attractive parts of renters insurance is its affordability, especially when compared to home insurance.
Get a Quote Today
We encourage you to see for yourself how affordable renters insurance can be with a call to Value Plus Insurance. We proudly serve the Minneapolis, MN area with commercial insurance, home insurance, vehicle insurance, health insurance and, of course, renters insurance. If you are one of the growing number of renters in the Minneapolis and Twin Cities area, contact us at Value Plus Insurance today. We will give you a quick, no obligation quote to provide you the protection you need and the peace of mind you deserve.