If you're going to rent an apartment or a house, it's unlikely that you'll be able to hold your landlord responsible for loss of, damage to or theft of your personal property.  That's why renters insurance can help.  It's incredibly inexpensive too.  Here are a few answers to questions about renters insurance.


What Does Renters Insurance Cover and What are the Policy Limits?

Turn your place upside down, and everything that falls to the ceiling is your personal property.  That includes clothing, furniture, appliances, pots, pans and the like.  You'll want to take an inventory of all of those items along with some pictures.  Place an estimated reasonable value on them, and keep the inventory and photos in a safe place.  Most standard renters policies will cover you up to $100,000.  That usually includes $100,000 of liability insurance too in case somebody gets hurt inside of your rental premises.


What About Special Coverage for Certain Items?

Things like artwork, jewelry, furs and some computer equipment might need to be specially insured.  That's because standard renters insurance will only cover them up to a certain amount.  Talk to us about any items like those.


What Perils are Covered?

Loss or damage from explosions, fire, theft and even leaky pipes that cause water damage to your personal property are ordinarily covered.  Claims relating to weather might not be insured but we can work with you to make sure you have that coverage if you want it.


What if I Have to Live Elsewhere During Rebuilding?

If damage or destruction occurred from a covered risk, most renters insurance policies will help you if you must move out during repairs or rebuilding.  There are limits to this type of coverage, but it can certainly help.


Should I Get Coverage for Actual Cash Value or Replacement Cost?

If your 15-year-old 32 inch Sony television is stolen, it might only be worth $100 at actual cash value due to depreciation.  Replacement cost takes depreciation out of the equation.  If you want to replace that old television with a new 32 inch Sonly flat screen television,  you'll be far better off with replacement cost coverage.


Can I Save Some Money by Bundling?

If your car insurance and rental coverage are with the same company, you might be eligible for a multi-policy discount. 


Feel free to contact us at Value Plus insurance in Burnsville at 952-435-0550 about renters insurance in or around the Twin Cities or anywhere else in Minnesota.