Renters Insurance Minnesota

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The average estimated cost of a rental insurance policy in Minnesota was $144 a year in 2013. Renters insurance is less expensive than many people realize: average homeowners insurance is $1020 a year in Minnesota.

Comparing Renters and Owners Insurance in 2013 in Minnesota

The landlord's policy does not cover renter's damages like burglary. There were 25378 burglaries reported in Minnesota in 2012. So, to protect one from events like fire, burglary or other disasters renters insurance is required.

Renters Insurance Coverage Types:

Actual cash value policy:
The Actual cash value policy covers the depreciated value of loss. An example of this is – a $2000 Desktop might be worth only $1000 in six months and that is the amount the insurance pays for.

Replacement Coverage Policy in Minnesota:

  • In that same example, you won't necessarily get what you paid for your Desktop, but you'll get enough to buy another one just like it. Replacement Cost Insurance in Minnesota costs about $36.0 more than the Actual Cash Value policy.
  • Considering Minnesota median rent of $1250 per month, the average renters insurance of $10 per month is 0.80% of median monthly rent.

Estimated Renters Insurance for Different House Types in Minnesota

House Type Median Rent Estimated Renters Insurance
Single Fam $1,400 $154
Condo $1,300 $143
Duplex $960 $105
Studio $700 $77
One Bed $890 $97
Two Bed $1,180 $129
Three Bed $1,400 $154
Four Bed $1,660 $182
Many Bed $1,900 $209

Deductibles in Minnesota:

An average of $15.84 can be saved on the insurance premium by choosing a $500 deductible over a $250 deductible.