When you move out on your own for the first time, you may be a little surprised at how much things cost. Most people try to keep a close eye on the budget and eliminate unnecessary things. When renters hear of the advice to purchase renter’s insurance, they may wonder if this policy is a wise expenditure or just a useless item that pads the budget. Buying renters insurance in Minnesota makes a lot of sense. Here are several reasons why you should consider buying renters insurance from Lake Central Insurance Brokers in Brainerd, MN.

Your Landlord’s Policy Doesn’t Cover Your Stuff

It is quite likely that your landlord has an insurance policy on the property in which you live. However, policies on rental properties work differently than homeowners’ policies. The policy that your landlord has only covers the structure itself. If there were a fire in your apartment, the repairs to the apartment would be covered by the policy, but any of your belongings that are damaged would not be covered.

Your Possessions Represent Time and Money

Total up the dollar value of your possessions and then divide that total by your hourly wage. If you don’t have a sizable savings account, that’s how long it will take you to re-buy those items if they to be destroyed. A burglary, fire, or storm could damage you financially for several years. Electronics, like cell phones, laptops, televisions, jewelry, designer clothing, and furniture may need to be replaced if you have a fire, burglary, or storm that damages your apartment.

Renters Insurance Is Relatively Inexpensive

Consider the numbers that you calculated earlier and then compare it to the monthly cost of a renter’s insurance policy. When you think about it that way, the cost of renter’s insurance seems to make more sense. Additionally, many insurance companies can bundle your renter’s insurance policy with your auto policy or other forms of coverage that you may have to provide increased savings for you.

If you’re a renter and you have questions about Minnesota renter’s insurance contact Lake Central Insurance Brokers in Brainerd, MN. Our helpful agents will be glad to help you find a policy that makes sense for you and your financial position.