Renters Insurance in North Dakota

The Value of Having Renter’s Insurance 

Not everyone can afford to buy their own house, at least, not right away. For people who had just graduated from college and only started their first regular job, renting an apartment or condo unit will have to do in the meantime. But apart from saving up for their dream house, tenants should also consider the importance of having renter’s insurance in North Dakota. Here are its benefits:


Personal Property Coverage

More often than not, apartments or condo units are usually insured by the proprietor’s homeowner’s insurance policy. So if perhaps, a natural disaster damages the house’s windows, ceiling, or the entire living room, then the owner of the leased property will receive compensation for those damages.


However, the personal belongings of the tenant, no matter how valuable they are, will not be covered by the homeowner’s insurance. The landowner and their insurance provider cannot and will not be held accountable to replace nor repair any of the lessee’s damaged belongings. The same thing applies if the latter’s items got stolen.


This is where renter’s insurance will come in handy. It is a type of insurance that specifically provides protection or coverage for a tenant’s personal belongings. If their valuables get destroyed due to natural disasters, the insurer will reimburse those items either through a replacement cost coverage or its actual cash value.


Replacement cost coverage would mean that the insurer will reimburse the actual cost of the item when bought brand new. Meanwhile, in actual cash value, the insurer will refund the cost of the item based on its depreciated value at the time it got destroyed or lost.


It is also worth noting that personal property coverage doesn’t only cover stolen or destroyed items at home. Most renter’s insurance policies also protect valuables that are lost or damaged outside of the leased property. So, if the tenant’s laptop got lost on their way to work, they can have peace of mind in knowing that the insurer will have it replaced.



Apart from reimbursement, renter’s insurance can also help prevent the possibility of a lawsuit. For instance, if a tenant’s visitor got hurt while they are in the property of the lessee, it is the tenant’s responsibility to take the injured guest to the hospital and shoulder the expenses. If the lessee refuses or fails to own accountability, then they can be sued.


Fortunately, most renter’s insurance policy has liability coverage that will pay for the medical fees of the injured guest. Depending on the policy, renter’s insurance may also cover for unprecedented guests that got hurt within the vicinity of the tenant’s rented property. Lastly, renter’s insurance can also cover the tenant’s legal representation in a lawsuit when the worst scenario happens.


Additional Living Expenses

If the rented property becomes uninhabitable due to natural disasters, the tenant will likely stay in another place while their leased apartment or condo unit is being repaired. Tenants can have peace of mind knowing that their insurer will pay for their additional living expenses when they stay at a hotel.


Renter’s insurance comes with its own set of limitations. For example, even though most policies reimburse stolen or destroyed items due to natural disasters, lost or damaged belongings due to an earthquake or flood may not be covered by renter’s insurance. The tenant will then need to buy separate policies for an earthquake and/or flood insurance.


Apart from that, renter’s insurance won’t also be helpful if the lessee’s rented property has been infested with termites, rats, or bed bugs. As for molds, it will depend on what caused it to thrive and multiply in the first place.


If the tenant is sharing the place with a roommate, chances are the roommate won’t get the same benefits as the tenant unless they acquire their own policy.


Talk to a Renter’s Insurance Agent Today

Apart from leasing an apartment while saving up for your own dream house, purchasing a renter’s insurance policy can also be a great investment since it comes with practical benefits. So if you are interested in having a reliable renter’s insurance in North Dakota or if you have further questions about the policies, get in touch with an agent today.