As a renter in Minnesota, it’s essential to regularly review your renter’s insurance policy for peace of mind and to ensure your personal property is protected year-round. Assessing potential savings and coverage adequacy is critical so you can maintain your sense of security as a renter, whether you’re renting an apartment, condo, or home. If you’re a renter living in Eagan, MN, F.I.R.E. Leaders Financial can assist you in the process of reviewing and potentially renewing your renters’ insurance policy when you need to most.
When to Review a Renters’ Insurance Policy
It’s best to review and assess your renters’ insurance policy:
- Every year: Assessing your renters’ insurance policy annually is a way to ensure your coverage is adequate and covers what you need, based on your property and lifestyle.
- After Home Improvement Projects: After renovating your kitchen, upgrading your Master bathroom, or even updating your basement with new walls, you’ll want to take the time to review your renter’s policy.
- Asset or Income Change: From losing a job to experiencing a significant change in the assets you own, reviewing your policy will help determine what coverage you still need at least once a year.
- Lease Terms Change: When lease terms change, you’ll need to adjust your policy accordingly, especially if you experience an increase in liability coverage needs.
The more familiar you are with what your renters’ insurance policy covers, the easier it will be for you to preserve coverage, even if your property has risen in value or if your life circumstances have changed. Before making changes to an existing policy, it is highly recommended to work with an agency. For renters living in Eagan, MN, or the surrounding area, contact F.I.R.E. Leaders Financial to learn more about your existing renters’ policy and for your consultation today.
