A renters insurance policy is a group of insurance coverages designed to help protect residential or home renters and their belongings against certain risks.

A typical renters insurance policy includes four types of coverage that help protect renters and their belongings after a covered loss:

• Personal property coverage helps pay to replace belongings you keep in your rented home if they are stolen or damaged in certain situations, such as a fire.

• Liability coverage can help prevent you from paying out of pocket if you are found legally responsible for another person's medical bills after they are injured in your home.

• Guest medical coverage helps pay for reasonable and necessary medical expenses—such as the cost of X-rays, medical treatment, or an ambulance—if a guest is injured at your home—even if you're not at fault.

• Additional living expense coverage may help pay for additional costs you incur, such as temporary housing, if your rented home is left uninhabitable by a covered risk, such as a fire.

Renters insurance helps pay to replace stolen belongings, up to the coverage limit stated in your policy. Reimbursement for stolen items may be based on their depreciated value or replacement cost, depending on what type of coverage you select.

Certain valuables, such as expensive jewelry, may have more limited coverage under a standard renters insurance policy. If you have expensive jewelry or valuable artwork or collectibles in your rented home, you may want to add an endorsement or rider to you renters policy to increase the coverage for those personal property items. You may have to get an appraisal of their value to schedule such items for additional coverage on your renters policy.

In Minnesota, renters insurance policies are designed to provide financial protection for tenants and their personal property. These policies typically include personal property coverage, which helps replace belongings damaged or lost due to events like theft or fire; liability coverage, which protects renters if they are found legally responsible for someone else's injuries on their premises; guest medical coverage, which pays for medical expenses if a guest is injured in the rental unit; and additional living expenses coverage, which assists with costs like temporary housing if the rental is uninhabitable due to a covered peril. Coverage limits and reimbursement methods (actual cash value or replacement cost) depend on the policy's terms. For high-value items like jewelry or art, renters may need to purchase additional endorsements or riders to ensure adequate coverage, which might require appraisals to determine their value. It's important for renters to review their policy details and consult with an attorney or insurance agent to understand the specific protections and requirements under Minnesota law.