North Dakota Renters Insurance
North Dakota renters insurance will cover property damage and personal liability. Check with an agent to ensure you have the coverage you need.
Written by Melissa Harvey
Reviewed by Melanie Reiff
On average, North Dakota renters insurance costs just under $80 per year, which is half the national average. For this rate, you’ll get coverage for your personal property, loss of use, personal liability, and medical payments for anyone injured in your rented home.
In the excitement of moving into your dream apartment, buying renters insurance may not have crossed your mind. A renters insurance policy is one of the most effective ways to ensure financial and legal security if any kind of loss or accident occurs in your home.
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What is renters insurance?
A renters insurance policy provides financial protection if your property is damaged, destroyed, or stolen, as well as personal liability coverage.
A renters insurance policy usually includes the following coverage:
- Property coverage (Coverage C): This insurance covers the actual cash value (ACV) or replacement cost of your belongings if a covered peril destroys them.
- Loss of use coverage (Coverage D): Also known as additional living expenses (ALE) coverage, this part of your policy pays for living expenses, like a hotel room or food delivery, incurred as a result of damage to your property.
- Personal liability (Coverage E): If someone else is injured or their property is damaged in your home, your liability insurance will cover any amount you’re legally required to pay, including court and attorney fees.
- Medical payments (Coverage F): If anyone is injured on your property, this coverage pays for any medical expenses you owe.
Your landlord will often set a requirement for liability coverage—usually $300,000 or $500,000. You may be able to opt for a smaller amount, such as $100,000.
To calculate the amount of property damage you need, take an inventory of your belongings. You'll want to include furniture, electronics, and art.
What does renters insurance cover?
Renters insurance covers only the perils named in the policy. These may vary by location, but typically you can expect coverage for:
- Fire
- Theft
- Frozen plumbing
- Windstorm
- Vandalism
- Hail
- Lightning
- Impact by a vehicle
- Falling objects
- Explosion
Your policy may cover everything, and then some—or the list of named perils could be smaller.
Make sure you read your policy carefully to know what will and won’t be covered.
What does renters insurance not cover?
Renters insurance covers many things, but it doesn’t protect everything in your home. Here are some non-covered items to keep in mind:
- Work-related items: any property associated with running a business may not be covered by your policy—this includes working from home. You might need alternate coverage for your laptop, tech equipment, and 3D printer, for example.
- Valuables: grandad’s pocket watch and your collection of signed vinyl records may not be covered by your basic renters policy. Expensive collectibles and jewelry will require additional coverage.
- Your car: your renters policy doesn’t extend to your vehicle—even if it’s parked on your rental property. You need to purchasecar insurancethat meets your state's minimum insurance requirements.
Key Takeaway Renters insurance doesn't just cover your belongings—it’s also essential to protect against legal fees if an incident takes place on your property.
Is renters insurance required in North Dakota?
Renters insurance is not required by law in North Dakota. However, your landlord's lease agreement may require a renters insurance policy.
Getting a renters policy is always a great idea even if your landlord doesn't require it.
Thankfully, renters insurance is a bargain in North Dakota: although costs can vary from year to year, North Dakota renters usually pay $79 per year—just under half the national average.
You can expect to pay less than $10 a month for a policy that could pay out thousands of dollars in the case of an accident.
Whether your concern is disastrous weather, a break-in, or something else, safeguarding your belongings and your finances with a rental insurance policy is a smart financial move.
How to build a North Dakota renters insurance policy
Creating a renters insurance policy is easy. Start by completing a personal asset inventory for every room in your home.
Take note of the following information for all of your furniture, electronics, art, and appliances:
- Quantity
- Purchase date
- Purchase price
- Brand number
- Serial number, if available
Take pictures of your items. The claims process will be smoother if you have all this info on hand before you file a claim.
Choose a personal liability limit. Your landlord may require a certain amount of liability insurance (generally $300,000 or $500,000). However, you may be able to choose a lower limit of $100,000.
Actual cash value vs. replacement cost
When you sign up for renters insurance, you’ll need to choose a policy that covers the actual cash value (ACV) of your belongings at the time of loss or one that covers the replacement cost.
What’s the difference? Let's say you bought your dream TV five years ago for $1,500. One day, it’s destroyed in a fire.
If you've chosen a rental policy that covers ACV only, you'll be able to claim what the TV was worth based on depreciation: about $500. On the flip side, if your renter's policy covers replacement costs, you'll get $1,500 to buy a new replacement TV.
Certainly, replacement cost policies seem more attractive—but you'll pay more for that policy. Carefully consider your needs and the risk in your area when making a final decision.
MORE: What does actual cash value coverage mean on insurance?
How to find cheap renters and car insurance
It isn't hard to find a cheap renters policy, and you can save even more by bundling your
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with your auto insurance. Most companies offer between 5% to 25% discounts when you bundle multiple policies with the same insurer. In fact, renters insurance is so affordable that if your car insurance payment is at or above $300 per month, you could find a bundle that basically pays you to have renters insurance!
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Is renters insurance worth it?
Most definitely. In most cases, renters insurance is one of the cheapest types of insurance. Plus, it gives you high levels of coverage for property damage and personal liability.
What is the average cost of renters insurance in North Dakota?
Renters insurance rates vary yearly, but North Dakota's rates tend to be less than half of the national average (which is $173 per year). In North Dakota, you can expect to pay around $80 per year for a renters insurance policy.
You could save 15% or more on renters insurance by bundling
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