Landlord Insurance in Minnesota
In the state of Minnesota, it’s popular to buy residential properties to bring in more income, or for investment purposes, so having landlord insurance Minnesota house owners can trust is vital.
Minnesota has the highest rents amongst any other state in the Midwest. Property owners and landlords, of course, must be careful to buy landlord property insurance to cover their rentals and investment properties just like they do for their own homes where they live.
Insurance agents can offer you policies to cover your properties with landlord insurance MN and give landowners quotes for various types of landlord property insurance that will meet your needs and budget. However, you should still compare insurance quotes to make sure you get the top deal. Your agent will make sure you are offered several quotes, as well as they will fully explain everything to you in detail.
Who Needs Landlord Insurance?
Any person who owns rental or investment properties needs landlord insurance Minnesota they can rely on. So, if you plan on becoming a landlord, you must speak with your insurance agent to find out what kinds there are and which policy is best for your property.
Most importantly, landlords must remember that no two buildings are the same, and that means that it’s vital to get the correct landlord insurance MN with the right level of coverage and that will make sure you are covered for the main types of possible losses that occur in your area. For instance, if you live somewhere close to a river, you might want to consider flood insurance. Talk to your agent to know for sure.
What Landlord Insurance Covers
There are several levels of landlord insurance MN property owners need for their rentals and investment properties. At the very least, if you own one of these types of properties, you will require basic landlord insurance coverage for the state of Minnesota.
Basic Landlord Insurance Coverage
Basic landlord insurance Minnesota property owners require for their rentals or investment properties is very similar to regular homeowner’s insurance like you buy for your own family home. Just like that type of insurance, landlord insurance MN covers things like the building’s basic structure if it is damaged or destroyed by things like a storm, fire, or vandalism.
It also covers if someone gets hurt on your property if their injuries are found to be your fault or they were your fault through negligence. Your lawyer or insurance agent can explain this further.
A basic landlord insurance policy will classically include:
- Structure damage to not only the building itself but also surrounding buildings like a garage, fence, shed, a retaining wall or a swimming pool. Plus, you can ask your agent, but it also usually will cover any gear or garden tools meant for use to maintain the building or the grounds. Plus, it covers accidents or injury to people who get hurt via general liability.
There are a few things not covered by landlord insurance Minnesota policies. When you have tenants renting your property, they must cover the contents of the house themselves via rental insurance, as landlord insurance MN doesn’t cover that. This only is required for a landlord to cover if the house or apartment is provided to renters as a furnished home.
Additional Coverage to Consider
As your insurance agent can tell you, you could need more than just basic landlord insurance Minnesota for your properties. These could include legal fee coverage, loss of rent, rental business insurance, umbrella policy, worker’s compensation, and special coverage for things like floods or other natural disasters not covered in basic landlord insurance policies.
In detail, these are:
- Legal fees coverage: While you may not want to consider it, it is possible one of your renters could want to sue you for something. If so, you will need this coverage so that it won’t leave you penniless since lawsuits can be very expensive.
- Rental lost: This kind of coverage replaces the rental income a landlord could lose if the property is deemed not livable because it was damaged beyond where your renters can stay in the home.
- Rental business insurance: This covers you if there is a need for you to have an office staff that does your bookkeeping, etc. It covers you for business fraud, etc.
- Umbrella Liability: This kind of insurance will cover claims that go above the limit of you other types of landlord insurance MN.
- Worker’s compensation: This covers you if you employ workers that maintain the rental or investment property.
- Special natural disaster insurance: These types of insurance are meant to cover you for things not covered with your other types of landlord insurance Minnesota. For instance, landlord insurance MN doesn’t cover you for floods.
What Affects the Cost of Your Landlord Insurance Policy?
Many things can affect the cost of landlord property. Lots of things come into play to determine the cost of your policy. These could include the size of the building, where it is located, how much it is worth, etc. Your agent can figure out the possible costs.
Five Tips for Lowering Landlord Insurance Rates
- Compare quotes: Be sure to talk to your agent to get information on varied choices of what can be covered in your landlord insurance Minnesota and get several quotes you can compare.
- Talk with an agent about possible discounts. You may be able to get such discounts like if you put in alarms to protect from burglars or sprinklers to put out fires, etc.
- Choose a high deductible. This too will normally help to lower the cost of your policy. It means; however, you will pay more out of pocket for a covered event before the policy starts to pay for the damage or loss.
- Bundling can also save you money. This means you would buy other kinds of insurance from the same company and they would, in turn, give you a discount.
- Keeping your property properly maintained also saves you money on the price of your landlord insurance MN.
The bottom line is that if you need landlord insurance in Minnesota for your rental or investment properties, then talk to your agent for more information. Talk to us! Let’s we will be your trusted insurance agent!