Landlord Insurance in Minneapolis, MN
As a landlord, your rental properties can provide lucrative and consistent income. However, responsible landlords must understand that many risks and perils could impact their tenants, properties and financial interests. Even the most diligent and vigilant property owners may eventually need financial assistance following certain accidents or other incidents, making landlord insurance a valuable investment.
What Is Landlord Insurance?
As its name suggests, landlord insurance is a type of coverage tailored toward the needs and risks of those who rent properties to others. These policies may also be known as rental property insurance and can often be customized to suit your unique circumstances.
How Landlord Insurance Works
A landlord insurance policy creates a contractual agreement between you and your insurer. In exchange for your regular (e.g., monthly or annual) premiums, your insurance company agrees to provide financial assistance in response to covered incidents. You must submit a claim detailing the incident in question to receive a payout. If approved, you can receive compensation up to your policy’s limits and minus applicable deductibles.
What Does Landlord Insurance Cover?
Landlord insurance may provide multifaceted coverage, including for the following:
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Landlord property, including structures and personal possessions used to service the rental, such as lawnmowers, tools and equipment
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Landlord liabilities, such as bearing responsibility for a tenant’s property damage or their guests’ bodily injuries
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Loss of income if a property is damaged or rendered uninhabitable by a covered incident, thus making you unable to collect rent.
How Much Does Landlord Insurance Cost?
Rates for an adequate landlord insurance policy may be determined by many factors, including your location, the age and structural details of the property in question, the number of tenants you have and your claims history. The details of your coverage—including your deductible, policy limits and any endorsements you may select—can also influence your premiums.
As a knowledgeable and qualified landlord insurance broker, the dedicated team at Abbott Insurance Agency is well-equipped to help those in the Minneapolis area assess and address their coverage needs. Contact us today to get started.
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