Minnesota Landlord Insurance Quotes

Minnesota landlord insurance quotes online are a great way for you to compare landlord insurance policies quickly and easily. Whether your investment property is in Bloomington, Brooklyn Park, Duluth, Eagan, Minneapolis, Plymouth, Rochester, St. Cloud, St. Paul, or a smaller Minnesota town, having the right landlord insurance policy is extremely important.

It only takes a couple of minutes to get Minnesota landlord insurance quotes online. A few minutes invested now could potentially save you lots of money on your investment property insurance premiums. Use our Minnesota landlord insurance quote form, and we will instantly search all the policies available in the market today from our network of two hundred companies. This will help you find the policy you need at a lower price than searching individual insurance providers in Minnesota on your own.

Minnesota Landlord Insurance Is for Every Investment Property Owner

Minnesota is a state notorious for property damage caused by forces of nature. True, Minnesota investment property can be a sound investment. If you find enough tenants, not only will your property pay its own mortgage, but you can also turn a profit. And, over time, your property will increase in value.

Being a landlord can be a great way to build a retirement nest egg, but it is not without its risks. If you don’t have adequate coverage, nature itself can ruin your investment. In Minnesota, storms cause lots of damage every year, including wind damage, fallen trees, hail, and heavy snow.

Spring flooding caused by rain and melting snow can also cause damage, and unfortunately, many property owners don’t realize that their insurance policy doesn’t cover flood damage by default. Flooding is the most common insurance coverage gap across the country.

Tenant-caused accidents and faulty wiring can cause damage like fires. Water damage from leaking roofs and burst pipes are other potential dangers to your rental property. That’s why it’s so important to have comprehensive landlord insurance so that if your property is damaged or even destroyed, you won’t have to pay out of your own pocket.

The quote form will provide you with the best Minnesota landlord insurance policies at the lowest prices. Not only can you save money on your premiums, but you can also make sure you get all the coverage you need.

Whether or Not to Add Flood Damage Protection to Your Minnesota Landlord Insurance

Across the country, flood damage is one of the most common types of property damage, and also one of the most expensive. And Minnesota is no exception to the rule. It is better to add flooding damage coverage to your landlord insurance premium and pay a little more and never need it than not to get it and need it later.

If your rental units are at high elevation, like in the Lutsen Mountains, and it’s away from bodies of water and has enough drainage, you wouldn’t necessarily flood damage protection. Otherwise, properties – especially those in flood plains – should be covered by a flood damage add-on.

Because adding flood damage coverage won’t take effect immediately, get this add-on well before spring rains and snow melt.

How Minnesota Landlord Insurance Quotes Can Help with More than Property Damage

Property damage is the primary reason landlords buy investment property insurance, but there are other ways that the right policy can help the owner. Minnesota landlord insurance can also cover building contents, income loss, accidental damage caused by renters, plus legal fees and liability. Additional benefits like these are an important consideration when comparing Minnesota landlord insurance quotes.

Content insurance will not cover the possessions of your tenants, but if you have property in the building you provide like furniture and refrigerators or other appliances, this type of insurance will protect it from damage or loss. If you don’t provide these types of items for your renters, then contents insurance may not be so important.

Also, if your property is either destroyed or damaged to the point that tenants have to move out, you can be covered for your lost income from the rental. This can be extremely helpful during times of repair and rebuilding, so you can continue to pay bills without dipping into your savings.

Liability is another issue to think about when shopping for Minnesota landlord insurance, as are legal fees. Should someone get hurt on your property, say they trip on an uneven stair or sidewalk or slip on ice on the sidewalk, you could be held liable. And should you be sued, your defense could be quite expensive. That’s why coverage of liability and legal fees can be an excellent addition to your policy.

Accidental damage caused by renters may also be included in your policy. For example, let’s say a tenant creates more interior damage to your rental unit than their damage deposit covers and you’re unable to collect more money from them. Accidental damage coverage can keep you from having to pay from your own funds.

Common Mistakes When Buying Minnesota Landlord Insurance

Many people make the mistake of insuring their property for a value less than it would cost them to rebuild it if it is completely destroyed. Yes, you can save a little bit of money today this way, but it could be a huge error in the long run. Keep in mind that construction costs are always going up. Make sure you are covered for at least what it would cost if, in a worst-case scenario, you have to rebuild from the ground up.

Another potential error when comparing Minnesota landlord insurance quotes is choosing too high a deductible. If there is a major event, whether a fire or an act of nature, that causes lots of damage, you will have to meet your deductible before your insurance company will pay you for damages. Either make sure you always have money set aside that could pay your deductible, or choose a policy with a lower deductible.

Our Minnesota Landlord Insurance Quotes Help You Get the Best Deal Today!

Insurance premiums will continue to rise, so you can lock in savings for the next 12 months by using the provided form to get Minnesota landlord insurance quotes today. There’s no obligation, it’s free and fast. Why put off significant savings? Fill in the form now.


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