Rental Property Insurance

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As an independent insurance agency, we are associated with over 50 top rated insurance companies that offer the products that most appropriately meet the needs of our clients. Contact us today for a FREE quote!

Independent Agency

Unlike a captive agency that only represents one company, we are an independent insurance agency allowing you the choice of company, policy, and pricing. Our team is staffed with proven professionals to help guide you through the quoting process. We find the coverages you need at the prices you want. Once you become a client we are committed to providing you with the quality service you expect.

Rental Property Insurance

Rental property insurance, also known as landlord insurance, is a specialized type of insurance designed to provide coverage and protection for property owners who lease their properties to tenants. This type of insurance is crucial for those who have invested in rental properties, as it safeguards against potential financial losses that may arise from incidents such as property damage, liability claims, and rental income loss.

As a property owner, protecting your investment is of utmost importance. Standard homeowners insurance is not sufficient when you are renting out your property to tenants. Rental property insurance offers vital coverage that is specifically tailored to address the unique risks and challenges faced by landlords. Here are the key reasons why you need rental property insurance:

Coverage for property damage: Rental property insurance protects your property against physical damage resulting from covered perils such as fire, storms, vandalism, or theft. With this coverage, repair and replacement costs can be significantly reduced.

Liability protection: Landlords can be held liable for accidents or injuries that occur on their rental property. Rental property insurance provides liability coverage, which safeguards you from potential lawsuits and helps cover legal expenses and damages if you are found legally responsible.

Loss of rental income: Should your property become uninhabitable due to a covered loss, rental property insurance can provide reimbursement for the lost rental income during the repair or restoration period. This ensures that your cash flow remains intact even in the event of a setback.

Additional living expenses: In case your tenants are temporarily displaced due to a covered loss, rental property insurance can cover their additional living expenses, such as hotel accommodations or alternate rented spaces until the property is made habitable again.

The coverage provided by rental property insurance policies can vary among insurance providers. However, most policies typically include the following components:

Dwelling coverage: This ensures the physical structure of your rental property, including walls, roof, floors, and attached structures like garages or sheds.

Liability coverage: Protects you against lawsuits and legal claims arising from injuries or damages suffered by third parties on your rental property.

Personal property coverage: Covers the belongings you own that are stored on the property, such as appliances or furniture provided for tenant use.

Loss of rental income coverage: Reimburses you for the lost income if your property is temporarily uninhabitable due to a covered loss.

Medical payments coverage: Covers medical expenses for injuries sustained by third parties on your rental property, regardless of fault.

The cost of rental property insurance can vary based on multiple factors, including the location, size, and value of the property, as well as its intended use and the chosen coverage limits. Typically, rental property insurance is more expensive compared to standard homeowners insurance due to the increased risks associated with rental properties. On average, rental property insurance can range from $500 to $2,000 per year, but it’s important to obtain quotes from different insurance providers to get an accurate estimate tailored to your specific property and circumstances.

Finding the right rental property insurance requires thorough research and comparison among different insurance providers. Remember, selecting the right rental property insurance is essential to safeguard your investment, peace of mind, and long-term financial stability as a landlord.

Insurance Services

At Insurance Group of Minnesota LLC, our policies are tailored to meet the unique needs of each customer. We offer flexible coverage options, competitive rates, and exceptional customer service to ensure that our clients have the peace of mind they need to insure their properties with confidence. Our rental property insurance products can provide additional insurance coverages including: