Owning a rental property can be an incredible opportunity. Not only do you build equity, but you also gain valuable experience as you potentially grow your wealth. However, if you do not have rental property insurance, you could be making a very costly mistake.
At Lake Region Insurance Agency, we can handle all of your insurance needs, including rental property insurance. Call us today to find out how we can ensure you and your rental property have sufficient coverage. With three offices in Greater Minnesota, we are here to serve our community.
Typically, a rental or investment property is any property that you own and do not live in the majority of the time. Usually, rental property owners rent these spaces out to turn a profit or build equity or both.
It could be a short-term rental, such as are available on vacation booking sites, or it may be a long-term rental. Either way, you need to protect it.
Rental property insurance is also sometimes called landlord insurance as it covers the landlord, or the party who owns the property. There are unique and definitive risks when you rent your property for any amount of time. Damage from careless tenants or a dog bite from an unauthorized pet can lead to skyrocketing costs.
Landlord insurance typically covers damage to the property, liability costs, and loss of rental income. It is similar to homeowners insurance but may have some provisions unique to a rental property.
Be sure to check with your insurance agent to see if you have the correct coverage in place. Our experienced Lake Region team can help you determine what type of policy is right for your situation.
While there is no “one-size-fits-all” policy, landlord insurance will typically cover the actual building or dwelling, liability in the case of an injury to the tenant, and loss of income from your rental property.
Typically, landlord insurance covers:
Two types of optional insurance coverage that might be available for your rental property include:
No matter what type of rental property you have, the Lake Region agents can help you find the best policy possible. As independent agents, we are not stuck choosing from one company’s products. Instead, we can search for the right fit for what you need at the most competitive rate. Come by for a free review of your policy needs. We’re here to help.