Rental Property Insurance
Many people become landlords in Minnesota because they enjoy the steady stream of income their investment in a rental property can afford. Unfortunately, when you let other people live in your apartment or condominium, accidents can happen and it’s possible that your investment can literally go up in smoke.
Home insurance is a must if you’re living in your house, but if you’re renting it out, you need another kind – rental property insurance, also known as landlord insurance. Your tenants should purchase their own renters insurance which will cover their personal belongings, but your rental property insurance is going to cover the physical structure of the house.
Rental property insurance is so important because it doesn’t just cover physical damages, it covers monetary losses as well. A good rental property insurance policy in Minnesota is going to cover any rental income you could potentially lose in the event that a house becomes uninhabitable for your tenants. In many cases, you can continue to receive funds to cover rent for up to a year.
Located in Maplewood, Preferred Insurance Services will happily speak with you about your options for rental property insurance in the “Land of 10,000 Lakes.” Call us today at 877-410-3144 or fill out our online form for a free quote.