Minnesota Landlord Insurance

Minnesota landlord insurance is different than regular house insurance. To some, landlord insurance in Minnesota may seem like a typical household situation, but it's not. What this protection for landlords does is provide a different range of protections from what homeowners experience. The homeowner lives within their home, while the landlord allows others to live within the home.

For example, if you live in the home it is not subject to the risks that tenants can pose to the property. First, they do not own the property, so the damage that is done is not the fault of the landlord. A landlord rents out their property in good faith that the tenant will not destroy it. That is what the damage deposit is for, but sometimes the damage exceeds what the damage deposit can cover.

Second, tenants are not usually held liable beyond their damage deposit. The rest falls onto you and this can be rather daunting. Again and again you feel as if you have to come up with more money for your Minnesota property so that you can keep it in ideal condition for renting. A property that is run down is one that is harder to rent out. Your Minnesota landlord insurance can help you out.

Liability Possibilities

Liability is a very important part of Minnesota landlord insurance. This is because a tenant may find grounds to make a claim against the property owner for such things as bodily injury and property damage. A claim can be made if the tenant feels that you are at fault for one or both of these things.

For example, it can be easy to be so wrapped up in life that you forget about the leaky pipe that your tenant told you about. It continues to leak until it suddenly bursts, causing a flood. The tenant, trying to get the leak under control, falls and breaks their arm. In addition, some of their belongings are destroyed. As a result, they will make a claim against you rather than expect their own contents insurance to pay for it all. There are restrictions, though, and whose contents insurance pays depends upon specific criteria within each landlord insurance policy.

The reason why the tenant may not make the claim against their own property insurance is because they were not at fault for the pipe. Their own coverage would pay in some cases, but a certain set of criteria would need to be met. Pursuing your Minnesota landlord insurance is the more favorable pursuit for them. They don't want to pay for something that damaged their belongings and physically hurt them when it wasn't their responsibility to fix.

Because Minnesota landlords are so busy, it is easy to forget about such things. Luckily, Minnesota landlord insurance will financially protect you in the case that you do forget to take care of something and then it ultimately leads to the injury or property damage of one of your tenants.


The Minnesota landlord insurance company takes into consideration the types of tenants you rent to. The condition of the property is a factor that comes into play as far as who will be renting from you.

You may have low income individuals, middle class, students, high class professionals, those seeking asylum from something. Your tenants are rated differently by your Minnesota landlord insurance. Of course the Minnesota professional is rated as the lowest risk, while the low income individual is the highest risk.

And make sure you obtain coverage for malicious damage. You can add this as a part of your Minnesota landlord insurance policy. For instance, you may need to evict the tenants. In retaliation, they damage what has not already been damaged before moving on to another Minnesota landlord and rental property.

It pays to have Minnesota landlord insurance because the unexpected can occur at any time. You never know when an event may occur in which you can be held liable and you never know when damage is going to occur to the property that far exceeds the cost of the damage deposit that you withhold from the tenant. It is best that you are prepared so that you do not have to face financial consequences that could hurt your rental business more than help it.

To make sure you find the right Minnesota landlord policy for you, insurance quotes are great tools that enable you to compare premiums and coverage amounts, including malicious damage coverage in case tenants damage the property in excess of the damage deposit they put down when they begin renting the property from you. This will save you a lot of money and will make you feel better about renting out property. What would be a financial liability for other landlords doesn't have to be one for you.

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