Owning an apartment building is one of the best investments. But it is also a serious responsibility. No, it’s not just about managing residents or maintaining the property. It is mandatory to ensure that buildings are protected from potential risks or damage. At Insuring Minnesota, we partnered with the top carriers so that you can get the best apartment building insurance in Minnesota at the best price. Apartment building insurance is useful as it covers property damage and loss. Whether it’s damage to your building, furniture, and supplies, Insuring Minnesota can help you find the right match to protect your apartment and belongings.
Importance of Apartment Building Insurance
- Protects your property from unexpected damage due to wildfire, storms, or water leaks.
- Helps cover legal costs and liability in case a tenant or visitor gets injured on your property.
- Pays for the repairs or rebuilding, especially after an insured loss.
- Protects you from financial stress due to theft, vandalism, or natural disasters.
Commercial Property Insurance or Personal Landlord Insurance – What Do You Need?
Do you own a 1–4unit rental property? Then you will need a personal landlord insurance policy. This particular apartment building insurance in Minnesota covers small residential buildings. It can include multiple properties under one policy. However, each building should have a different address.
You will need commercial property insurance if you own a building with 5 or more units. BOP or Business Owner’s Policy often provides commercial property insurance. A BOP combines property coverage, general liability, and optional add-ons (loss of income, water backup, or utility line protection). Hence, it provides broader coverage for the apartment building owners.
Things that a Standard Apartment Building Insurance Policy Covers
Having the right apartment building insurance in Minnesota can protect your investment. A standard apartment building insurance policy covers the common risks that property owners mostly face.
- Covers the repair or replacement cost in case your building is damaged due to fire, wind, or vandalism.
- Offers liability protection in case someone gets injured on your property and you are found legally responsible.
- Compensates for the lost income if tenants leave the property while the repair process is ongoing.
- Offers protection against equipment breakdowns, like HVAC, elevators, or boilers.
- Pays for cleanup and repairs due to plumbing or drainage problems.
Things that a Standard Apartment Building Insurance Policy Doesn’t Cover
Certain things apartment building insurance in Minnesota usually doesn’t cover:
- Renters’ property
- Personal property you left in the apartment (exception is a built-in)
- Common exclusions: floods, mold damage, and intentional tenant damage
from What is the Cost of Apartment Building Insurance?
At Insuring Minnesota, we believe there is no such thing as a one-size-fits-all insurance policy for apartment building owners. Apartment building insurance cost in Minnesota depends on various factors. Here are a few of them:
- Building replacement value
- Record of past insurance claims
- Date of last updates to HVAC, plumbing, roofing, and electrical systems
- Exact location or property address
- Total number of units
- Percentage of units currently vacant
- Presence of a swimming pool
Get the Best Apartment Building Insurance in Minnesota
In this competitive market, it is important to ensure that the problems you face are covered by rental property insurance. Additionally, you need to ensure the coverage is coming from a trustworthy insurer. Therefore, you may want to look for the best apartment building insurance in Minnesota. But, without proper knowledge, you might end up choosing coverage that you don’t need. Why not leave that hard work to Insuring Minnesota? We can help you get the right insurance coverage for your property, save you time, and reduce your premium costs.
FAQs
RCV covers the cost of rebuilding your property using new materials. ACV pays the replacement cost after subtracting depreciation. ACV policy has lower premiums, but you may have to spend more money if your property is fully damaged.
No, flood damage does not come under the commercial plans. For that, you need to buy a separate flood plan to protect your structure from losses due to flood damage.
The premium cost primarily depends on the building value. However, other factors include dwelling location, structure age, construction type, liability limit, and others. Detailed information about Homeowners Insurance can be found here.
