Skip to content
Insurance

User Stats

1
Posts
1
Votes
Edward Oursler
  • Investor
  • Minneapolis, MN
1
Votes |
1
Posts

Single Family Residence Liability Insurance MN

Edward Oursler
  • Investor
  • Minneapolis, MN
Posted Jul 27 2022, 06:14

I'm in the processes of getting quotes for liability insurance for my first rental property (Single Family Residence).


I was curious as to what questions I should be asking the insurance brokers about the policies when comparing?

Edward Oursler

User Stats

352
Posts
354
Votes
Jeff Schemmel
  • Real Estate Agent
  • Saint Paul, MN
354
Votes |
352
Posts
Jeff Schemmel
  • Real Estate Agent
  • Saint Paul, MN
Replied Jul 27 2022, 07:19

i'm a big fan of getting 3 quotes, at least one of them through a broker, and then asking them to go line-by-line through it each time and explain it.  I send the other agents/brokers the prior quotes I got and I compare what they told me to make sure 1, i'm getting the best deal out of the three, and 2 there's consistency between how and what they explained.  They will most likely ask you to bundle your auto insurance, etc to try and get you a better deal.  I recommend asking about umbrella coverage, it's cheap and worth it for the amount of coverage you get.  Also ask for clarity on what renters insurance is meant to cover vs. your home's hazard/liability policy.  Hope this helps.

  • Real Estate Agent Minnesota (#40733743)

Jeff Schemmel - Brix Real Estate Logo

User Stats

255
Posts
142
Votes
Brandon Plombon
  • Banker
  • Minneapolis, MN
142
Votes |
255
Posts
Brandon Plombon
  • Banker
  • Minneapolis, MN
Replied Jul 27 2022, 08:16

I always recommend independent agencies as they have access to write policies with many carriers that they can do the shopping for you saving time and money. Definitely ask questions and make sure you understand your coverage levels. A good agent will be more than happy to sit down with you and explain the differences between replacement cost and ACV among other things such as deductibles; for example the difference between 1% or $1,000 deductible levels. As @Jeff Schemmel mentioned most carriers prefer to have all the lines which will get you the best pricing. More than likely you will be looking at a dwelling fire policy which covers the building itself but may not include the contents of the building which is why it is important for your tenants to understand that and encourage/require them to have renters insurance. If you have any other questions feel free to ask or if you'd like a quote I'd be more than happy to provide you one.

Vacasa logo
Vacasa
|
Sponsored
We do the work. You get the ROI. We do it all for your vacation rental. All—marketing, pricing, guest requests, housekeeping & more.