Landlord Insurance in North Dakota
Experts break down landlord insurance costs, coverages, companies, and more in North Dakota
Written by
Candace Jenkins is a licensed insurance advisor with over a decade of experience. She is also a writer and loves to write on all things insurance. Candace writes for TrustedChoice.com on a continuous basis and is here with the facts about all your insurance inquiries.
Reviewed by
Jeff Green has held a variety of sales and management roles at life insurance companies, Wall street firms, and distribution organizations over his 40-year career. He was previously Finra 7,24,66 registered and held life insurance licenses in multiple states. He is a graduate of Stony Brook University.
When purchasing North Dakota landlord insurance, there are several options out there. The right policy needs to protect your investment, liability exposure, and everything in between. Instead of doing it all yourself, consider working with a local expert.
An independent insurance agent has dozens of top-rated carriers that compare your coverage. This allows you to get the best rates and protection without all the hassle. Find a trusted adviser to start saving on your landlord insurance.
What Is Landlord Insurance?
In North Dakota, your landlord insurance policy will look similar to your homeowners insurance coverage. However, it will have additional limits of protection for your risk as a landlord that your standard home policy will not. Landlords insurance pays for liability and property damage claims, among other risks that are associated with renting a property to a tenant.
What Does Landlord Insurance Cover?
Your North Dakota landlord insurance policy will come standard with foundational coverages that are set to your specific limits as needed. Some of these coverages are listed below:
- Liability: Pays for your court fees due to an injury or property damage claim of a third party on your rental property.
- Personal property: Pays for the replacement or repair of your personal property stored on your rental premises when a covered claim occurs.
- Property damage: Pays for damage to your rental property due to severe weather, fire, theft, and vandalism.
Can a Landlord Require Renters Insurance?
When you obtain a tenant, you'll want to require renters insurance for proper protection. A renters policy will ensure that unnecessary claims are not filed against the landlord's policy and instead, losses are claimed on the renter's insurance. As a landlord, you'll request to be listed as an additional insured on your tenant's renters policy to cover all your bases.
How Much Does Landlord Insurance Cost?
Every North Dakota landlord insurance policy will be customized according to the insured and property. This means that premiums will be unique. While you won't know your exact costs without obtaining quotes, you can understand the risk factors carriers use to rate your coverage below:
- Coverage limits selected
- Standards of lease
- Prior claims reported
- Personal property values
- Length of lease
- Experience level
- Property values
Does Landlord Insurance Cover Tenant Damage?
Your North Dakota landlord insurance policy will not provide coverage for property damage due to an intentional act of a tenant. Theft and vandalism are not covered when caused by a tenant, but only by an outside party. There are some other coverages you should be aware of as well when it comes to further protection concerning your rental property:
- Inflation protection: Most insurance companies increase your property limits on the landlord policy due to inflation each year. This coverage helps lock in your rates.
- Workers' compensation: If you have employees that help manage your rental property, a workers' compensation policy will pay for any medical expenses or lost wages for an employee who is injured or becomes ill due to a work-related loss.
- Loss of rent coverage: When a covered loss makes your rental property uninhabitable for a period of time, this coverage will help pay for the loss of a renter for 12 to 24 months.
- Umbrella liability: This is additional liability protection above and beyond your underlying limits when a larger loss occurs.
Save on Landlord Insurance
Our independent agents shop around to find you the best coverage.
What Are The Best Landlord Insurance Companies?
Landlord insurance in North Dakota will look different for every insured. If you want the best coverage for your asset, you'll need to work with the best carriers. Some of the most used due to superior policy offerings and exceptional customer service are listed below:
| Best Landlord Insurance Companies in North Dakota | Star Rating |
| Hiscox |
|
| Liberty Mutual |
|
| Nationwide |
|
| Travelers |
|
You can obtain competitive quotes through your local adviser for free. This means you'll get custom options without having to do the work.
Why Shop Landlord Insurance with an Independent Insurance Agent?
If you've been searching for the perfect landlord insurance policy that doesn't cost a fortune, consider working with a local expert. Landlord insurance can be challenging if you're unsure what you're looking for when purchasing coverage. Fortunately, you don't have to shop alone, or even at all.
A North Dakota independent insurance agent will do the comparing and quoting for you at no additional cost. Plus, they work with multiple top-rated insurance companies, so you know you're getting the best coverage. Consult with a trusted adviser to get started in minutes.