If you are the owner of a multi-family home such as a duplex, triplex, fourplex or larger, you need an insurance policy to cover your liability there. Owning a multi-family residence is typically a great investment opportunity, but being landlord to so many tenants can increase your chances of a liability claim.

Coverage

Property Damage for the Dwelling

Example: A tenant is using a barbeque too closely to the siding of the home and starts the home on fire causing significant damage to the structure of the home.

Coverage: Property damage coverage can help cover the cost of rebuilding or repairing the home. There may even be coverage available to cover you for the losses you incur from a loss in rent.

Liability Coverage

Example: A tenant leans on a rotten railing and it breaks sending them to the ground and breaking their arm. You may be held liable for their injuries as well as negligence for not properly maintaining the property.

Coverage: Liability Insurance can cover the costs of attorney’s fees, medical bills and a settlement to your tenant should you be found liable for their injuries.

Differences to consider:

Insuring a multi-family home is different from traditional rental insurance policies because the properties house several families, have multiple kitchens, bathrooms. This makes the replacement cost typically higher as well as increases your liability by having so many tenants to insure.

If you’re considering investing in a multi-family residence or already own one, consider reaching out to our Minnesota Insurance Agency to insure your property. We specialize in multi-family units and can help identify the right company and coverage for your situation.