North Dakota Landlord Insurance
Get a complete analysis of North Dakota landlord insurance costs, coverages & companies.
Written by
Christine Lacagnina has written thousands of insurance-based articles for TrustedChoice.com by authoring consumable, understandable content.
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.
Find the Best Landlord Insurance Rates & Companies in North Dakota
Several options are available for North Dakota landlord insurance. The right policy needs to protect your investment, liability exposure, and everything in between. Instead of doing all the hard work yourself, consider working with a local expert to be certain you're covered properly.
A North Dakota independent insurance agent can easily help you find the right landlord insurance. They'll ensure you get matched to a policy that considers your unique rental properties and their exposures. But up first, here's a deep dive into North Dakota landlord insurance requirements, costs, and more.
Best Landlord Insurance Companies in North Dakota
North Dakota landlord insurance is offered by many different carriers, but you're looking for the best coverage around. So, we've included a few of our top recommendations for the best landlord insurance in North Dakota for you. Start by looking into these outstanding carriers.
- Safeco Insurance: This insurance company sells landlord insurance and many other forms of personal insurance. Safeco is highly rated by AM Best and the Better Business Bureau (BBB) and offers 24/7 claims reporting.
- REinsure Pro: This insurance company sells landlord insurance and many other forms of property insurance. REInsure Pro is highly rated by the BBB and offers a fast claims response time.
- Progressive: This insurance company sells landlord insurance and many other types of personal insurance and business insurance. Progressive has excellent financial strength, many discount options, and offers 24/7/365 customer service.
A North Dakota independent insurance agent can shop and compare landlord insurance quotes from these carriers and others in your area for you.
What Is Landlord Insurance?
In North Dakota, your landlord insurance policy will look similar to your homeowners insurance coverage. However, landlord insurance has additional protections that your standard home policy doesn't, considering landlords take on greater risks than typical homeowners face.
Landlord insurance can reimburse you for liability and property damage claims, among other risks associated with renting property to tenants. It can also cover the temporary loss of rental income due to covered perils.
How Is Landlord Insurance Different from Home Insurance?
Landlord insurance comes with certain factors included in business insurance to help protect income generated from rental properties. These policies also consider that tenants are more likely to damage property than homeowners, and the coverage reflects this increased risk.
Further, while home insurance provides coverage for your personal property like clothing, etc., landlord insurance typically doesn't offer protection for these items if they get stolen, damaged, or destroyed by your tenants.
Is Landlord Insurance Required in North Dakota?
Landlord insurance isn't required by state law in North Dakota. You might still choose to get a policy, however. Having landlord insurance can help you get the reimbursement you need after an incident like a lawsuit or a break-in. Without this coverage, you could have to pay potentially hefty costs out of your own pocket and may not be able to recover financially otherwise.
What Landlord Insurance in North Dakota Can Cover
Landlord insurance policies in North Dakota aren't standard. That means you can build your policy according to your needs. Typically, you'll find the following coverage options are offered by most carriers:
- Loss of income coverage: This can reimburse you for lost income in case a rental property becomes temporarily uninhabitable due to a covered loss, such as a storm or apartment fire.
- Liability insurance: This can reimburse you for expenses related to tenant or other third-party lawsuits for claims of bodily injury or personal property damage.
- Dwelling coverage: This can help pay for repairs to your rental property's dwelling and attached structures like decks and garages in case of damage or destruction by fire, smoke, vandalism, windstorms, hail, falling objects, or your tenants.
- Premises medical protection coverage: This covers medical treatment expenses if one of your tenants gets injured in a covered event, such as an accident while staying at your rental property.
- Other structures coverage: This covers detached structures (e.g., sheds, fences, etc.) against the same perils as dwelling coverage.
- Optional coverage: Additional coverages are also available for landlords, such as rent guarantee insurance, natural disaster insurance, vandalism coverage, burglary coverage, rental property under construction coverage, building code coverage, employer liability insurance, and landlord contents insurance.
A North Dakota independent insurance agent can help you choose the types of landlord insurance coverage that make the most sense for your unique rental situation.
What Landlord Insurance in North Dakota Will Not Cover
A landlord insurance policy comes with its own specific set of coverage exclusions you need to be aware of. In North Dakota, landlord insurance typically doesn't cover any of the following:
- Earthquake damage
- Routine maintenance costs
- Rental property wear and tear
- Flood damage
- Water or sewer backups
- Damage or destruction to your personal property at the premises
In many cases, endorsements can be added to a landlord insurance policy to cover such incidents as flood damage, etc. Just ask your agent to make sure your policy gets customized to include these extra coverages.
Save on Landlord Insurance
Our independent agents shop around to find you the best coverage.
Average Cost of Landlord Insurance in North Dakota
Landlord insurance in North Dakota costs an average of $1,616 per year. However, the cost of your specific policy can vary based on several factors, including:
- The number of rental units you own
- The age, size, condition, and construction of the property
- The location, crime rate, and weather risks of your property
- The presence of high-risk features at your rental properties, such as swimming pools
Ask your agent about how you might be able to save on your landlord insurance by taking measures such as installing security systems or bundling your coverage with another policy through the same carrier.
Popular Questions about North Dakota Landlord Insurance
You don't need to have landlord insurance by law in North Dakota. Many landlords choose to get coverage to avoid potentially large out-of-pocket losses, however.
In North Dakota, landlord insurance can cover tenant damage to your rental units' dwellings. However, your personal property typically isn't covered against tenant damage, theft, etc.
North Dakota landlord insurance costs an average of $1,616 annually. The cost of your specific policy can vary based on your exact location, the age and condition of your rental units, and other factors.
We found that Safeco Insurance is the best landlord insurance company in North Dakota. Safeco's coverage options and rates earned the carrier our top pick.
You're not required to cover your renters' property as a landlord, and landlord insurance doesn't include this coverage. That's why many landlord insurance policies require their tenants to get their own renters insurance policies.
In North Dakota, landlord insurance doesn't often cover expenses related to the eviction of tenants. You might be able to add this coverage as an endorsement to your policy in certain cases.
North Dakota independent insurance agents can help you find the landlord insurance you need from a top-rated local carrier. Independent insurance agents work hard to find quality coverage at the most affordable rate. They'll shop and compare landlord insurance quotes from several carriers for you.
And down the road, they can help you file landlord insurance claims or update your coverage as needed. Your agent can help you find landlord insurance in Bismarck or wherever you reside.
https://www.simplyinsurance.com/landlord-insurance-rates-by-state/