Monthly Archives: March 2019

Does Your Homeowners Insurance Protect You If You Rent Out Your Home?

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Whether you’re renting out your entire home or simply renting out a room or two, becoming a landlord can have its perks. For starters, it’s a great way of earning extra income while putting otherwise vacant properties and unused rooms to good use. As a responsible Wayzata, MN homeowner, chances are you already have your home covered with a homeowners insurance policy. However, you may be wondering if it protects your home while it’s being used as a rental property.

It Depends on the Rental Situation

Pizano Insurance knows that not every insurance policy is the same. While your homeowner’s insurance covers a broad range of situations, said coverage may differ when it comes to using your home as a long-term rental property.   

If you’re currently living in your home and occasionally rent out a spare room for short periods, you can still rely on your homeowner’s insurance to cover property damage. However, the extent of your coverage may depend on the number of current renters and the length of the rental itself. Some insurance providers limit coverage to occasional weekend rentals while others require an endorsement before authorizing coverage under these conditions.

If you have a second home you plan on renting out long-term, however, you’ll need landlord insurance. A landlord policy provides similar coverage as a traditional homeowners policy – in addition to coverage for property damage caused by wind, fire and other named perils, you’ll also get coverage for personal property left behind for maintenance and upkeep. Appliances and other property used by tenants may also be covered.

Having the right insurance for your Wayzata, MN home is crucial no matter how you plan on using your dwelling. The experts at Pizano Insurance can help you choose the right coverage for your situation.

How is fault determined

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Minnesota is a no-fault state when it comes to car insurance, but that only applies to the personal injury liability coverage.  No-fault insurance is a relatively new thing, and every state is different. Visit the Pizano Insurance agency in Wayzata, MN to find the coverage you need. Having a good insurance agent is essential in a no-fault state.

In Minnesota, this means the Personal Injury Protection coverage that is required, will pay for medical expenses up to $20,000 regardless of who is at fault. if both parties are injured both insurance companies will be paying claims.

If there are no injuries, and the only damage to the cars, the drivers should exchange insurance information and the insurance agencies will work out who pays. If you hit someone’s car, and you both tell the same story to the insurance company, that claim will likely be paid without much trouble. In that case, the company insuring the one who caused the accident will pay for the damages. There is only a problem if the parties have different versions of what happened. Also in Minnesota, if there are no injuries and no crime was committed, a police report is not necessary.

The no-fault system makes things simpler and shortens the time it takes to get claims paid. On the down side, it is easier for people to make false claims and take advantage of the system. To get a better understanding of how no-fault insurance works in Minnesota, contact the Pizano Insurance Agency in Wayzata, MN. Get in touch by phone or visit them online to get the car insurance you need. If you have made any changes with your vehicles, it is a good idea to notify your insurance agency to make sure you have the correct coverage for the change in the automobile.