Humans are creatures of habit. Routines maintain our daily sanity, keep our future predictable, and give us ease. It seems that late September brings about a renewed sense of security and comfort in Duluth now that students have settled into their new schedules and homes. Ahh, predictability once again. But what happens when the unthinkable happens? When our homes are flipped upside down by storms, fire, burglary? For those with the option of insurance coverage, saving a few dollars up front is not always the best policy. It is critical for both students, renters and landlords alike to cover their property adequately.

We’ve covered renters insurance in our latest blog (here), but did you know landlords, too, have multiple options for  insuring their property in addition to renters insurance? Consider this: your property is damaged and your renters are displaced. There is now monthly income from rent that you are no longer receiving. There are many scenarios we at Hanlon and Associates hope you never need to call us about. But thinking up front about properly protecting your renters property is encouraged, necessary.

Here are a few brief explanations as to different options for coverage:

Coverage A – Dwelling
The amount of insurance on the actual structure: DF1 which is actual cash value, which keeps the cost lower and the insurance payment would be depreciate with value or DF3 where it is replacement cost of the property.

Coverage B – Other Structures
Coverage for garages, pole barns, etc.

Coverage C – Personal Property
The renters’ personal property at the home should be covered. This can be excluded if they are just renting the house and have no personal property.

Coverage D – Loss of Rent
If the structure burns down or becomes unlivable, this will cover the income you would have received from rent until the structure is repaired.

As always, give us a call to talk about any questions that you may have. Hanlon and Associates prides ourselves on customer service; conversations and no pressure. Let’s talk. As a landlord, take the right precautions to keep the unpredictable, well, manageable. We want to ensure you’re protected.

Here is a really great article by Born Management discussing the Top 10 Reasons Landlords Should Require Tenants Renters Insurance.


Informational statements regarding insurance coverage are for general description purposes only. These statements do not amend, modify or supplement any insurance policy. Consult the actual policy or your agent for details regarding terms, conditions, coverage, exclusions, products, services and programs which may be available to you. Your eligibility for particular products and services is subject to the final determination of underwriting qualifications and acceptance by the insurance underwriting company providing such products or services.

This website does not make any representations that coverage does or does not exist for any particular claim or loss, or type of claim or loss, under any policy. Whether coverage exists or does not exist for any particular claim or loss under any policy depends on the facts and circumstances involved in the claim or loss and all applicable policy wording.