Protect your Michigan Rental dwelling with insurance
Michigan rental dwelling ownership means a significant investment with unique risks. Buying a rental dwelling is a considerable risk, and as an owner, you need to make sure that you are protecting your investment. You’ll want to ensure you have coverage for your property, your liability, and loss of rents. The main components of rental dwelling insurance policy include the dwelling, personal property, business liability and loss of rents.
Michigan Rental Dwelling Coverages
Rental dwelling insurance provides coverage for accidental loss to the building and other structures attached to it like a porch, garage or fence. Clearly, state how the detached structures on the property are used. If the use is for commercial, manufacturing, farming, or if your tenant decides to use them for any of these purposes or other business purposes, a standard rental dwelling policy may not cover losses arising from these activities.
Personal property includes items such as appliances, maintenance, and service equipment owned by you. If your rental dwelling policy does not have this type of coverage, you might be exposed.
This coverage protects you against bodily injury or personal injury resulting from a lawsuit to your property. These types of claims are the ones that could affect you and your family for a lifetime if you are not adequately covered. Business liability also includes coverage for the cost of legal defense.
Loss of Rents
This coverage reimburses the fair rental value of the dwelling for up to 12 months if your rental is left unlivable due to a covered claim. Does your current policy cover you for the loss of rents due to unforeseen circumstances like a fire?
Additional coverages can be included in your rental dwelling policy. Check your policy for a complete description of what is covered.
Need Insurance Agent for your Michigan Rental Dwelling
Finally, if you are having trouble covering your rental dwelling, click on the link to see What to do if you can’t get Michigan Insurance to get more information on your insurance options.