Michigan Rental Dwelling Insurance

Michigan Rental dwelling insuranceMichigan Rental dwelling insurance can minimize the owner’s risk

Michigan rental dwelling ownership means a significant investment with unique risks. Buying a rental dwelling is a big undertaking, and as an owner, you need to make sure that you are adequately 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

Provides coverage for accidental loss to the building and other structures attached to it like a porch, garage or fence. If there are detached structures on the property, make sure you state how they 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

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. 

Business Liability

This coverage insures you against bodily injury, personal injury, or property damage resulting from the ownership, use or maintenance of the 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 may also include 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 dwelling is left unfit for occupancy due to a covered loss. Does your current policy cover you for the loss of rents due to unforeseen circumstances like a fire? It’s an answer you should know.

Additional coverages can be included in your rental dwelling policy. Check your policy for a complete description of coverage and loss or damage not insured.

Need Insurance Agent for a Michigan Rental Dwelling or investment property

Click the highlighted link to be connected with a Michigan Rental Dwelling agent online or call 248-888-1134 for more information. If you are having trouble insuring your Michigan Rental Dwelling, click on our post on What to do if you can’t get Michigan Insurance  to see other Rental dwelling insurance options.