What does Michigan Rental dwelling insurance cover
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 a rental dwelling insurance policy include the dwelling, personal property, business liability, and loss of rents.
Why do you need Michigan Rental Dwelling insurance
Rental dwelling insurance provides coverage for accidental loss to the building and other structures attached to it like a porch, garage, or fence. State how you use the detached structures on the property. 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 don’t have enough liability coverage. 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 are available for your rental dwelling. Check with an agent to see for a complete description of what your policy will cover.
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.