What is Michigan Rental Condo Insurance
Michigan Rental Condo ownership is a significant investment. As the owner, you want to make sure that your property is covered. The Condo Associations policy will not fully cover the property that you own. A Michigan Rental Condo policy will protect your dwelling, property, liability, and can reimburse you for lost rents if your unit is damaged and can’t lease it oud due to a covered loss.
The Coverage Provided on a Michigan Rental Condo Policy
The Michigan Rental Condo Unitowners Policy provides coverage for accidental loss to the building and other structures attached to it like a garage or fence. Coverage is for personal property that the owner provides, such as a fridge, stove, and dishwasher. A Standard policy also provides coverages for the following areas:
- Building Property Coverage: This includes the parts of the unit that are your responsibility to cover, which may include items such as cabinets, floor coverings, counter-tops, and any modifications that you made to your unit.
- Personal Property Coverage: This coverage protects any property that you own that you provide for the tenant’s use.
- Loss of Rents Coverage: To reimburse you for fair rental value lost when there is damage from an insured loss that causes the property to be uninhabitable.
- Liability Coverage: This coverage protects you against liability lawsuits.
Coverage that is not provided by a Michigan Rental Condo Policy
The coverage of a Michigan Rental Policy is comprehensive; it does not provide coverage for every loss. The Association’s policy will cover parts of the structure, and you may need to refer to the Condo Associations bylaws to see what your responsibilities are. Other general coverages that are not provided by the policy:
- Water damage caused by flood or underground water.
- The policy does not provide any coverage for damage caused by settling, deterioration, contamination, or nuclear hazard.
- Damage caused by wear and tear, insects, birds, or rodents will not have coverage.
Find an Insurance Agent for your Michigan Rental Condo:
Finally, click the highlighted link to be connected with a Michigan Rental Condo quote for more information. If you are having trouble getting insurance coverage for your Michigan Rental Condo Unit, click on the link to see What to do if you can’t get Michigan Dwelling Insurance.
[…] Click the highlighted link to be connected with a Michigan rental dwelling quote for more information. If you own a rental condo, you will need Rental condo insurance. […]