Your Michigan Rental Condo Needs Insurance

Michigan Rental Condo

Your Michigan Rental Condo Needs Protecting

Michigan Rental Condo ownership is a big 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 be leased 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 also provided for your personal property located there 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, countertops,  and any modifications that you made to your unit.
  • Personal Property Coverage: To pay for covered losses to your property located in your condo unit. This includes any property that you own that is provided for the tenants 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: To protect yourself property against liability lawsuits.

Coverage that is not provided by a Michigan Rental Condo Policy

The coverage a Michigan Rental Condo Policy is comprehensive, it does not provide coverage for every loss. Parts of the structure will be covered by the Associations policy 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.
  • Earth movement including earthquake and landslide.
  • Damage caused by settling, deterioration, contamination or nuclear hazard.
  • Damage caused by wear and tear, insects, birds or rodents.

Find an Insurance Agent for your Michigan Rental Condo:

Finally, click the highlighted link to be connected with a Michigan Rental Condo agent 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.

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