Michigan Landlord Insurance - What You Need To Know
It doesn't matter if you own 100 rental properties or just 1
. Either way it is important to understand how to properly protect your investments. Simply put, you need to own a Michigan landlord insurance policy. The owners of rental properties in the past were usually real estate investors looking to make some extra cash by renting out properties to tenants. This provided an extra source of income. With the collapse of the housing market the number of people owning Michigan rental properties has skyrocketed. A large number of Americans have found themselves upside down and unable to sell their properties. As a result home owners have been forced to rent out their Michigan rental properties rather than sell them. What many landlords don't realize is that owning a rental property is different than owning a home and it comes with a unique set of risks. Many investors don't realize that a standard home insurance policy will not cover your property if it is rented out. That is why you will need to purchase a Michigan landlord insurance policy.
Michigan Landlord Insurance Policy - What Does It Cover?
A Michigan landlord insurance policy is designed to provide comprehensive coverage to protect your rental property and yourself. Michigan landlord insurance policies provide you with the essential coverage that you need to protect you from damage to your property as well as liability protection.Most Michigan Landlord Insurance Policies Provide Protection For The Following:
" Your Property
"Other Structures Including Including Items Like a Detached Garage or Shed
"Personal Property Located on the Property
"Loss of Rents
"Liability Protection in The Event of a Lawsuit
Michigan rental properties pose a unique risk for both the insurance company and the home owner. Insurance companies classify rental properties differently than home insurance policies. Rental properties need to be set up properly to ensure coverage. A Michigan rental property insured with a standard home insurance policy is not properly insured and could cause big problems in the event of a loss. Call your local independent agent today to properly protect yourself with a Michigan Landlord Insurance policy.