Michigan Rental Property

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Rental Property Insurance in Michigan

Whether you own 1 rental property or 100 it is important to know how to properly protect your investments. Simply put, you need to own a Michigan rental insurance policy. In years past owners of rental properties were typically investors looking to make extra cash purchasing properties and collecting rental income. With the downturn in the economy and the collapse of the national housing market the number of rental property owners in Michigan has exploded. An overwhelming majority of home owners in America have found themselves owing more on their mortgage than their home is worth. Because of this fact they have been unable to sell their home. 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. A standard home insurance policy won’t protect you. That is why you will need to purchase a Michigan rental property insurance policy.

Why Do I Need a Michigan Rental Property Insurance Policy?

A comprehensive rental property insurance policy is designed to protect your rental property so you can rent it out while minimizing your risks. In addition to providing coverage for damage to your property, a Michigan landlord insurance policy also provides liability protection.

Most Policies for Rental Property Insurance in Michigan Provide Protection For The Following:

Your Michigan Rental Property
Other Structures Including Including Items Like a Detached Garage or Shed
Personal Property Located on The Premises
Loss of Rents
Liability Protection in The Event of a Lawsuit
A rental property poses unique risks for both the homeowner and the insurance company. Rental properties are classified differently than home insurance policies by insurance companies. 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.

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