Rental Property Insurance Michigan
Michigan folks turn into landlords for a wide variety of reasons. Our organization deals with real estate professionals who made a careful decision to invest in rental homes and also people who just sort of fell into it unintentionally. The downturn in the economy that started a few years back resulted in declining home prices and countless opportunities for real estate investments. As a byproduct the number of Michigan landlords has drastically increased.
In addition to owning an insurance agency our founders are real estate investors as well. We observed long ago that there is a strong need for Michigan rental property insurance, but almost no insurance agencies that can help. Real estate investors experience unique challenges on a daily basis and it is important that you partner with a well-informed insurance agency that knows this niche.
Managing a rental property can cause riches or to financial disaster. As an investor it's your job to reduce your risks and maximize and your opportunity for financial gain. The best way to decrease your risks and prepare for the unexpected is to purchase rental property insurance Michigan.
What is Covered Under a Common Michigan Rental Property Insurance Policy?
Michigan Rental Property Insurance plans can be designed to meet your specific needs. This list isn't comprehensive and we always advise talking to a licensed agent prior to choosing a policy.
Property Damage: This will provide coverage for your dwelling and any detached structures like a detached garage or a shed
Loss of Income: In the event that you have damage to your rental property causing it to be unlivable, your policy helps reimburse you for the rental property income you are losing throughout the repairs
Liability Protection: We find that many landlords overlook this essential coverage. Liability protection covers you and your assets in cases where you are sued. (Ex. Someone trips and falls on your property and is hurt)
Who Should Purchase Rental Property Insurance?
The easy answer to that is anybody who rents out a house. If you lease your property a regular home owners insurance plan will not provide sufficient protection. Homeowners insurance is meant to provide coverage for people living in a home that they own. If you are renting your home out, most insurance companies will consider your home owners insurance policy null and void. That is why each and every landlord needs to purchase a Michigan rental property insurance policy.
Where Can You Buy Rental Property Insurance In Michigan?
I’m so happy you asked! If you are ready to partner with an insurance agency that truly understands the needs of landlords, then we’ve got your back. In addition to being highly experienced, we will also likely help you save money. With all the carriers that we represent we're bound to help you find some savings without having to sacrifice coverage.
Give us a call now at (888) 674-5809 for a FREE quote. You can also begin your quote right here on our website if you prefer.
Rental Property Insurance Michigan - Call The Pros