Vacant Property Insurance in Michigan
There are various of reasons that Michigan homeowners become real estate landlords and eventually investors. Some have made a deliberate decision to invest in real estate while other people became "accidental" landlords on account of unpredictable situations. When the economy slumped back in 2008 real estate values plummeted. This produced an unmatched opportunity for those with hard cash to purchase real estate cheap. It is no big surprise that this resulted in a drastic boost in the number of landlords in Michigan.
In addition to owning an insurance agency our founders are real estate investors as well. We observed long ago that there is a strong demand for Michigan Vacant Property insurance, but very few insurance agencies that can help. Real estate investors encounter unique challenges on a regular basis and it's important that you partner with a knowledgeable insurance agency that knows this niche. Managing a Vacant Property can bring about riches or to financial ruin. As an investor it is your job to minimize your risks and maximize and your opportunity for financial gain. The best way to decrease your risks and prepare for the unexpected is to buy Vacant Property Insurance Michigan.
Vacant Property Insurance Michigan - What's Covered?
Michigan Vacant Property Insurance plans can be tailor-made in order to meet your specific needs. This list is not comprehensive and we always recommend speaking to a licensed agent prior to choosing a policy.
Dwelling Coverage: this specific coverage can provide protection for the home itself as well as detached structures (shed, detached garage, etc.)
Income Loss: Should you have a covered claim to your rental that forces your renters to move out you could lose a substantial amount of rental income. Most policies will "reimburse" you for the loss of rental income while your Vacant Property is being repaired.
Liability Insurance coverage: We find that many landlords overlook this crucial coverage. Liability protection covers you and your assets in the event that you are sued. (Ex. Someone trips and falls on your property and is injured)
Who Should Buy Vacant Property Insurance?
The easy answer to that is anyone who leases out a property. If you rent out your home a regular home insurance plan will not provide adequate coverage. Homeowners insurance is designed to provide coverage for individuals residing 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 the reason why each and every landlord needs to purchase an Michigan Vacant Property insurance policy.
Where Can You Buy Vacant Property Insurance In Michigan?
I’m so happy you asked! If you are ready to partner with an insurance agency that truly appreciates the needs of landlords, then we’ve got you covered. In addition to being highly knowledgeable, we will also likely save you money. With all the carriers that we represent we're bound to find you some savings without sacrificing coverage. Call now to speak live or begin your online quote now!
Michigan Vacant Property Insurance - Compare & Save!