People move to Michigan for many different reasons, whether to Ann Arbor for college or to Lansing, Detroit or Grand Rapids for a work assignment, and many enjoy the affordability of rental housing. Whether you have one residential house for rent or an entire apartment complex, residents will come and go, but one thing is always certain: you need protection. As a landlord, you face extra liability issues that a normal homeowners insurance policy can’t cover.
To find the right Michigan landlord insurance for your needs, contact an independent agent in the Trusted Choice® network. A local independent agent can to review your coverage needs and find an insurance policy that matches your specific situation and budget. Independent agents, unlike “captive” agents, have the ability to compare multiple policies and Michigan landlord insurance quotes from various insurers. Contact an independent agent right in your area today.
Being a landlord requires a lot of effort. Not only do you have to make sure that rent is paid on time, yard work is done, and maintenance issues are handled, but you have also have to consider what could go wrong. You have homeowners insurance on your personal residence to protect it against natural disasters, home accidents, theft, and a number of other concerns. As a landlord, you also need insurance to protect you if something goes wrong with your rental property. You can be held responsible for a variety of things including, but not limited to:
If a tenant claims that you’re responsible for loss, damage or personal injury, the result can be a liability claim. Your Michigan landlord insurance will provide for your legal defense, and can help pay the settlement. Without adequate insurance, these costs must come out of your own pocket.
Your typical insurance policy will consist of liability insurance and property coverage. Make sure your coverage limits insure your rental unit at replacement value, and your liability limits are set to an amount that will fully protect your assets.
There are other types of coverage you may need, or may want to consider.
Finding the right Michigan landlord insurance policy is a personal decision. When you work with a Trusted Choice member agent, you have one-on-one guidance, and a local professional to turn to for questions and assistance with claims. Your member agent can compare Michigan landlord insurance quotes and policies to find one that works for you. Contact an independent agent in the Trusted Choice network today.