Detroit Rental dwelling insurance can minimize the owner’s risk
For most people, rental dwelling ownership means a big investment with special risks. Buying a rental dwelling is a big undertaking and as an owner you need to make sure that you are adequately protecting your investment. You’ll want to make sure you have coverage for your property, your liability and loss of rents. The main components of rental dwelling insurance policy include: the dwelling, personal property, business liability and loss of rents.
Detroit Rental Dwelling insurance not available:
If you are unable to get Detroit Rental Dwelling insurance through the regular market, you can ask a local Michigan Basic insurance agent to apply to the Michigan Basic Property Insurance Association (MBPIA). Michigan Basic was created to provide property insurance to qualified individuals who can’t get Rental Dwelling insurance with another company. If you are qualified, you can get a standard Dwelling policy from Michigan Basic.
Detroit Rental Dwelling coverages
Provides coverage for accidental loss to the building and other structures attached to it like a porch, garage or fence. If there are detached structures on the property, make sure to clearly define their use. If the structures are used for commercial, manufacturing, farming, or if your tenant decides to use them for any of these purposes or other business purposes, a standard rental dwelling policy may not cover losses arising from these activities.
Keep in mind, personal property includes items such as appliances, maintenance, and service equipment owned by you. If your rental dwelling policy does not include this type of coverage, you might be exposed
This important coverage insures you against bodily injury, personal injury, or property damage resulting from the ownership, use or maintenance of the property. These types of claims are the ones that could affect you and your family for a lifetime if you are not properly insured.
Business liability may also include coverage for the cost of legal defense.
Loss of Rents
This coverage reimburses the fair rental value of the dwelling for up to 12 months if your rental dwelling is left unfit for occupancy due to a covered loss. Does your current policy cover you for the loss of rents due to unforeseen circumstances like a fire? It’s an answer you should know.
There are additional coverages included in a rental dwelling policy. Contact a Local Rental Dwelling Agent to discuss what may be covered.
Michigan Basic policies will provide Detroit Dwelling protection for the purchase price of your investment property. Policies are sold through a local insurance agent, click this link to contact a local Michigan Basic agent or call 248-888-1134 to see if you will be eligible for a MBPIA Detroit Rental Dwelling insurance policy.