Michigan Landlord Insurance – Protecting You and Your Investment

Michigan Landlord Insurance

Owning rental property in Michigan can be a lucrative investment, but it comes with its own set of risks. Landlords need to protect their assets with the right insurance. In this guide, we’ll explore the exposures of being a landlord in Michigan, and review the coverages you need to safeguard your property and finances.

Landlord or Rental insurance should cover the home, outbuildings, personal property in the home you leave for the tenant such as washer, dryer, stove, etc, as well as your liability from tenants and visitors. It’s critical that you transition your insurance from a homeowners to a rental policy if you decide to rent out your home. A standard Michigan home insurance policy excludes all coverage when the home is no longer ‘owner occupied’.

Landlord insurance also provides some unique coverages such as loss of rent and landlord liability. When the property is damaged and insurance is paying for it to be repaired or rebuilt, you can be reimbursed for your loss of rental income.

A rental insurance policy should always include landlord liability which protects you against libel, slander, defamation of character, wrongful imprisonment and most importantly, wrongful eviction.

Michigan landlord insurance is essential for protecting your rental property and investment. By understanding the potential exposures and coverages available, you can ensure that you have the right insurance protection in place. Work with an experienced insurance agent to customize a policy that meets your specific needs as a landlord in Michigan.