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Mitten Heritage Fraternal Society of Insurance

13892 Hough Road
Berville, MI 48002

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How Does Landlord Insurance Differ from Home Insurance?

If you are considering renting out your property, there are lots of things to think about. One of those things is whether to have landlord insurance or homeowner’s insurance. Most people know about homeowner’s insurance, but some people have not heard about landlord insurance.  Mitten Heritage Fraternal Society of Insurance in Berville, MI is here to provide a guide.

What is the difference between the two and is landlord insurance right for you?

Dwelling coverage

Dwelling coverage covers the structure of the home. This is included with both homeowner’s insurance and landlord’s insurance.

Other structures

This relates to other structures of the home, such as fences, driveways, sheds, etc. Both homeowner’s insurance and landlord insurance cover other structures as part of their standard policies.

Personal property coverage

Personal property refers to a person’s belongings. Homeowner’s insurance covers personal property up to 50 percent of a home’s insured value. Landlord insurance rarely covers personal property but can cover furniture and appliances for an additional premium, depending on the policy that you choose.

Loss of use

Loss of use means that if the home cannot be lived in for whatever reason, it covers your living expenses until your house is in a livable condition again. Homeowner’s insurance covers loss of use, but landlord insurance does not.

Loss of rent

This is so that if a tenant moves out because of a covered loss, you don’t end up losing out on that income that you would otherwise have. Homeowner’s insurance does not cover the loss of rent, but landlord insurance does.

Personal liability and medical payment

Personal liability coverage covers expenses related to something that happens if it is your fault. This means that if something happens to someone on your property, insurance will cover the expenses related to the situation that occurred. Homeowner’s insurance will cover you and the people living with you both outside and inside the home. Landlord insurance only covers what happens on the property.

Get The Right Coverage Today

Contact us here at Mitten Heritage Fraternal Society of Insurance for your insurance needs in Berville, MI.

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