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Tenants in Berville, MI, can be both a blessing and a challenge. While some tenants leave a property in pristine condition, others may cause significant damage, leaving landlords with costly repairs. Landlord insurance can help protect property owners from financial losses due to unforeseen events.

Landlord Insurance

Landlord insurance, also known as rental property insurance, is specifically designed for properties that are rented out to tenants. This type of insurance provides protection for covered events and can help replace lost rental income if the property becomes uninhabitable. Unlike homeowners’ insurance, which is intended for owner-occupied homes, landlord insurance is tailored to meet the needs of rental property owners.

Covered Events

Landlord insurance typically covers damages caused by natural disasters, including tornadoes, hurricanes, fires, lightning strikes, electrical fires, and flooding. Coverage generally applies to accidental damage or damage beyond anyone’s control. It’s important to review your policy to understand which events are covered.

Exclusions

Landlord insurance policies often exclude certain types of damage, such as intentional damage caused by landlords or tenants. Structural damage is also excluded unless it results from a covered event. To fully understand the exclusions in your policy, it’s essential to speak with an agent at a company like Mitten Heritage Fraternal Society of Insurance.

Reimbursement

While landlord insurance may not cover intentional damage caused by tenants, landlords still have options for reimbursement. Many landlords collect security deposits from tenants before they move in, which can be used to offset repair costs. For extensive damages, landlords may also file a civil lawsuit against tenants to recover additional expenses.

Dealing with tenant-related damage can be stressful, but our experienced agents at Mitten Heritage Fraternal Society of Insurance are here to help. Contact us today to learn more about your landlord insurance coverage. We proudly serve the Berville, MI, area.

Mitten Heritage Fraternal Society of Insurance knows that Berville, MI, residents always look for ways to improve their income. For example, buying a home to rent provides a steady passive income for many people, especially if they’re smart and pair it with great landlord protection.

Becoming a Landlord is a Tricky Experience

When buying a new house specifically to rent, you’re making a smart but challenging investment. After all, you must think of others now: you can’t ignore that. Furthermore, you’ll need specialized insurance that protects your investments and your renters at the same time.

Why is that the case? Homeowner’s insurance does NOT cover a dwelling that you’re not living in at the time. So, if you’re renting a room in a house (common), you don’t need landlord insurance, though tenants may want renters insurance. If you’re not living in the home, you NEED landlord protection.

What It Covers

A typical landlord insurance policy covers your investment in style and usually includes:

• Liability protection that covers medical or legal costs to tenants and visitors
• Property damage caused by a variety of natural problems and bad tenants (the last point is KEY)
• Lost rental income (if your property becomes uninhabitable due to various issues)
• Guaranteed income that protects you if your tenant doesn’t pay for a month (bonus coverage)
• Flood insurance to protect against natural disasters or plumbing errors (extra protection)
• Emergency coverage that helps pay for emergencies related to your tenants (added policy)

Take Your New Investment Seriously

As a new landlord, you must take every step possible to keep your property safe. Thankfully, Mitten Heritage Fraternal Society of Insurance can protect Berville, MI, residents like you by finding landlord insurance that makes sense. We work hard to ensure all our clients get the help they deserve.

Being a landlord has many benefits, including the potential to make a good living and the freedom it offers. The headaches of owning and managing properties, however, are also something that many landlords have openly complained about. From the cost of property repairs to costly tenants, managing these concerns is also a key to having a successful business and being able to enjoy the rewards of being a landlord. That is also why so many property owners in and around the Berville, MI area rely on the experienced and professional team at Mitten Heritage Fraternal Society of Insurance for all their landlord insurance needs.

Protect You and Your Property with Landlord Insurance

Even with the greatest tenants in the world (and they are out there), managing, maintaining, and operating even a single rental property can get expensive. One fire, major storm, or less-than-perfect tenant can result in thousands of dollars in damage. That is also why an investment in landlord insurance can make a difference for rental properties and their owners. That is why working with a proven and professional agency for the insurance solutions you need for you and your rental property is important.

Landlord Insurance for Berville, MI Area Landlords

From repairs for your property caused by storms or tenants to liability claims and more, protecting your rental property, your business, and yourself begins with the right insurance solutions. Do you have questions or want to learn more about landlord insurance options? Contact us to find out more and schedule an appointment to protect your property, assets, and more with the protection you need and deserve at the Mitten Heritage Fraternal Society of Insurance today.