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.
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