Owning real estate can be an excellent investment. Whether you own 1 rental property or 20 rental properties- you could be in for a nightmare if your property is not insured correctly. A standard homeowner’s policy DOES NOT provide the protection rental properties typically require. Sadly landlords often don’t realize this until a loss occurs… We work with leading insurance companies to offer excellent “tenant occupied” policies to make sure your real estate investments are protected.
At Michigan Insurance Partners, we take the time to discuss your short-term and long-term goals regarding your rental property. We build customized solutions depending on each individual situation. We have clients who own 3-5 rental properties and plan to keep those properties for many years. Other clients buy, flip, rent and/or sell dozens of properties each year. We serve both types of client and those clients who may be “somewhere in-between”. Each solution looks different as each tenant-occupied insurance carrier has a different target market.
Often, owners of rental property have periods of time where a property may be vacant. Vacant property is NOT rental property! We have excellent options for vacant property which can quickly be converted into a rental policy once a tenant is found. We work with our clients to make sure their property is covered properly.
If you own a property that was originally insured on a homeowner’s policy (owner-occupied policy) or a rental property (tenant-occupied policy) and for ANY REASON the property is now vacant… call your insurance agency/company immediately. You would most likely not be covered in the event of a loss even though you have been paying your premium. The risk the insurance company took (with a signed application) was on an owner-occupied dwelling and the risk is now materially greater than the risk posed by an occupied property. It is the legal responsibility of the insured to notify the insurance company of any change-in-status of the property. Some insurance companies don’t write vacant property. Some insurance companies don’t write rental property. Michigan Insurance Partners does both! We would be happy to discuss your situation and provide quality insurance options to protect your investment property.