Homeowner’s insurance policies are typically geared toward homeowners who want to protect their own residences. But what if you’re a landlord who wants to protect the property you own but don’t necessarily live in? Do you still need home insurance?
The short answer is "yes." However, the policies you will be looking at will be most often referred to as "landlord insurance" rather than a typical homeowner’s policy. Likewise, your policy will be focused more on covering the building itself, the surrounding property and any structures (sheds, garages, etc.) that may be on it.
What Landlords in Michigan Need to Know
As of 2018, the state of Michigan now requires both landlords and their tenants (renters) to have insurance. This is because neither should rely entirely on the other party’s insurance policy. While your landlord insurance will cover the general property itself and help protect you from losses and liability claims, your tenants’ renters insurance policy will help protect their personal possessions and help protect them from their own liability situations.
Naturally, there is no "one size fits all" insurance policy for landlords. The amount of insurance coverage you need as a landlord will depend on the type of property itself, particularly when it comes to size and the amount of units/tenants within. Be sure to ask our insurance experts at Janis-Shunta Insurance in Muskegon, MI about all your specific concerns and coverage needs.
What if I Want to Start Renting Out My Home to Tenants?
If you want to start renting out your personal residence to tenants, you will still need to get a landlord insurance policy. After all, your insurance will cover you in a wide variety of liability situations that may only affect landlords, such as wrongful eviction cases or property damage that may affect tenants.
Have questions or simply want to learn more about your landlord insurance coverage options in the Norton Shores or Muskegon, MI area? Contact us today at Janis-Shunta Insurance! We’re ready to help you find a policy that suits your needs.
What Contents Does My Home Insurance Policy Cover?
One of the most common types of insurance, Janis-Shunta Insurance of Muskegon, MI wants you to understand homeowners’ insurance and what it does. Most people understand that it helps repair their home when it gets damaged by a storm or fire. They also understand that it protects them by paying for a visitor’s medical treatment for injuries if your dog bites them. Few people understand the contents portion of the policy though.
The contents section of a homeowners’ policy covers every piece of personal property in your home. Note the personal property designation. That means that your home business equipment is not covered. Neither is the business equipment of anyone visiting or your inventory you keep in the garage.
Your contents coverage usually equals between ten to 20 percent of the value of your home’s value as it’s insured. That may not cover everything you own that you lose. Some items, like jewelry, have a limit of $1,500 coverage. Chances are your furniture alone would eat up your contents coverage. Then you are left with your clothes, electronics and other jewelry to replace.
That’s why insurance companies let you add additional coverage for contents to your policy. You can insure your personal property at a higher rate than the standard coverage. You can increase it to 50 to 70 percent. Choose replacement value rather than actual cash value so that the insurance will pay for a new item at the cost you’d have to pay to replace it.
Call or visit Janis-Shunta Insurance of Muskegon, MI to learn more about how you can protect your belongings. We can help you make sure you have the coverage to protect your personal property.
The start of a new year is an excellent time to review your home insurance. If you’ve made major changes to your home, received costly gifts, or altered your lifestyle since purchasing your policy, upgrading your coverage with Janis-Shunta Insurance will ensure you have the protection you need. Here are three reasons to update your policy in the New Year.
To Maintain Maximum Protection for Your Dwelling
Significant home improvements that enhance the appearance, function, or security of your home will increase its value. If you made such changes to your Norton Shores or Muskegon, MI home since purchasing home insurance, you might need to increase your dwelling insurance to match the new value of your home.
Dwelling insurance should cover the cost of replacing your home in the event of total loss. Anything less could result in your paying thousands of dollars in rebuilding costs out of pocket. Upgrading your insurance ensures your home has adequate protection for the New Year.
To Cover Costly Gifts or Purchases
If you received costly gifts over Christmas or purchased pricey electronics, these need to be added to your insurance policy to protect them from theft or damage. Including these items in your personal property coverage may require an upgrade to your plan. If the limits on your property insurance aren’t high enough to cover these items, you can obtain an insurance rider to protect these valuable goods.
To Protect You against Lawsuits
If you added a pool to your home or adopted a dog, you may need to increase your liability coverage to protect yourself against lawsuits in case of an accidental drowning or dog attack. Liability coverage pays for injuries visitors may sustain while visiting your property, so you don’t have to dip into your savings to cover these costs.
To upgrade your home insurance or to learn more about insurance options and costs, contact Janis-Shunta Insurance in Muskegon, MI.
Homeowners take many measures to protect their investment and prevent financial losses as a result of accidents and unexpected events. The best way to protect your home from the unexpected is to purchase insurance coverage that will protect you from a variety of incidents. For example, if your home is vandalized, you need to know that your insurance will have you covered.
Most quality insurance policies will cover your home in the event that it is vandalized. You must still be vigilant when purchasing insurance and ask your agent whether or not the policy includes vandalism coverage. Not all policies are the same, so always ask about different scenarios including vandalism. Also, inquire about protocol when submitting a claim to help expedite the process.
Purchasing Home Insurance
Not all insurance is the same, which is why you need a skilled and knowledgeable agent working with you to help you get the coverage you need. If you are a resident living in or around the Muskegon, MI area, you can rely on Janis-Shunta Insurance to work with you closely to give you the results you need. We can help you build a policy that fits your lifestyle and protects your home and possessions from unforeseen events and covered perils.
If you would like more information about home insurance and what it covers, call or stop by Janis-Shunta Insurance. We serve residents living around the Muskegon, MI area. We can help prevent gaps in coverage that could mean financial losses in the event of a vandalism to your home. Don’t risk leaving your home unprotected. Get the peace of mind you need so you can rest easy knowing you are covered.
Most people consider insurance policies a necessary evil. Though paying the premiums when they come due can be frustrating, it’s a great feeling to know you are covered if and when disaster decides to strike. Janis-Shunta Insurance in Muskegon, MI believes in being completely transparent when it comes to policies, premiums, deductibles, and coverages. You should be educated on some of the problems that may arise that are not covered by your homeowner’s insurance policy.
- Mold – Mold is a problem that can generally be prevented with proper maintenance and preparation. If you see moisture in an odd place, get to the source of the problem and fix it before it gets out of hand. While some insurers offer additional coverages for mold damage, most basic policies do not cover the nuisance.
- Termites – Another preventable problem that you can get ahead of is termite infestation. The damage these little critters can do over time is debilitating to a home’s foundation and structure. Having a pest control company inspect your property can ensure that your home doesn’t fall victim to the voracious appetite of termites.
- Nuclear Power Plant Accidents – There is nothing any homeowner can do to prevent a nuclear plant accident. Nonetheless, most insurance policies do not cover damage caused by one. The federal government’s Price-Anderson Act does help ease the pain by maintaining a multi-billion dollar pool to compensate citizens who have experienced sickness, injury, or property damage.
Hopefully, you won’t have to worry about any of these threats damaging your Michigan home. But, with a little bit of knowledge and some basic preventative actions, you will be prepared to take proper action if it does. Contact the agents of Janis-Shunta Insurance in Muskegon, MI for more information