Ann Arbor Landlord Insurance
Ann Arbor landlord insurance is a necessity, particularly in such a college town like Ann Arbor. While University of Michigan students are smart and savvy in school, they may be careless or destroy property, like any tenant and resident can do. Meanwhile, you will want to cover your business investment against losses from vandalism, theft, fire, snow and ice damage, water damage and the like.
When you are a landlord in Ann Arbor, Michigan, it is your legal responsibility to provide working smoke detectors for your residents who are renting from you. And, it is wise to prevent other damages that could harm your rental house and your renters and their visitors. This prevents lawsuits, and protects your assets from loss. It also prevents you from having to rebuild or renovate.
The best way for Ann Arbor landlords to buy landlord coverage is to check online first. This way you can compare quotes for free, while saving time. While some online insurers may make you wait to receive a quote, many others are pretty much instantaneous. You will first want to consider what it is you need and want from your Ann Arbor landlord insurance policy before you start shopping.
Specific Coverage Types
In addition to buying either dwelling or condominium coverage, building and, or contents coverage, you may also buy additional coverage specific to Ann Arbor. For one, you may want to purchase contents insurance if you are keeping anything of value in your building. That could include some of the appliances that you rent with your properties. The Michigan building coverage protects you and your assets against damages and injuries caused to your renters, tenants and visitors to your properties.
You have to additionally choose between Ann Arbor, MI condominium landlord insurance and dwelling landlord insurance. Dwelling is everything but the condominium. Condominiums are slightly different because the condominiums management association or the homeowners association that rules the condominium keep a master insurance policy that covers everything from the studs out. When you are purchasing Ann Arbor landlord insurance for your apartment building, home or other structure that you are letting out, you will need to buy an Ann Arbor, MI dwelling landlord insurance policy.
While in other areas outside of MI, earthquakes and hurricanes are issues, and therefore a landlord may consider these coverage add-ons, the story is slightly different here. You may instead need to buy coverage for snow and ice, which can create problems by melting and re-freezing, or just by their sheer weight or load on your roof and gutters. This can cause parts to come loose, and crash down on tenants and visitors to your properties. Ann Arbor landlord insurance protects you against this.
When you are dealing with students, they are likely still under their parents, financially speaking, even if they are in graduate school. The implication is that they may not carry or need to carry renters insurance. Instead, their parents may have an umbrella policy on their own homeowners policy, which covers their kids away at school. Consider this before you demand a renters policy from college students. Though, it is wise to ask them for some sort of proof of coverage, just to be on the safe side.
Your building coverage will take care of many areas of your coverage for you. It will handle much of the very expensive and gnarly damage and injuries that your home can cause when it is being rented out. Trees through the roof, siding falling off, and the like, can all be expensive if there is a tenant who is unlucky and is at the receiving end of the tree or siding. While there are many weather events and building problems that are unpredictable, many problems can be prevented with careful thought and regular maintenance.
This brings us to the topic of discounts for your Ann Arbor landlord insurance policy. An Ann Arbor landlord insurance policy that offers you discounts is also very valuable. And, your regular maintenance and fixes of problems will result in your receiving discounts in your coverage. This is because many injuries and accidents and damage that results from buildings, can actually be prevented. In addition you will receive discounts if you have few to none claims over a few years. You may even receive a discount if you purchase your auto coverage through the same company that carries your Ann Arbor landlord insurance. This is a multiple policy discount for Ann Arbor landlord insurance.
Ann Arbor landlord insurance is necessary, and while it costs money, it can actually save you preciously in the long run. Perform regular maintenance to catch fixes before they create injuries to your tenants and visitors. Then, check out each quote that insurers offer so you can save money on your coverage.