Lansing Landlord Insurance
Lansing landlord insurance is important when you are dealing with cold, long winters, where the Great Lake effect can bring heavy snow, icicles that can harm people and your properties. It is not only a good idea to carry Lansing landlord insurance, but to also consider the add on coverage that will ensure that you are covered for the kinds of damage that are unique to the region, in terms of potential damage caused by climate.
When you consider buying Lansing landlord insurance, understand that for Michigan landlord insurance coverage, there are two main structures you can insure in Lansing. These are the contents and, or the building of your Lansing, Michigan property. Generally, you would assume that the landlord covers the building, because that encompasses the structure and properties on which your buildings stand. Otherwise, you would figure that the contents, or the interior objects (not including molding and such, but more like material belongings), would be covered by your tenants and renters.
Defining Your Bounds
There are some gray areas and some less gray areas that make any Lansing, Michigan landlord want to consider also covering the contents of their building, at least to an extent. When you are leasing out your structure, anything from an apartment building, to house or mobile home, you have a written lease. In the lease, many a landlord stipulate that any tenants or renters need to carry renters insurance to cover their own contents.
The issue comes into play that you, as the landlord, already have some contents that are probably inherent to the building, but not considered a part of the structure. Therefore, building coverage will not cover the inherent contents, such as your water heater, boiler or heater, air compressor or the like if there is a flood, fire, hail storm, damage from high winds, lightning or even a heavy load of snow that falls through the roof, crushing some interior contents.
Be careful not to under insure, but also beware of over paying and over insuring your properties when you do already have renters who should be covering their own selves and their own belongings. In the case of Lansing, MI, you may also want to consider what your quotes for rental properties include. For the most part, when you are to compare one quote to another, you want to make sure that you are comparing equal policies.
Lansing landlord insurance will cover the building, but does the quote also include the contents? Some insurers automatically include contents coverage in their insurance quote for Lansing, MI. Other insurance companies do not include contents coverage in their Lansing landlord insurance quote. So, it is important that you understand and read all about what is included in your potential Lansing, MI insurance for you as a landlord.
When you carry Lansing landlord insurance, you are committing to protecting your company and its worthwhile investment properties. You are protecting them from the injuries that a renter or passerby can sustain on your properties, whether it is from icicles, freak accidents, wind, tree limbs, or the like. In addition, there are compelling times to also carry coverage on the contents of your building, even if you believe that your renter is fully responsible for the contents.
While your renter needs to cover their belongings, you need to cover against the losses that their belongings can suffer because of your own appliances that flood your building, or townhouse rentals. It could be that a pipe freezes, or that the dishwasher line backs up and floods two floors of your apartment building, destroying both structure and contents. So, consider all the possibilities you can imagine when you are purchasing a policy.
When you have completed figuring out what you think are the possibilities, also consider covering the actual value to replace all of your asses through Lansing landlord insurance. These coverage limits are then what you want to then keep on your properties, because unfortunately there are renters and passersby who may be opportunistic, and view you as a willing victim, if you let them.
It is worth the time and investment to buy Lansing landlord insurance. In addition, consider carrying both building and also contents coverage. Contents coverage includes more than you would normally think. It will protect against both true and frivolous lawsuits that are aimed at taking your hard earned investments.
Lansing landlord insurance is a necessity for landlords to make sure that they are properly covering their investment properties and their investment companies against lawsuits from tenants and renters. The lawsuits may be frivolous or absolutely direct and true. Either way, it is better to carry insurance to pay out the claims, rather than being sued and losing your hard earned investments to pay for damages.