The landlord form
Rental dwellings are insured on a dwelling fire policy, most often the DP-3 form. It covers the building on a replacement-cost basis, detached structures, the owner’s property used to service the rental (appliances, for example), and premises liability. It does not cover the tenant’s belongings — that is what renters insurance is for, and requiring it in the lease is a good idea.
Loss of rents
If a covered loss makes the unit unlivable, loss-of-rents coverage replaces the rental income while it is repaired. Size it to the actual rent and a realistic repair period — a plaster house after a fire is not a sixty-day job.
Short-term rentals are a different animal
Airbnb and similar platforms are “business use” to most carriers. Some DP-3 policies exclude it; some offer an endorsement; heavy use may need a commercial policy. The platform’s host protection is not a substitute. Tell Carly the number of nights a year and the platform.
When your own home becomes a rental
Call before the tenant moves in, not after. The policy needs to change forms, and the timing affects both coverage and price. If the house is vacant between occupants for more than a month or two, ask about a vacancy endorsement — vacant houses have their own exclusions.
This guide is general information about insurance in Michigan, not advice about a specific policy. Coverage depends on the policy’s terms, limits, exclusions and eligibility, and a request does not bind or change insurance.