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If you rent out your home or second home to others, you need a vacation rental insurance policy. Having renters in your home is considered a business activity even if you don’t make a lot of money from those rentals. If you only rent your home occasionally, you may be able to add a rider to your homeowner’s policy, but don’t assume the current policy will protect you. Our team of insurance agents can help you find a vacation rental policy that works for you.
If you rent your home for short stays on Airbnb, Vrbo, or other platforms, short-term rental insurance is made for you. But it’s not about the platform. You may rent your cabin on the lake for eight summer weeks through referrals or newspaper ads. That fits, too.
Short-term rental insurance gives you the additional coverage you need over and above your homeowner’s and dwelling policies to handle the new risks that hosting short-term guests brings to your life. If you are a landlord with permanent tenants, short-term rental policies are not for you. You’ll need landlord insurance.
Fortunately, there is a growing list of options for the many conditions you need protection from when it comes to renting your property to short-stay guests.
If you rent your vacation home or residence to others for short stays, whether directly or through a platform like Airbnb, you’ll want to have short-term rental insurance. With guests bunking in beds and cooking in kitchens unfamiliar to them, hosts need to have protection for unexpected grease fires, plumbing disasters, stolen property, and accidental guest injuries.
If your vacation home is a condo or part of an association, there may be insurance coverage in place. However, typically, a condo association only covers the grounds and the exterior of your property, not the inside or your personal belongings. When you rent out your vacation home, you can’t rely on standard homeowner’s insurance to protect your vacation home. You must have specific rental coverage in place to ensure that your insurance will pay a covered claim.
Your home insurance policy includes liability coverage. If someone gets hurt on your property or if you or another member of your household damage another person’s property, your liability insurance can help pay for legal fees, medical costs, and reparations. When you become a landlord and operate a vacation rental, you need additional liability protection. You’ll need business or landlord coverage to insure your vacation rental and protect your other assets with liability coverage.
If you regularly rent out your vacation home, you need vacation rental insurance. Vacation rental insurance is different from a landlord policy. You’re looking for short-term rental insurance for people to rent your home for a few days or weeks instead of a year or more. Whether you advertise your home on one of the popular vacation rental sites or find renters through word of mouth, insurance is a requirement.
If you allow your friends and family to stay at your vacation home, you don’t need to worry about purchasing a rental policy. Your regular homeowner’s insurance should cover it. However, it might be worth checking with your insurance carrier, especially if this happens frequently. You might need a short-term rental policy for the times when you’re not occupying your home.
Yes, you need rental insurance even if you rent out your home once a year or don’t earn a lot of money from it. We can tailor your rental policy to be effective when you need it, so you don’t have to pay for coverage when you’re not renting out your home. Talk to one of our agents today to find an affordable vacation rental insurance policy.
If your vacation home was damaged as a result of a storm, vandalism, or other covered disaster, your homeowner’s insurance will pay for the damage. However, if you rent out your vacation home, your homeowner’s policy may deny any claims you file because you didn’t tell them about your business activity. That’s why you need short-term or vacation rental insurance to protect your asset.
Don’t assume your homeowner’s insurance policy will cover your vacation rental. You need a separate policy designed for short-term rentals for your vacation home. Our insurance agents can help you customize a policy that works for you, whether you rent out your home every month or only once a year. Call us today for a quote for vacation rental insurance.