Landlord insurance may not be applicable.

Landlord insurance is a form of commercial insurance policy that provides coverage for long-term rental properties. It provides commercial property and liability insurance, as well as loss of income coverage if the property cannot be rented for an extended period of time and workers compensation coverage if personnel are recruited to maintain the property. It offers no security for the belongings of tenants. Landlord insurance requires that the property be "non-owner-occupied," which means that if this is your primary residence the majority of the time, it is not an appropriate coverage for a short-term rental situation.

What is the cost of short-term rental insurance?

The cost of coverage may be determined by a number of criteria, including the location of your property, the kind of building construction, the overall risk of fire, natural disasters, and crime, as well as specific features.

Short-term renting platforms may not provide adequate protection.

Short-term rental services like Airbnb and Vrbo typically provide some level of security for those who rent out their properties to guests. Typically, hosts are protected if a guest destroys the property, as well as liability protection if a guest is harmed or their property is damaged, destroyed, or stolen. This coverage may extend to your guest's invitees as well. However, the coverage limits are usually low, and there are numerous exemptions.

Short-term rental insurance provides specialized coverage.

Short-term rental insurance, often known as vacation rental insurance, protects home-sharing arrangements. These plans may contain suitable coverage for services or equipment rental you provide, as well as protection against property damage and liability. In the case that damage renders the property uninhabitable and unrentable, coverage may also include loss of use or loss of income protection. Depending on the policy, it may be provided to individuals who rent their homes for a short amount of time, such as a week or weekend, or to those who rent it for the entire season.

Coverage for short-term rental homes might be confusing.

The simple truth is that acquiring insurance coverage for your home and situation can be difficult because there are so many different alternatives, exclusions, and endorsements available. Choosing the wrong insurance can cost you more than you need to and leave you without coverage in the event of a catastrophic loss. That is why seeking assistance in obtaining short-term rental coverage is critical.

Are you thinking about renting out your home? Please contact us to explore your short-term rental insurance alternatives.