Insurance For Vacation Rentals

Insurance For Vacation Rentals – What Should You Be Covered For?

For many of us, having home insurance for our primary residence is an obvious choice and something that we would not want to be without.  When it comes to second homes or vacation rental properties, many owners do not fully investigate what coverage they need to ensure that they are fully covered should the worst happen.

A vacation rental offers different risks to a full time, primary residence, and your insurance companies know this only too well.  Whereas you can easily obtain a standard “one size fits all” policy for your home, your rental property will need a combination of cover in order for it to perfectly fit the type of vacation property you own, the number of guests it can accommodate and how long they are permitted to stay there for.

As an absolute minimum, you should ensure that your vacation property insurance cover includes the following:

Third-Party Liability Insurance

This type of insurance provides owners with liability protection for all types of property and usually offers fixed financial policy limitations.  This policy will be the one you call of if somebody staying at your vacation rental makes a claim against you, either when they are there or after they have returned home.  It is vitally important because it will protect you, as the homeowner, against lawsuits or expenses associated with a renter suffering bodily injury while staying at your rental property.

Property Damage Insurance

Because you will be having complete strangers staying in a property that you own and pay for, it is only natural that you want to be protected against any damage that could happen during their stay.  Most of your guests will be as conscientious about your property as you are, and will not damage it in any way. But, sometimes accidents happen and you need to be able to repair or replace areas of your home as and when necessary,

Damage Protection covers accidental damage to the property and will help you to cover the costs or repair.  It may even cover change of locks, lost keys and damage to certain electrical items.

Business Interruption Insurance

Let’s be clear here, your vacation rental is considered a business as you take money in return for renting it out.  In the eyes of the insurance company, you run this as a for-profit business and therefore you should be protected against circumstances that prevent you from running it as such.

Business interruption coverage protects against the loss of rental income as a result of an unexpected disruption such as a house fire, natural disaster or other coverable incidents that would render the home unable to rent.

As a vacation rental owner, you may think that second home insurance or even just your own home insurance will cover your investment, but often this is not the case.

Here at The Sena Group, we can offer you professional guidance on which type of insurance cover is best suited to your exact requirements. Speak to our friendly and helpful insurance agents today on 561-391-4661.

For more information about how The Sena Group can help you with any

of your insurance needs, please contact us at 561-391-4661.

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The Sena Group
6501 Congress Ave., Ste. 100
Boca Raton, FL 33487
561-391-4661