Renting out your primary home to travelers who prefer vacation rentals over local hotels can be a great way to supplement your income. You Don’t necessarily have to be located in a top travel destination to do so, either. While engaging in the vacation rental business can be rewarding, unfortunately, occasional unforeseen events can result in property damage, even if you’ve taken safety precautions.
Is Your Rental Also Your Primary Residence?
When you rent out a cabin or second property, damage can be a nuisance but at least you can still reply on your primary residence to live in while repairs are completed. But what happens when that damaged vacation rental property is also your primary home? Chances are, your homeowners policy alone will exclude business activities, so you may not have the coverage you need. CBIZ Vacation Rental Insurance is custom designed to protect your vacation rental home and business to ensure your losses and extra expenses related to the damage are covered.
The Right Coverage Limits Out-of-Pocket Losses
Vacation rental insurance covers most losses sustained while your home is rented out, including most damage caused by guests. Sometimes, guests on vacation in someone else’s property are not always respectful of that property. You could return to your home after your renters leave to find they had a party and caused extensive damage to the flooring and walls, or find that a renter didn’t follow instructions and overflowed the hot tub. If you have adequate vacation rental insurance, you can be confident these types of losses are covered.
Need Somewhere to Stay During Repairs? Vacation Rental Insurance Covers That, Too
You can also rest easy knowing that if a loss occurs while your property is being rented, and you need to find somewhere else to live while the damage is repaired, you won’t be on your own to foot the bill. The CBIZ Vacation Rental Insurance policy automatically provides up to $50,000 of coverage to pay for your additional living expenses if the damage was to your primary residence, with the ability to raise that limit up to $100,000 in some cases.
Request a Free Consultation
To learn more about limiting your out-of-pocket losses with the right insurance coverage, reach out for a FREE consultation with a CBIZ Vacation Rental Insurance expert. You’ll discover all the ways that vacation rental insurance can protect your home, your vacation rental activities and so much more.
This blog may contain scenarios that are provided as examples only. Coverage is subject to the terms, conditions and exclusions of the policy issued. The information provided is general in nature and may be affected by changes in law or the interpretation of such laws. The reader is advised to contact a professional prior to taking any action based upon this information.