No matter how careful you are about maintaining your vacation rental property, circumstances out of your control can lead to property damage. If you Don’t have adequate commercial insurance coverage, you could find yourself having to foot the entire repair bill yourself. Fortunately, CBIZ Vacation Rental Insurance is designed to provide replacement cost coverage when things go wrong.
Commercial Insurance Covers Property Damage Caused by Unexpected Events
As is true of other types of insurance policies that cover damage from unexpected events, commercial insurance for vacation rental property owners covers damage from lightning strikes, fire damage, hail, wind, or heavy rains, as well as damage resulting from sewer and drain backups. Also depending on your location and coverage options, damage from hail and wind may be covered. What’s more, if your vacation home is your primary residence, your vacation rental insurance will also provide up to $50,000 in additional living expense coverage to help you make other arrangements while your property is being repaired.
Commercial Coverage Covers Damage Caused by Renters
The CBIZ Vacation Rental Insurance policy goes beyond those types of events, covering damage to your rental home and its contents caused by a vacationing tenant. Coverage may also be extended to unattached structures as well as the amenities at your property, including docks and piers, hot tubs and pools, exercise equipment, small watercraft and more. That means if a guest destroys your furniture, damages your hardwood floors, or breaks a window or door your insurance policy will provide funds to repair or replace your covered damaged items.
Commercial Insurance Covers Rental Income Loss During Repairs
In addition to insurance coverage for rental property damage, CBIZ Vacation Rental Insurance includes rental income coverage, designed to protect your income while your property is being repaired. The CBIZ commercial insurance policy also provides liability protection for vacation rental property owners, so you Don’t need to worry about being sued for damages by a renter who claims you were responsible for injuries or damage to their personal property.
Do you have the right commercial insurance policy in place for your rental property? Contact CBIZ Vacation Rental Insurance today to learn more about vacation rental property insurance and to get a free quote in just minutes.
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.