Insights and tips on how to protect your property, giving you and your guests peace of mind.
Don't let the cost of vacation rental insurance surprise you! Many factors within your control can impact your insurance premium — from where your property is located to your claims history. These five hidden factors can directly affect how much it costs to insure your vacation rental.
It can be easy to assume that most travelers staying at your vacation rental property will be exceptional guests. They’ll abide by your house rules, not disturb the neighbors and hopefully, won’t leave a trail of damage behind. However, you may be setting yourself up for issues in the future by thinking this way.
To combat the risk of fire or inhalation of dangerous carbon monoxide (CO) gas, it’s important for you to make chimney care part of your home maintenance plan. Performing simple safety practices and maintenance on your vacation rental’s fireplace can help keep it in good condition, ensuring your guests and property stay safe.
Many people are distressed when they file a vacation rental insurance claim given that these claims typically follow a devastating event such as a home fire, disastrous weather or a guest injury. To help you file a claim with ease, we’ve compiled some useful information to make the best of this trying experience.
Unfortunately, losses alleging landlord negligence are not uncommon and can be quite costly, according to Advisen loss data. Read on to learn which types of landlord losses are most common and how to avoid them.
No matter what safety precautions you have in place or how well you maintain your short-term rental property, a vacationer could become injured or claim that your negligence caused damage to their property at any time. If you are named as the responsible party in such a suit, you need to defend yourself against the charges – even if you believe that your actions (or inactions) did not contribute to the renter’s injuries.
As a vacation rental homeowner or property manager, the last thing you want to hear is a guest was injured at your property. Unfortunately, injuries can and do happen. Depending on the circumstances, your guest may believe you bear some responsibility for his or her injuries. Of course, being accused of negligent or intentional acts that led to a guest’s injuries does not necessarily mean you are responsible.
The reality of renting out your home to guests is that vacation renters can, and often do, sue property owners and managers. When guests feel they’ve been harmed by the property owner’s or manager’s actions or negligence, they might find that their only recourse is to take a property owner to court. Those expenses can add up quickly. In addition, there’s the stress of wondering how you will pay a judgment if one is ordered. Without adequate coverage, your business and your personal assets could be at risk.
Attracting the best guests for your property requires a proper vetting protocol to ensure guests leave your vacation rental in the best shape possible. While there will always be small hiccups when renting your property, preventing major violations such as criminal activities, scams, underage parties and violations that are susceptible to risks, injuries, and damages will give you the feeling of security as a host.
Some vacation rental listing sites provide host liability coverage for free or at a reduced cost as part of their service offerings for vacation rental property owners. These types of insurance policies are a good start in managing property owners’ risks. However, relying exclusively on host liability policies could leave you, the property owner, without adequate coverage.