Because of the locations of most second homes and vacation rentals, they are typically at greater risk of fires, hurricanes, flooding, vandalism, and theft, along with damages cause by occupants who rent the property. Many vacation rental property owners believe their property is adequately covered by traditional second home insurance policies, but typically, the are wrong.
Vacation Rental and Property Insurance
When your rental home is a business, it needs a little more than a standard homeowner's policy to protect your investment.
Vacation rental property insurance provides the right combination of protection for your property, financial investment, income, and your business.
Homeowner's policies are meant to cover owner-occupied properties, not vacation rentals or other non-owner occupied properties. When you rent out your residential property, you may be surprised at what your homeowner’s policy won’t cover. Vacation rental property insurance, also known as landlord insurance, does more than simply cover the claims your homeowner’s policy won’t; it also provides benefits to protect your income, too.
What Coverage is Right for Me?
Your vacation rental property is an investment, so it is important to carry vacation rental property insurance to protect it. There are many different types of insurance available to vacation rental owners and we can help you find the right coverage, endorsements and pricing to suit your needs, with coverage options including:
Comprehensive Property Coverage
Coverage for most perils not excluded in your policy, such as sudden, direct, and physical losses.
Named Peril Coverage
Coverage for the perils named - but not excluded - in your policy, such as fire, windstorm, and hail damage.
Optional Replacement Cost
Replace damaged items with new property of comparable quality and materials without depreciation.
Actual Cash Value
Covers the cost to repair or replace covered property damages with a deduction for depreciation based on the age and value of the home.
Protection against third-party bodily injury, property damage, or lawsuits in the event someone is injured or property is damaged on the rental property.
Loss of Rents
If a covered loss leads to a loss of rental income while the home is repaired, you may be able to receive lost gross rental income until repairs are complete.
Occasional Rental Endorsement (or Short Term Rental)
Protection against vandalism, malicious mischief or other risks when the home is vacant or unoccupied.
Turning your home into a vacation rental requires extra insurance protection to ensure the property, your guests, and your income is protected. Vacation rental property insurance is the solution against the risks you face as a landlord.
Get Vacation Rental Property Insurance Today
Bodenstein Insurance offers a variety of coverage options for your vacation rentals and investment properties, so you can get the right amount of coverage you need at a price you can afford. Call us today at (775) 782-3030 for a quote to speak to a rental insurance expert about the best coverage options for your property.