Have you had that random thought about using your home as an Airbnb while you are on a vacation or quick trip? Well, you might want to contact your agent to see if you can be covered.
Having a homeowner’s policy will likely not be enough, especially if you are renting out your home only a few times a year. In the event of any claims while you are renting your home, your basic homeowner’s insurance will not be able to protect you from any unique risks. Yes, the giant party held by a college student and their frat counts. Trust us, it has happened before.
So how do you protect yourself from paying out of pocket for claims while you are away? Well first let’s look at what landlord’s insurance covers. Of course, it is going to cover the rental property while you are renting it out, but it does so much more too. One of the most important could be coverage for medical expenses for an individual who is injured on or as a result of a condition on the property. Landlords also has property coverage for other structures (such as a garage or shed) and the landlord’s personal property in the rental (such as furniture or appliances) from covered damage. Finally, it could possibly protect your income by providing coverage for the rental value of the property if it isn’t fit to live in while its being repaired from a loss.
This all sounds pretty nice right? Yeah, maybe its time to call your agent now and see if you could get some coverage to protect your home while you’re renting it out. Even though it might not be rented for long, it takes a quick trip for a claim to happen.
At Konen Insurance, we are happy to work with you to find, and more importantly, understand the best options that work for your needs. We are proud to work with insurance companies big and small. Contact us and we can help you find out what service best fits your insurance needs.
Written by Miya Gomberg
Sources
Landlord Insurance | Travelers Insurance
Landlord Insurance vs. Homeowners Insurance: What’s the Difference? | Travelers Insurance
