Home Insurance and Your Summer Vacation Rental
Renting a vacation home is becoming more popular than ever. Not only does is save you money by allowing you to have a kitchen and cooking for yourself, but you can find a private home away from home almost anywhere in the world. However, an accident can happen anytime and anywhere, even while you’re on vacation. Before you take off, make sure your homeowner’s policy will protect you while you stay at a vacation rental.
Personal property coverage
If you own a home, most likely you have homeowner’s insurance (if you don’t, we need to talk) that will give you some protection while on vacation. Most home insurance policies will have coverage for damage done to your personal belongings. Personal property coverage will most likely transfer to your vacation rental, but you should check your policy or call your agent to make sure. Also, find out if there are any discrepancies in the amount covered if the damage or loss of property occurs outside of your home.
Now, your liability coverage is a little trickier. At home, your liability coverage will protect you against medical bills or legal fees associated with an injury on your property. Should you slip and fall or do damage to someone else’s property, then your personal liability coverage will also protect you. Now, here’s the rub: your liability may not cover you if you are in control or renting another property for a given time – like your vacation rental, for instance.
Check with your insurance agent
Before you Airbnb or rent a vacation home, contact your insurance agent to make sure that you have the right coverage in case of an accident or injury. We can also help you review the insurance policy for the rental property you are renting (if they don’t have one, then it’s a problem) so that you have covered all bases.