As a landlord, you want insurance that’s tailored specifically to protect your rental properties. A landlord policy insures your residential rental property, other structures on the property (like sheds and garages), and items on the premises that belong to you (such as appliances and tools).
Rental property is a great investment, especially if you protect your assets with excellent coverage. Let SourceOne Insurance help you choose the level of insurance to fit your needs.
Short Term-Nightly Rental Insurance
Short-term rentals are considered a business activity, and Homeowners Insurance usually excludes business-related claims. make no mistake, you’re running a business just like a hotel. That means if your guest were to experience a bodily injury while at your property, you could be held personally liability – even if you weren’t involved in the personal injury.
The legal expenses for liability claims alone could add up into the tens of thousands, if not more.
Once you list your property on sites like AirBnB, VRBO or money changes hands between you and a guest, your standard HO-3 Homeowners insurance or Landlord policy for long term rentals may not provide the coverage you expect. Host Guarantee is NOT insurance. What’s not protected?
- Personal injury and property damage claims from third parties
- Damage to shared or common areas of the building that aren’t part of the listing itself
- Cash and securities
- Damage caused by a pet
- Damage from ordinary wear and tear
Certain items, including but not limited to: artwork; antiques items, including furniture and jewelry; valuable rugs, collectibles; and other items may have more limited protections under the Host Guarantee.
Protect your investment with Short-Term vacation rental insurance policy, developed exclusively for short-term vacation rentals, provides property (building and contents), liability, and loss of income coverage.
Consider these situations:
- What if you are sued by a renter who gets injured on your property?
- What if a renter accidentally causes damage to your property or its contents?
- What if your property incurs damage while it's unoccupied?
Not only do you want your property covered, but you want to protect yourself and your integrity. Landlord protection liability insurance options provide you with protection against personal injury, wrongful eviction, or wrongful entry as well as other non-bodily injury claims such as libel and slander.
Extra Coverage Doesn’t Have to Cost a Lot
Many landlords supplement their coverage with personal umbrella liability insurance for broader protection. Contact us today to find the coverage that’s right for you.