Owning a short-term rental comes with risks that standard homeowners' policies will not cover. It is important to inform your insurance agent that you are offering weekend or weekly rentals on your property.
Do you rent out your primary home in whole or part? Do you own a separate home that you rent out only for weekly or daily rentals? Own a vacation home you sometimes visit and rent to clients when you are not using the property? Many scenarios exist. Make sure you have the home coverage you need in the event of an issue with the home or even the renters themselves.
Optional endorsement: Depending on your hosting style, you may be able to add an optional endorsement to your existing policy, or you could need a landlord policy that includes the extra coverage.
Property Damage: If a guest damages or steals your personal property, are you covered? This endorsement usually offers loss-of-income if a kitchen fire, water loss, appliance leak, or other covered loss prevents you from renting out your property during repairs.
Liability: What if your renter is hurt on your property? Most short-term rental optional endorsements include additional liability protection for guests. Coverage may include legal fees, settlements, and medical costs.
Allow pets? Have a hot tub? High-value artwork? If your property has those extras that draw guests to rent from you, then make sure you have the coverage. Rental property policies do not cover high-value artwork or furniture. Make sure to schedule items on your rental just like you would on your personal home.
Do you use Airbnb, VRBO, Booking.com, HomeToGo, etc. So many sites offer short-term rentals but do not offer the coverage to protect you, the host.
Talk to your insurance agent: Most importantly, call and talk to your agent about your rental property to find out your options.
