When it comes to vacation lodging, you have a lot of choices. Many people choose a vacation rental, which entails renting a house or condo for a week.
When arranging a leased home or condo trip, many issues come into play, such as saving money on cooking or the cost differential between rentals and hotels. Another thing to think about while weighing your alternatives is the insurance implications of renting a house or apartment. What if your possessions in your holiday rental are stolen? What happens if someone is hurt? And what if something goes wrong with the property while you’re there? Continue reading for more information:
Insurance For Vacation Rentals From Your Homeowners Or Renters Policy
Suppose you have a renters or homeowners insurance policy on your primary residence. In that case, it is likely to include two coverages that will protect you when you are staying in your holiday rental.
Coverage for movable property.
This policy protects your goods up to a particular cost limit against loss due to certain dangers. Personal property coverage protects your valuables whether they are at home, in your car, or with you on vacation. However, it’s crucial to note that if your things are damaged, lost, or destroyed outside of your house, your homeowner’s policy may impose reduced coverage limits. As a result, you should double-check the specifics of your coverage. However, it’s crucial to note that personal property coverage may exclude certain forms of recreational equipment, such as a boat or golf cart. Looking for insurance policies or riders for them is a good idea.
Suppose someone is injured in your house, and you are found accountable. In that case, liability coverage is included in your landlord or renters insurance and helps protect you against legal fees and medical bills. Liability insurance can also help pay for damage to someone else’s property that you cause inadvertently. However, keep in mind that unless the damage is caused by fire or explosion, property damage coverage will not apply to property you rent or control, such as a vacation rental.
Coverage Under A Homeowner’s Policy For A Rental Property
It would help to inquire about the owner’s insurance before renting a holiday house. If you or someone with you gets hurt on the property due to the owner’s negligence, ensure sure the owner has a homeowner’s policy with liability coverage.
Your homeowner’s insurance policy will most likely cover fires, windstorms, and other forms of losses to your home and any structures on the land. If you are not at fault and a covered peril causes damage on the property, the property owner’s insurance will most likely cover it.
If you’re unsure, call your insurance agent before you go. Your agent can answer any questions you have about how your current insurance policy could or might not cover you while staying in a vacation rental house.
Vacations should be the most enjoyable time of the year. Understanding how your insurance can protect you when you’re away from home can give you peace of mind and allow you to enjoy your trip to the fullest.