A common misunderstanding about home rental property insurance is that as long as the home is protected with a standard homeowners policy, it is also protected during short-term rental agreements as well.
Unfortunately, this is not always the case for personal home properties and many homeowners have found this out the hard way.
To effectively insure this type of property, a home rental property insurance agency should be consulted so the right protection can be planned.
What Do Insurance Companies Consider Short-Term Rentals?
Any personal property that is rented on a non-permanent basis can be considered a short-term rental home by home rental property insurance companies.
These determinations typically include investment properties like Airbnb and Virbo rentals, student housing rentals, and even the short-term rental of a family home for game weekends.
Since these situations involve people other than the owner frequently moving in and out, home rental property insurance agencies may require special insurance to protect these properties.
Is Short-Term Rental Covered By Homeowners Insurance?
Generally, a standard homeowners insurance policy will not cover a home that is being used as a short-term rental in any way, for various reasons.
Instead, home rental property insurance is required to protect against the added perils that can occur when offering a property as a rental.
In these cases, a home rental property insurance agency should be consulted to develop the right policy that will provide the type of protection required based on how the property is used and by whom.
The Challenge of Protecting Short-Term Rental Properties
Brad Hurt, a partner at Service Insurance Group, discusses the challenge to homeowners of protecting short-term rental properties in this short video and how to purchase the right home rental property insurance that will do so.
Home Rental Property Insurance Essential For Short-Term Renting
Owning an Airbnb property or another short-term rental home can be profitable, but only when that property is protected with the right dwelling insurance.
Buying an appropriate home rental property insurance policy is critical.
Rather than risking the possibility that a standard homeowners policy will not cover damages and liabilities that happen while personal property is being rented out, contact a home rental property insurance agency that regularly ensures these properties.
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A tailored short-term rental insurance policy written by an experienced insurance agency such as Service Insurance Group covers all the applicable risks and will protect homeowners as needed, even considering the added exposure inherent with rental properties.
If looking for any type of personal or business insurance, the Agents at Service Insurance Group shop for the right person or business insurance policy to fit individual needs – call them at (979) 300-7345 to get a quote!
