Hosting a short-term rental (STR) is a relatively new area of ownership, and requires a unique type of coverage to protect the property owner.
If you’re hosting an STR and don’t have landlord insurance or other applicable coverage in place, you’ve placed yourself at considerable risk even if it’s only for a few months out of the year! And some Landlord Policies specifically exclude coverage if the property is an STR. While many agencies may try to sell you on the idea of a standard home policy (to come in at a lower price), you need to make sure you’re properly covered in case of accident, injury or damage by a guest.
STR or vacation rental insurance generally offers standard coverage for liability (injuries to someone else or damage to someone else’s property, personal property (your belongings), medical payments (to you if a guest causes you injury), loss of income (income when you can’t rent your house whiles its being repaired after a covered claim), and more.
As for liability coverage, STR owners can feel that they are adequately covered by their Umbrella policy when in reality, many Umbrella policies do not extend protection to STR’s.
As with property insurance, Hershfield Insurance will help you determine a deductible, replacement cost value, and a coverage that will help protect your investment.
Have an AirBnB or VRBO property? Now’s the time to call and make sure you’re properly covered at a fair price.