There are many things to consider when making a home investment and questions your agent will ask to get it insured properly. Insurance agents ask general information such as the property address, name of lender (if there is one), type of roof, square footage and how the home will be occupied. Occupancy is a very important question that must be answered accurately and correctly in order to be placed with the right carrier. If the home is going to be used as a rental, it is important to let your agent know if the rental will be annual, seasonal or weekly. It is even more important to disclose and discuss with the agent where the property will be advertised. There are popular websites such as Air B&B, Home Away, VRBO and many other sites that allow private property owners and property management companies to give your home greater visibility to be rented.
This type of exposure may limit your coverage options. There are companies that will cover this type of exposure. Keep in mind it is important to have a conversation with your agent to discuss the coverage options that are important to you as a homeowner because a standard homeowners policy may not cover this exposure. If a claim should ever occur, it could be denied due to this type of occupancy. Below is information that includes coverage options to consider when insuring your property for use as a short term rental.
At Galezano Insurance LLC, we have several carriers that offer short term rental coverage. To find out which options fit your needs, please contact our office with any questions or if you would like a quotation on your investment/rental property.