Vacation Rental Properties and Insurance Coverage

Are you renting a home while on vacation this summer? There are some things you may want to check coverage on before you go. Getting a beach home or mountain cabin can be a very convenient way to accommodate the family for vacation.  Thinking about liability can be the last thing on your mind as you gear for relaxation. Before you fully go into that mode think quickly about liability for any damages to the property and also about your personal property with you on the trip.

Most homeowners policies have provisions within in them that apply for this event, personal property coverage and liability. Before you go check your policy  to see how it would respond in some cases you may need to purchase additional coverages.

Personal property coverage extends to losses of personal belongings while in the scope of travel. This is provided up the the limit on the policy, normally this limit is not high unless you have specifically raised this limit to account for valuables in the home. You can check with you agent to make sure this limit accurately represents both what you have at home and personal belongings you travel with.

Liability coverage  covers events that result in property damage, bodily or personal injury. This included events that could occur at the rental resulting in property damage. Accidents happen, it is best to know ahead of time how your policy will respond. Be aware, that most homeowner’s properties exclude property rented to an insured. Some policies offer a $1,000 per occurrence for damage to property of others(furniture,appliances etc..) If your policy excludes these coverages, there are other options. Check with your agent for some of these  options. Also check with the vacation rental property management company to see if this insurance coverage can be purchased through them.

It is important to note that if you have a personal umbrella policy, most policies will provide property damage coverage to rental properties. If you have an Umbrella policy it may not be necessary to purchase additional coverage. Before you leave for your getaway, contact your agent to discuss you coverages and options for additional coverages for this trip.

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