The rise of Airbnb and other related sites have made it easier for people to rent homes for short- and long-term use at an affordable cost. While customers are happy with this feature, this leaves some landowners at the losing end. Not all insurance companies cover rental insurance. Yes, there is such a thing and here are some of the reasons you should have one if you are in the renting business:
What is a Landowner’s Insurance?
Like other insurance deals, a landowner’s insurance allows you to file a claim should issues in your rental properties arise. Having an insurance protects you as a landowner of possible losses and legalities. The type of insurance you avail depends on the nature of your rent. Short-term and long-term rentals have different insurance rates and inclusions. Before shopping for insurance, make sure you know which type of insurance deal is the right one for you.
Generally, a landowner’s insurance includes compensation for loss of income due to the period of rehabilitation and repair. It also includes liability coverage. This means injuries sustained by the tenant or their guests while inside the property are covered by the insurance provider.
Some insurance companies, however, do not provide such services. With proper research, you can find an insurance agency for your vacation home in Florida that’s more applicable to your situation.
When Do You Need One?
If you rent out a part of your home rarely for a brief period of time, your property insurance providers can provide you with the coverage you need. If renting out your property or even a space in your home takes place regularly, for extra income or even for living itself, then getting a landowner’s insurance is advisable for your protection.
Landowners who rent out their property can now be protected by having the right insurance policies for renters. Know what you’re eligible for.