Do you think you pay too much for tenant occupied property insurance?
Answer:
There are two issues here. At the point of writing this FAQ Airbnb was offering insurance to their hosts for liability and accidental damage to host property. To find out the specifics of what Airbnb offers you need to have a discussion with them. Be sure to get your coverage in writing and do in fact read the terms of that coverage. I am told it is free for hosts. Free is usually a good thing. This next brings the question is getting this Airbnb insurance coverage enough? The answer is no.
Your insurer will need to know that you are renting space, even if it is a room. Some insurers will not want that exposure and will cancel your policy. That is why you will want to contact us at DRickard Insurance. We work with insurance companies that like to insure short term rental business whether you are renting the entire place, a room, or shared space.
The reason why you will want to identify the short term rental, holiday rental, or seasonal availability of your property is to be sure that you have the correct coverage and that you have not given the insurance company a reason not to pay your claim. When a business, including room or whole house occasional rentals, exists an unendorsed home owner’s insurance policy excludes coverage for that risk. By disclosing it and having appropriate insurance added to a specifically written policy you no longer need to worry about such an exclusion. Never give the insurance company a reason to deny your claim.
How much does short term rental insurance coverage cost?
It is usually less that what most people think. However, the price differs based on the specific situation. We take into consideration how much of the year will the location be available, what type of base policy can we create, and what other benefits of staying will you offer, just to list a few items.
Please contact us to design an insurance package that will give you peace of mind and valuable needed protection. Be assured that we are able to find an insurance solution to nearly any of this type of insurance need.
For more information and to find out if your tenant occupied property qualifies for the insurance policies we have found please contact us insurance@drickardinsurance.com or 607-843-8860.
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