So, you got yourself a legit pad that people from far and away want to stay at. They saw your beautifully-staged #nofilter photos, read your poetic “Look no further” profile, and can’t wait to dive into your linens. Only question is, are they going to leave your place the same way they found it?
Whether you’re renting through Airbnb, VRBO, HomeAway or any other platform, you need to make sure you’re protected. Our independent agents will help you find the right coverage to maintain the feng shui of your homesharing experience.
Boiled down, it’s specialty coverage or an “endorsement” that’s added to a homeowners policy to protect you, your short-term renters, and the personal goodies of both parties from damage or harm due to a number of causes.
Nope, but unless you like living/renting recklessly, you should explore your insurance options.
The short answer is gonna be a solid, “Probably not”. A standard homeowners’ policy may have certain exclusions about renting in general so, typical coverage may not apply to this situation.
Harold Soden, insurance and risk management advisor at Oliver L.E. Soden Agency, Inc. in New Jersey, says that having just a homeowners insurance policy and the guarantee provided by the renting platform typically isn’t enough.
“Never assume that whatever coverage the rental platform provides is actually insurance, because it’s usually not. And a typical homeowners policy usually doesn’t cover your possessions or liability while your property is being rented."
As mentioned before, a homeowners policy and a rental platform’s policy won’t provide head-to-toe coverage, meaning you’ll need some additional protection. Because let’s face it, there’s nothing worse than renting to earn some extra cash, then losing it all by having to pay out of pocket to repair or replace your stuff.
If you’re one of those people who make a habit of imagining worst-case scenarios, this specialty dish of coverage will help ease your mind while you’re away… or in the next room. For example, if you have nightmares about guests bringing in an insect infestation or trying to steal your identity, there’s coverage for that.
Gap protection should include the following:
So you know you need it, but do you need it all the time, or on a case-by-case basis? How much or how little coverage will fill the gaps? This is one of those times where it’s best to get professional assistance right off the bat.
“The first and most important thing you should do is talk to an independent agent, that way, you’re getting the most updated and accurate information, and can follow specific rules for your state,” Soden says.
Plus, they’ll simplify the process by shopping and comparing short-term home rental insurance quotes for you. Not only that, they’ll cut the jargon and clarify the fine print so you know exactly what you’re getting.
It depends. Some policies make sure you’re covered 365/24/7, while some cover just the nights your rental is booked. And depending on the bells and whistles you need, coverage can be a small add-on or a larger but worthwhile investment to keep your home safe.
Soden says that when explaining the importance of getting short-term rental insurance, an episode of “Broad City” comes to mind. The main characters list their apartments on B&B-NYC -- and, spoiler alert, someone steals their stuff.
“If they’d talked to their insurance person first, they maybe could have avoided that,” says Soden.