A home away from home is what most renters look for during summer vacation. The perks of more space and privacy in a vacation home are invaluable, but if a disaster like theft or fire strikes, replacement damages can be very costly. When renting a vacation home, the oceanfront view isn’t the only thing to consider, as many people are starting to grasp the importance of understanding just how far their insurance policies reach. Here are a few tips and answers to your vacation insurance questions:
Is my stuff covered by my existing homeowners/renters insurance policy if I rent a cottage for a week on vacation?
Under most homeowner policies, personal property owned or used by the insured is covered worldwide. So if you need to bring linens or kitchen supplies to the cottage, or if you need to stay connected while on vacation, bring your laptop or mobile device along, and you should have coverage if anything is lost or damaged by a covered peril.
What might not be covered?
A notable exception is for personal property which usually stays in another residence of the insured (second home, etc.), for which only 10% of the homeowner’s coverage applies. There may also be no theft coverage for watercraft and equipment, trailers or campers away from the residence premises.
What kind of liability do I have if I cause a fire/physical damage, etc. to the rental property while I’m staying there?
Most homeowners or renters insurance policies will only cover damage to the rented premises due to fire, smoke or explosion. Some personal umbrella policies may cover other types of damage to the premises, so it is important to discuss your plans with one or more trusted advisers.
Before hitting the road and heading to the cottage, be sure to call your Independent Insurance Agent to discuss additional coverage, and to address any questions you may have. Having peace of mind is the best start to a relaxing summer vacation!