What is Vacation Rental Insurance?
Owning a second home or vacation rental property is an extension of the American dream. But just as your primary home has costs, upkeep and liability concerns, the same goes for your vacation rental property.
The operative question for property owners is usually: “Do I need separate vacation rental insurance for owners?”
The question of coverage applies to the usual policies property owners use to insure their primary homes. Will it still cover the secondary home used as a rental property?
How much does vacation rental insurance cost?
The cost of vacation property rental insurance depends on a number of factors. They include your deductible, the replacement cost value of the home, the location, amenities and amount of coverage selected. Vacation rental insurance policies are usually more expensive than primary homeowners insurance, because the home sits vacant more frequently and there’s a higher likelihood of filing a claim.
If you don’t choose to get vacation rental insurance coverage, you may be taking a big financial risk. Talk to your insurance agent to find out more about the coverage you need to protect your vacation rental.
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