Condo owners often love their condos, but there can be much more to a condo than living inside. Condos offer unique opportunities to provide income. Many condo owners rent their condos to those on vacation, and the trend of using Airbnb in favor of expensive hotels doesn’t show signs of slowing down. There are several things condo owners need to know about short-term rental coverage.
Business Insurance
Many agents recommend business insurance for your condo. Business insurance provides extensive coverage whether the condo is vacant, lived in, or rented. It can cover property damage from guests, natural disasters, and more. However, coverage limits do apply, making it crucial to speak with The Good Insurance Group LLC, serving the Bloomsburg, PA, area.
Homeowners Insurance
Many wonder if their homeowner’s insurance will cover their house or condo if they use it as a short-term rental. Unfortunately, there is no clear-cut answer. Homeowners’ insurance policies often exclude short-term rental properties. Some companies let you add a short-term rental coverage option instead of getting a new policy. Always ask an insurance agent if they provide coverage because companies vary greatly.
Hosts Insurance
Instead of switching insurance companies, consider host insurance. Many companies like Airbnb require hosts to have specific liability insurance to cover damages. This insurance coverage is in addition to your current insurance policies. Speak with the company you’re working with for a short-term rental to determine if they have guidelines regarding insurance.
Get Coverage for Rental Insurance
We understand that short-term rental insurance can be confusing because everyone has different guidelines. The Good Insurance Group LLC agents will explain everything you need to know. We currently serve the Bloomsburg, PA, area. Contact us today to learn more.
