As an insurance agent, you know that homeowners and landlord policies are not enough when it comes to vacation rentals.
And making sure their rental is thoroughly protected can make the difference between them enjoying huge profits or being subjected to fines, exposed to lawsuits and denied claims. Be sure you address these aspects with your client to ensure they are protected:
- Property – Do you have replacement cost coverage on your building and contents?
- Liability – Are your limits adequate to cover legal and medical expenses?
- Amenities – Does the liability cover injuries from amenities such as a pool, hot tub, bicycle or even a pet?
- Income – If you an insured loss occurs, will your rental income be replaced?
Click here to download the complete Vacation Rental Business Success Guide: The 3 Cs to Help You Help Your Clients
To truly protect your clients’ buildings, contents, liability and business income, you must tailor their policy to cover the risks unique to vacation rental property owners. By being proactive in addressing these issues, not only will clients view you as a knowledgeable insurance agent but also as a valued business partner.
The first part of this three part blog series addressed the critical issue of vacation rental business success – compliance. In case you missed it, you can read it here.