CBIZ Vacation Rental Insurance Blog

Pay-As-You-Go Damage Insurance vs. Commercial Vacation Rental Insurance

Posted by CBIZ Vacation Rental Insurance on Dec 10, 2018 8:40:00 AM

If you rent your vacation property to others, there is always a risk that the structure or its contents will be damaged somehow during a renter’s stay.

When damage occurs, you could find yourself having to pay significant amounts of money to repair or replace your property. That’s where vacation rental insurance comes in. Of course, there is a cost to purchasing insurance coverage.

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Topics: Vacation Rental Insurance

Making Renters Feel Safe in Your Rental Property

Posted by CBIZ Vacation Rental Insurance on Dec 3, 2018 8:42:00 AM

You may think your vacation rental property is safe, but do your renters share that view?

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Topics: Vacation Property Owners

Limiting Risk Through Full Disclosure in Marketing

Posted by CBIZ Vacation Rental Insurance on Nov 28, 2018 11:40:07 AM

If you are like most vacation rental property owners and managers, you want to fill your rental calendar with bookings.

After all, more bookings mean more guests which means more money in your pocket. Your rental website (if applicable), listings on booking sites, and communications with potential renters can all play a key role in helping you attract a steady stream of the right kind of renters.

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Topics: Vacation Property Owners

Relying on a Host Liability Policy May Leave You Unprotected

Posted by CBIZ Vacation Rental Insurance on Nov 12, 2018 8:32:00 AM

Whether your vacation rental property is a mountain cottage, a beachfront cabin, or a condo in the midst of a bustling metropolis, you face risks every time you rent it to others.

In addition to the risk of loss you face if a vacationer destroys your furniture or inadvertently creates water damage by leaving a faucet running, you could also be held legally and financially liable if someone is injured on your property. 

Some vacation listing sites provide host liability coverage for free or at a reduced cost as part of their service offerings for vacation rental property owners. These types of insurance policies are a good start in managing property owners’ risks. However, relying exclusively on host liability policies could leave you, the property owner, without adequate coverage.  

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Preparing Your Vacation Rental Property for Off-Season

Posted by CBIZ Vacation Rental Insurance on Nov 5, 2018 8:08:00 AM

When you own seasonal vacation rental property, the steps you take to prepare it for the off-season matter.

Simple actions can help ensure your property is in peak rental condition when your busy season begins again, so you are less likely to have to deal with unplanned downtime on your rental calendar. This can give vacationers a better experience, which in turn could lead to increased rental revenues for you.

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When the Customer Isn't Always Right

Posted by CBIZ Vacation Rental Insurance on Oct 29, 2018 7:30:00 AM

No matter what safety precautions you have in place or how well you maintain your vacation rental property, a vacationer could become injured or claim that your negligence caused damage to their property at any time.

It is not unheard of for renters to file lawsuits claiming that the vacation rental property owner or property manager was negligent, did not live up to a legal standard of care, or was somehow responsible for their injuries. If you are named as the responsible party in such a suit, you need to defend yourself against the charges – even if you believe that your actions (or inactions) did not contribute to the renter’s injuries.

It is expensive, time-consuming, and emotionally-taxing to have to defend yourself against a lawsuit. Even if the vacationer is ultimately unsuccessful in proving that you were at fault, you may still be responsible for paying attorneys’ fees and court costs, not to mention your time and the frustration you experience in the process.

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Using a Local Property Manager to Limit Your Risk of Loss

Posted by CBIZ Vacation Rental Insurance on Oct 22, 2018 8:29:00 AM

Owning vacation rental property can be a rewarding source of extra revenue for you.

However, if the property you rent out is geographically distant from your home, it can be almost impossible to ensure it is maintained to your standards or to handle emergency situations on the premises without a local property manager there to provide hands-on support. Even if your vacation rental property is just across town, there are many benefits to hiring a property manager.

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Severe Risks Could Put Your Business in Peril Without the Right Coverage

Posted by CBIZ Vacation Rental Insurance on Oct 3, 2018 10:50:40 AM

While your vacation rental property is probably not your only source of income, it is a business venture.

As such, you need the right type and the right amount of commercial vacation rental property insurance to protect your investment and mitigate your legal liability risk.

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Vacation Rental Insurance Protects Your Investment – And Your Income

Posted by CBIZ Vacation Rental Insurance on Sep 17, 2018 8:00:00 AM

When you decided to rent your vacation property to travelers looking for an alternative to hotel stays, you also made the decision to go into business for yourself.

While you may not think of yourself as a business owner, you are. And, as a business owner, it’s important to have sufficient commercial insurance coverage protecting your investment.

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Topics: Vacation Property Owners

Vacation Rental Insurance Basics: Who and How

Posted by CBIZ Vacation Rental Insurance on Sep 10, 2018 2:38:00 PM

If you own vacation property that you rent to guests, you need the right commercial vacation rental coverage to protect your investment.

Without adequate coverage, you are at risk of financial loss if the property is damaged, if a guest is injured, or if their property is damaged somehow while staying on the premises. Property owners who are not familiar with this type of insurance often have questions about their eligibility to purchase coverage and about how to go about buying an insurance policy.

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Topics: Vacation Rental Insurance

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