When you own a vacation rental home and have strangers staying on the premises, any number of things could go wrong.
You probably invested a lot of money into the structure, furniture, electronics, and appliances. Many vacation rental property owners also provide amenities like hot tubs, saunas, watercraft, and exercise equipment. You know how to operate these things, but will the guests staying in your rental property be able to figure it out?
If a guest uses an appliance, electronic device, or amenity improperly, you face the risk of financial losses due to property damage. There’s also a risk that a guest will become injured, meaning you could be on the hook for their medical expenses and could face a personal injury lawsuit. Purchasing vacation rental insurance can provide a safety net by helping to limit a property owner’s risk of loss. You can also mitigate your risk by providing step-by-step instructions for vacationers on how to use the items in your rental property.
Do you have a hot tub, sauna, fireplace, or specialized electronics like stereo equipment? If so, consider taking the time to create and post instructions for your guests so they know how to properly use your equipment. Taking this extra step is a guest-friendly move, as guests will be more comfortable using amenities and appliances when they know how to do so. Posting usage instructions and tips can also prevent property losses and injuries stemming from improper use of equipment.
Owning a vacation rental property comes with risks, but you can stave off those risks by taking preventive measures and purchasing insurance coverage. However, don’t simply assume your existing insurance coverage will protect you from losses related to short-term vacation rental activity. Insuring your vacation rental home through CBIZ Vacation Rental Insurance can help give you extra peace of mind so that if damage or injuries occur, you have insurance protection behind you to help pay for losses.
To learn more, download our free checklist today, Does Your Current Insurance Coverage Provide Adequate Protection for Your Vacation Rental Property?