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

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

5 Things to Know About Vacation Rental Insurance

Posted by CBIZ Vacation Rental Insurance on Sep 3, 2018 2:41:00 PM

The cost of commercial vacation rental property insurance and liability coverage is usually a consideration when deciding which policy to purchase, but it shouldn’t be the only factor you evaluate.

You want a policy that will provide adequate rental property coverage for damages, as well as liability for renters or others injured on the premises. 

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Topics: Vacation Rental Insurance

Are Your Personal Assets at Risk?

Posted by CBIZ Vacation Rental Insurance on Aug 20, 2018 2:41:00 PM

The reality is that vacation renters can, and often do, sue property owners and managers for damages when they feel they’ve been harmed by the property owner’s or manager’s actions or negligence.

Of course, just being the target of a civil lawsuit doesn’t necessarily mean that the plaintiff will win the lawsuit. But, even if the other party is unsuccessful and the court or jury sides with you, you may be on the hook for paying court fees and the cost of having an attorney represent you.

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Topics: Vacation Rental Insurance

Common-Sense Safety Precautions Can Keep Your Liability Risk in Check

Posted by CBIZ Vacation Rental Insurance on Aug 13, 2018 2:37:00 PM

The cost of commercial vacation rental insurance and liability coverage is usually a consideration when deciding which policy to purchase, but it shouldn’t be the only factor you evaluate.

You want a policy that will provide adequate rental property coverage for damages, as well as liability for renters or others injured on the premises. 

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Topics: Vacation Rental Insurance

You Can’t Rely on Your Homeowner’s Insurance

Posted by CBIZ Vacation Rental Insurance on Aug 6, 2018 2:33:00 PM

Vacation property owners who choose to rent their properties to others can find it’s an easy way to earn extra money.

However, property owners sometimes fail to consider the potential risks that can come with such rental arrangements and mistakenly believe their homeowner’s insurance will protect them. The reality is that the moment the property is marketed as a vacation rental home and money exchanges hands, you are engaging in a commercial activity and the stakes go up. Property owners face risks associated with property damage, legal liability, and lost income that homeowner’s policies typically don’t address. 

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Topics: Vacation Rental Insurance

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