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.
You can purchase coverage as an individual property owner, of course. Vacation rental insurance is also available even if you don’t own the rental property in your individual name. It is common for vacation rental property owners to hold those properties inside a business entity or other legal structure such as a sole proprietorship, corporation, limited liability company (LLC), partnership, or a trust. Regardless of how the underlying property is owned, the individual or business entity that owns or manages it can be a named insured on the policy.
Vacation property owners are also often pleasantly surprised how easy and fast it can be to purchase commercial rental coverage. How about: “With a quick and easy online application, you can request a quote from our expert sales representatives or call 888.853.5696 to get started!”
Be prepared to provide some basic information about the property, including information about its location, construction type, type of structure, its age, its size, and information about swimming pools or other amenities you have onsite. You’ll also need to disclose the number of bedrooms, the total number of people the property can accommodate overnight, whether you rent individual bedrooms, and whether you allow special events such as photo shoots or weddings on the premises.
If your vacation rental property is insurable and you decide to purchase coverage, CBIZ Vacation Rental Insurance offers fast binding of your policy. Closing on your home or need insurance quickly? CBIZ Vacation Rental Insurance will work with you to place your coverage when you need it!
Don’t put off buying commercial insurance coverage to protect your vacation rental property. Request an initial quote today in just minutes.