How much do you know about insuring a vacation rental property? Test your knowledge in this short quiz, designed specifically for vacation rental property owners and managers!
Ready? Set. Pop Quiz!
Whether your vacation rental property is busiest during winter months or over the summer, any change of season is a good time to evaluate your property so you can make needed repairs and updates.
It’s also a good time to consider whether your vacation rental insurance coverage is enough to protect your property and your business.
How much do you know about insuring a vacation rental property? Test your knowledge on this short quiz, designed specifically for vacation rental property owners and managers:
- Multiple Choice. Which of the following amenities can you cover with a CBIZ Vacation Rental Insurance policy?
- Swimming pools and hot tubs and exercise equipment
- Non-motorized watercraft
- Motorized watercraft up to 10 HP
- A and B only
- A and C only
- All of the above
The answer is “all of the above.” True vacation rental insurance helps protect those attractive amenities that help your business bring in guests.
- True or False? You can get a premium credit on your vacation rental insurance when you take certain actions to mitigate your risk.
- True! When you insure your vacation rental property through CBIZ Vacation Rental Insurance, you may qualify for credits when you have central station fire alarms, sprinkler systems, or central station burglar alarms. Depending on your prior claims history, you may get a premium credit based on that, too!
- Multiple Choice. What types of protection do you have when you buy vacation rental insurance?
- Property insurance
- Property insurance and liability coverage
- Property insurance, liability coverage, and income protection when another covered property loss occurs
- None of the above
The correct answer is “c.” When you buy Vacation Rental Insurance through CBIZ, you’re getting protection for damage to your property, liability protection in case someone claims you are responsible for their injuries or damage to their property, and coverage for lost rental income if a covered property loss means you cannot rent the property for a period of time.
- True or False? If you buy vacation rental insurance, your policy automatically covers other business activities on the same premises, such as renting watercraft or ATVs to the public.
- This one is False. You will need a separate insurance policy to cover losses related to business activities other than the business of renting out your property.
How did you do on our pop quiz? When you understand the benefits of purchasing vacation rental insurance, it’s a no-brainer. If you still have questions, check out the Vacation Rental Insurance FAQ section of the CBIZ website. Then, download our free eBook, “8 Essential Things You Need to Know to Protect Your Vacation Rental Property.”
Ready to request a free quote? Simply complete our short, confidential application form. Next time the seasons change, you can be confident knowing you are protected against property damage and liability claims.