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Insurance Coverage for Vacation Rentals

Thanks to the explosion of platforms like Airbnb and HomeAway, property owners have found new ways to make money, but it’s also raising important questions about the appropriate insurance coverage needed to protect these investments.

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Is It Covered? Liability for Non-Covered Items

Generally, if an item is excluded from the Property Coverage on your investor client’s property, it is likely not covered in their Liability Coverage either. Keep in mind that while your client’s Property Coverage protects damage that happens to their investment property, (i.e., the physical building), Liability Coverage protects their financial well-being associated with that property.

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How TPP and Renters Insurance Work Together 

REInsurePro’s Tenant Protector Plan (TPP) is a truly distinctive offering that helps investors and their tenants in the event of a property loss caused by tenant negligence. While we always recommend that that landlords require their tenants to carry renters insurance, the TPP adds an extra layer of protection for both parties.

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Even Healthy Trees Need Maintenance

Well-kept trees can add value to properties, help save energy, and reduce crime. The downside? Falling trees or large limbs can cause costly damage. In 2022, 6.4% of claims reported to REInsurePro were due to tree-related damage.

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Is It Covered? Trees, Shrubs, & Landscaping

Coverage relating to trees and other greenery on a property can vary widely depending upon the specific circumstances of an incident. Some policies may include limited coverage, while others exclude it. Depending on the cause of a fallen tree and if it was healthy or dead at the time it fell, coverage for property damage or bodily injury may or may not be available.

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burst pipe

Is It Covered? Garages, Fences, & Other Structures

Many assume that coverage for garages, fences and other outdoor property is automatically included in their insurance policy as these items are located on the same land as the main house. Coverage for “Other Structures” is usually always included in standard Homeowner’s policies. However, coverage for investment properties operates differently, and some “detached structures”, or “outdoor fixtures” may not be included unless your client specifically requests coverage for those items.

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Help Clients to Avoid Post-Storm Scams

Our thoughts are with all of those who were affected by Hurricane Ian.
Unfortunately, some unethical individuals wish to take advantage of those who have just suffered a loss. Service providers may attempt to exploit your clients’ difficult situation by pressuring them into signing an unread contract and inflating repair costs.

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Is It Covered? Named Storm

If your investor clients have properties in coastal locations, it might not always be clear if they have coverage when a tropical storm or hurricane passes through. Damage may occur because of the force of winds, rain driven by those winds, storm surge, and flooding. Some carriers get very specific about separating these coverages versus covering damage occurring in one storm event under the Named Storm peril.

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