Everything is going fantastic with your vacation rental -- until someone is injured on the property. They're rushed to the hospital, and it's you to cater for their medical expenses. Why? The injury occurred because of some negligence on your part as the property owner.
This wouldn't have happened if you'd had vacation rental insurance coverage. Many property investors make the mistake of thinking that their regular homeowner's policy will cover them in times of peril, but it won't.
Short-term rental insurance can protect you in more specific circumstances. The question is, how do you find the best renters insurance near Niantic, CT? Check out this quick guide to find out.
What Is Vacation Rental Insurance?
So, what is Connecticut short-term vacation rental insurance? It's a way to protect yourself, your assets, and your guests. Depending on the insurance company you choose, either you'll pay for the coverage, or you can charge your guests a security deposit.
Ask renters to sign a waiver stating that if they cause damage to the property, you get to keep the deposit. If it looks the same as before they checked in, they'll get it back.
1. Look at the Coverage
Most policies include liability coverage. This means that if something goes wrong, guests can't hold you responsible for it. If someone is hurt, the insurance company will step in to cover the medical bills so you won't have to.
If the harmed guest decides to sue you, the insurance company will cover all the legal costs. If you have employees working on the premises, you'll want to make sure your insurance policy covers employer liability.
If you have your belongings in your short-term rental, look for a policy that covers theft and property damage. Opting for hurricane, flood, and fire coverage is also a wise idea.
If there comes a time when you can't rent your property out for one reason or another, it could cause you to struggle financially unless your policy covers loss of income.
While insurance doesn't typically take care of renter screening, it's something you should consider to protect your investment. Talk to a property management company about this service.
2. Compare Prices
While insurance coverage is a necessity, having it shouldn't cause you to empty your piggy bank. Shop around for deals.
Some insurance companies will only charge you for coverage while your property is being occupied. Others will give you a discount for paying for a full year of coverage at once.
3. Check Online Forums
If you're not sure where to start shopping around, check online forms. You're sure to find short-term renters such as yourself who can point you in the right direction.
Before deciding on a specific insurance company, look up reviews. No one can tell you what a provider is like quite like past and current customers.
Finding the Best Vacation Rental Insurance Coverage
You shouldn't rely on your homeowner's policy to cover your short-term rental. You need vacation rental insurance coverage. It's the first step toward protecting your investment in Niantic, CT. The second step is renter screening.
At PMI East Lyme, we've been helping people like you find quality renters for over two decades. Go here to learn more about our services and schedule a consultation.