While vacation rental insurance might seem unnecessary, it can help ease your mind and save you money in the long run, especially if you’re opening up your home to paying guests or property management clients, like Airbnb hosts or HomeAway renters. But what exactly does vacation rental insurance cover? Does it cost more than regular homeowners insurance? Here’s everything you need to know about how much vacation rental insurance costs and what kind of coverage you can expect from a policy on vacation rentals, including popular options like Rental Guard and Protect Your Home Today.
The importance of trip cancellation and interruption insurance
Just like any other insurance policy, trip cancellation and interruption insurance can provide financial protection in the event of a life-changing incident. With this type of coverage, you will have peace of mind knowing that your vacation is still protected and that you have a plan for covering costs in the event that it is canceled or interrupted by circumstances beyond your control.
The cost of your vacation rental insurance depends on your destination
It depends on what type of rental you are renting. If it is a house or apartment, the annual premium can cost as little as $25-$50. But if you rent an RV, camper or boat, for example, the rate can be upwards of $500-$1000.
Who needs vacation rental insurance?
The most obvious answer to this question is homeowners who are renting out their homes while they are away. In some cases, homeowners might even want to purchase vacation rental insurance in order to protect themselves against financial liability in the event of any kind of accident that could happen while they’re away on a trip. If the homeowner doesn’t own their own home and are instead renting an apartment or a hotel room, they might also consider purchasing vacation rental insurance for similar reasons.
What is included in your rental agreement coverage?
Vacation rental insurance coverage typically covers your personal possessions, some of the buildings’ structures (exterior only), and liability for other people. There are many options when it comes to vacation rental insurance, but the cost will vary depending on whether you want to cover just your personal property or your building’s structural damages as well.
Tips for comparing quote prices
Now that you have some quotes in hand, it’s time to see which company offers the best deal. Enter each policy into an online calculator and compare the results. In order to find the best policies for you, take a close look at the costs associated with each option so that you can find what is most affordable for your needs. Another good way to compare quotes is by looking at the size of the deductible offered with each insurance option.
Where can you get quotes from different providers?
While insurance can be a big help, there are many different policies out there to choose from. Some cover all damages while others just cover theft or vandalism. If you’re not sure which is the best option for you, why not take some time to do your research and get quotes from different providers? We recommend that you take the following steps when shopping for vacation rental insurance:
1) Find the right policy for your needs
2) Understand what’s covered by insurance and what’s not.