When planning to vacation for a week or two, consider renting a condo or home for your accommodation, as staying in a hotel is more expensive than vacation rentals. Also, you can save considerably on your food, and cook yourself in the vacation rentals. However, what if an unfortunate event happens in your vacation rental, resulting in bodily injury or property damage? Will your homeowners or renters insurance pay for it? Let’s discuss
Two coverages of your homeowners or renters insurance policy will come to your rescue when you are at your vacation rentals, including:
It helps protect your personal belongings from loss or damage caused by covered perils, such as theft, vandalism, hail, storm, fire, etc. This coverage will cover your belongings, whether at home or away from home (eg: while traveling or at vacation rentals). However, homeowners insurance may offer limited coverage for stolen, lost, or vandalized belongings away from home. Also, recreational equipment (such as a golf cart or boat) will not be covered under personal property coverage. So, it is good to look at your specific policy to determine the coverage you will get when you are at your vacation rentals.
It will protect you in case you are found liable for causing injuries or property damage to third parties. It will also cover your legal expenses, attorney fees, and settlement costs if you are sued for causing such damage. However, third-party property damage coverage will not apply to rental property or property under your possession or care unless an explosion or fire causes the damage.
Before you rent a condo or home for your vacation, get to know the coverage that the owner of your vacation rental has. This will help you determine how their coverage will help you and what additional coverage you may need. If your rental owner has homeowners insurance with liability coverage, you will be covered if anyone of your family members is injured due to the owner's negligence. Also, the owner’s policy will cover the vacation rental and other structures on the property in the event of damage or loss caused by a covered peril.
Vacation is a way to relax and have fun, so make it comfortable and stress-free with proper coverage. If you want to know how your existing policies will help you during your vacation, you can talk to your insurance agent before your trip and act accordingly.
At Little & Sons Insurance Services, we offer all-inclusive homeowners insurance to protect your vacation rentals against loss or damage caused by covered perils. So you can enjoy your vacation peacefully without worrying about potential uncertainties and resulting losses. Contact our insurance professionals today to get started on your customized homeowners insurance policy.
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