Renting out your home for short periods of time can be a profitable gig. After all, Oviedo is right next to Orlando, FL, which is the most-visited city in the United States. However, you’ll want to make sure you have the right insurance for your home before you rent it out, as even a small mishap can cost you tens of thousands of dollars if you aren’t properly covered.
How to Cover Short-Term Rental Activity
Home insurance is designed for personal rather than commercial use. Your insurer won’t cover damage caused by a short-term tenant or medical bills related to accidents that happen when short-term tenants are renting your property. However, if you only rent out your home periodically, you can purchase a home insurance rider that allows for short-term rentals. This rider accompanies your home insurance policy and extends coverage to short-term rental activity.
On the other hand, if you rent out your home regularly, even if for short periods of time, you may want to consider a more comprehensive short-term rental policy. Airbnb has a policy that you can buy if you rent out your home on the Airbnb platform. Alternatively, a good local insurance agency, such as Karla Salmon Insurance, can help you pick a short-term rental insurance policy that meets your specific needs. A separate policy is often the ideal option, as it offers comprehensive protection and can be customized if need be.
Call us for More Information
Karla Salmon Insurance is always happy to help Oviedo, FL, homeowners find and purchase great insurance coverage at a great price. Give us a call before you let someone rent your home. We’ll help you get it protected so you can rest assured you won’t have to pay out of pocket if something happens.
