I've read several articles on having liability insurance when short term renting. i'd like to know what many on there do. I know one general homeowners covers up to 300k of liability. BUT CAN YOU ADD YOUR RENTAL TO YOUR PRESENT UMBRELLA LIABILITY POLICY IF YOU AHVE ONE ON YOUR PRIMARY RESIDENCE? SOME ARTICLES SAY YOU CAN AND OTHERS SAY YOU CAN'T AS RENTING YOUR HOME IS CONSIDERED A BUSINESS. has anyone who rents there home or condo ever had a claim from a renter? i've yet to ever here of one. thanks for any info
Question about liability insurance when you short term rent your home
- Thread starter gmarc
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We have a multi-million dollar liability policy that costs us $215 a year. It's worth it for the peace of mind with regard to renters who do crazy things.
Some rental companies require proof of insurance and a certain amount. Although I've heard of instances in which a renter was injured or could have sued over something I've never actually heard of them following through. Another way to limit liability is to incorporate or use an LLC, but that is a matter for an attorney to answer the exact limitations.
P.S. Make sure that if you use a rental company they have sufficient liability insurance themselves. This covers you in instances of theft (by person with access to the home through the rental company) or any instance in which an employee of the rental company might cause harm to a renter.
P.S. Make sure that if you use a rental company they have sufficient liability insurance themselves. This covers you in instances of theft (by person with access to the home through the rental company) or any instance in which an employee of the rental company might cause harm to a renter.
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We also have flood insurance, and our home is not in a flood zone. But after Katrina when insurers in NOLA and along the Gulf Coast wouldn't pay those people's claims because they said that the water damage was due to flooding and not a hurricane :roll:, we purchased a flood insurance policy. It is inexpensive and worth it for piece of mind.