Are you a frequent traveler who rents out your home while away? Do you have a property that you use as a vacation or short-term rental property? If so, you should consider investing in landlord insurance to cover your property even during short-term stays.
Thanks to companies like Airbnb, it is easy for homeowners to make extra income by renting out their own homes, extra spaces, or additional properties for weekend getaways and vacationers.
However, even though it is a great way to make some extra cash, you want to be cautious and insure your property with the right type of insurance so that you are covered in case of an accident. In addition, no one wants to spend the money they just made fixing an issue that wasn’t their fault.
That’s why it’s important to know about landlord insurance for short-term rentals in California!
Won’t My Homeowners Insurance Cover My Property?
If you frequently rent out your home or any other property you don’t consistently reside in, then no, damages will not be covered by your homeowner’s insurance. However, if you rent out your own home, it does get tricky to determine what might be and what might not be covered, which is why you should work with a seasoned insurance agency (like us!) to determine what kind of coverage you need.
That is why, when you decide to rent out your home or other properties, even for short-term stays, you should get the protection covered by landlord insurance.
What Is Landlord Insurance, And Why Do I Need It?
Landlord insurance for short-term rentals in California is technically not required by law, but it is highly recommended to anyone who rents out their property! Why? Because you don’t want to be constantly paying out of pocket for repairs and maintenance that were out of your control.
Landlord insurance takes care of a lot of different aspects, not just damages but injuries sustained on the property as well!
Short-term rental insurance provides the necessary comprehensive coverage while you aren’t residing on the property. It will cover incidents that happen on the property, including damage to property contents, structural damage, and even personal injury. There are other options that you can include as well, but that is what the general policy covers.
A good example of why you should have landlord insurance for short-term rentals in California, or anywhere you own property is coverage for injuries. If a guest is renting your property, becomes injured, and decides to sue you, how will you pay for the legal fees and medical fees if found negligent? Don’t wait until something like that happens to say, “I wish I had gotten the right insurance!” Again, making money through short-term rentals is easy, but the cost of not having the right insurance could outweigh that benefit!
Don’t Wait Until It’s Too Late To Get Landlord Insurance For Short-Term Rentals In California! Call Insurance By Castle Today!
You won’t have to worry if you have the right coverage on your home and rental properties if you work with the right company. Here at Insurance By Castle, we are dedicated to getting you the exact coverage you need without the hassle of having a million policies and spending a lot of money. Instead, we will work with you, your budget, and your needs to get you exactly what you need to protect your property and assets.
If you have a current rental property, reach out to us today to discuss what coverage you currently have and how we can help you make it even better! If you are considering renting a property, contact us today to get a quote for the most comprehensive coverage available!
We also help to insure building owners, apartment complexes, and renters! Read our latest article discussing Apartment Insurance In California for more helpful insight and information!