Insuring Vacation Rentals
Last updated on 03/27/2023
Vacation Home Rental Insurance
We know not everyone vacations in a hotel or an all-inclusive resort. So when you vacation at your favorite locale in that rental home you just adore, you should be covered by vacation rental insurance too.
Complete Coverage for Your Vacation Rental
A furnished house, cabin, or apartment is a unique form of accommodation. These rentals can offer a little more space, a little more privacy, and feel more like “home” than a traditional hotel room. However, with these additional benefits come additional responsibilities.
While the rental property owner surely has homeowner’s insurance, that coverage won’t necessarily protect you from the cost of accidental damage to the property or furnishings while you are in residence. This may include accidents such as broken lamps, windows or glass, damaged doors or electronics, stained bedding, linens, walls or furniture, lost keys or re-keying costs, you will want to ensure your plan includes property damage coverage.
The Nationwide Vacation Renter Protector Plan is the first and only comprehensive plan to include this coverage for property damage. This is in addition to the benefits found in a typical comprehensive plan including, but not limited to, coverages such as Trip Cancellation or Interruption, Emergency Medical Coverage, Travel Delay, and Baggage Loss.
Rental Home Vacation Coverage
Any vacation is susceptible to unexpected disruptions or inconveniences. Even if you plan the perfect vacation and do not experience any missteps yourself, your vacation rental - particularly those located in places with unpredictable weather - may still be vulnerable. You want a vacation rental insurance plan to cover if a destination becomes uninhabitable before or during your trip.
Most comprehensive plans offer some kind of coverage for vacation rentals. If a major weather event or another unforeseen issue, like a fire, damages the property you will be renting so badly that you can’t use it, you may be reimbursed. Many popular vacation rental spots are located in hurricane-prone areas. Some comprehensive plans will provide you with trip cancellation coverage if you must cancel your trip due to a NOAA Hurricane Warning for your destination issued 24 hours or less before your departure.
When Driving to a Rental Property
If you’re driving to a vacation rental property, you may need to look into a travel insurance plan that has coverage for road closures that prevent you from getting to your destination. If your vacation rental home is located on a beautifully secluded island, only accessible by one road, you may want to consider this coverage.
This is a highly specialized benefit that not all companies offer. Be sure to review the plans you are considering to find which include this benefit. Can’t find it in the fine print? Give one of our licensed experts a call to find the best vacation rental home insurance plan for you.
Vacation Medical Coverage when Renting
While travelers with vacation rentals within the United States may not think about adding medical coverage to their list of needs, extra medical coverage to transport you closer to home, in the case of long-term care, can add peace of mind to your trip. Although the details of coverage vary by plan and company, you may want to consider a comprehensive plan that includes medical evacuation coverage if your trip takes you 50-100 miles away from home.
If you are renting a vacation home outside the United States you should consider both medical evacuation coverage and secondary medical coverage. Check with your health insurance provider to see their limit of coverage in your vacation spot. Then look for a plan that will pick up where your health insurance leaves off to keep you worry-free during your trip.
Disclaimer: The information contained in this article serves as a general overview of benefits and should only be used for informational purposes. Refer to your individual certificate of insurance for specific coverages, exclusions and benefits. When in doubt, please contact one of our licensed agents for additional assistance.