Summer vacations are often the highlight of many families’ getaways. The kids are off from school and the parents can unplug and unwind away from work for some time. There are so many options for where to go, what to see, how to get there, and where you will stay.

While a hotel has the convenience of someone cleaning up after you, room service, and more, many choose to rent a home to have the option to cook and eat in and have more space than your typical hotel room.

Many wonder what they need for insurance when renting a home. As long as it isn’t a long-term stay, rental insurance won’t be necessary. It’s helpful to know what your own home insurance or renters insurance will cover and where the owner of the rental’s insurance comes into play.

 

What will your insurance cover?

Your primary homeowners or renters insurance will offer coverage for two major things when you’re away: personal possessions and liability coverage. Your personal property coverage on your home insurance covers the loss or damage of your property from certain occurrences. What is important to remember is how much coverage you have. When you’re away from home your coverage levels may drop compared to a loss occurring on your own property.

Liability coverage from your homeowners or renters policy also travels with you to the rental property. In the event that you’re liable for accidents that take place there, you will have coverage. As always, it’s best to speak with your agent about just how much you have.

 

What will the owners insurance cover?

Before you sign anything you may want to ask the owner about their insurance coverage. Do you they have “dwelling property coverage” which is the coverage a landlord typically has. Instead they may have a basic homeowners’ insurance policy for the property. Either way, it’s important they they have coverage for any damage to the house that you have not caused. It’s also important they have liability coverage if an accident occurs while you’re at the home that happened due to negligence. This means if there was something they didn’t fix and you trip and fall on it, its most likely them that is liable.

 

What other insurance coverage should I think about?

Water front rental property tends to be the most popular choice for vacationers. If the rental property gives you access to the landlord’s boat, be sure they have enough coverage and you meet the requirements for using it. If you are renting a boat or Personal Water Craft (PWC) on your own, it’s best to take the company up on their insurance they’ll offer. You should also think about enough coverage for any recreational items you bring along.

Your summer trip plans should include a call to your agent so they can walk you through your coverage. Everyone’s policy is unique and your agent will be able to give you advice specific to you.

 

Sources:

·        NAIC- Consumer Alert Property Insurance

·        Encharter – Insurance While Renting a Home

·        AllState – Rented Vacation Home