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We would like to rent our home for several days or up to a week occasionally during the year, and have found it impossible to find insurance for during the time it is rented. Our homeowner's insurance will not add a rider, and we would not be covered for any claims during a rental period. We cannot be the only ones doing this...help!
hi spirkle4 - what country are you in
i have the same question - I am in the UK and need an answer to this question
I submitted my question to an allexperts website, and this is the response that I received (and I am in the U.S. by the way):
"The industry standard policy form excludes coverage for detached structures that are rented to others and it excludes coverage for "landlord furnishings" if the residence is rented on a full-time basis, however there is no language in the policy that eliminates coverage for the dwelling itself. There is language in the liability section that excludes liability coverage for property rented to others, however the exclusion gives back coverage if the primary residence is only rented on an occasional basis. The term "occasional" is not defined in the policy.
"Without looking at your policy, I can't be certain that your policy has language that conforms to the industry standard. There is no rider or endorsement that grants this coverage, it is automatic in the policy.
"Amazingly, this will probably be a common occurrence here in the Tampa Bay area where I live. With the Republican convention happening here in August, there are many homes, even one in my neighborhood, that is renting for the month for about four times the typical average monthly rental. If this home was insured on a Homeowner policy with industry standard language, the owner of the home would have no coverage issues and would be fully protected should a loss occur during the rental."
I asked him a follow-up question, and he replied that if my policy conformed to the industry standard, then I would be covered. I called my insurance company again yesterday, and the agent I spoke with said I would be covered if I did one rental to one family in one year, but there was no mention of the number of days. She said that two rentals (claims) in one year would not be covered. The "allexpert" guy said he thought that was her interpretation of "occasionally" as referenced above.
Hope this helps.
CBIZ insurance services can do this, their number is 888-883-5686
EVERYONE IS MISSING THE POINT ON THIS!!! Once you get the commercial policy, then what do you do about insuring your boat, car, motorcycle, and most important another house or Umbrella policy??? You other insurance policies will increase due to the fact that you don't have all of your other property with just one agent for a discount. Then, how do you lump all your property together with an umbrella policy? You need to look at how taking away your primary residence affects everything else you insure.
I work with an insurance company that only sales Travel, Accidental Damage
and Rental Liability Insurance. Rather than trying to add your home that
you rent out a few times a year onto your home owners policy. Use an
insurance like ours for a one time policy when ever needed. You can add the
policy fee to the cost of the rent. There is no need for a deposit or
deductible to the renter. Its cost affective and it doesn't effect your
current homeowners policy.
I am a property owner in California who rents out the lower level of his home (inlaw/garden apt) to tourists. I live upstairs and manage it. I rent to short term tourists 3, 5, 7 days at a time. Not monthly. I contacted my insurance company recently to discuss my business downstairs. I was told that they dont cover short-term guests, but would cover a long-term tenant. Fine. Now, I go out searching for alternatives. I can tell everybody here that I worked with two insurance brokers, and researched the net and made calls. There are a handful (1/2 hand) that write insurance to people who own there own home, live it and rent a portion out to tourists, or temp borders. I finally obtained a quote from CBIZ which writes this type of policy. I contacted them and explained as noted above and got confirmation including email that they cover this type of risk. I obtained a quote from them at approximately 1800 which is about 800 more than my homeowners policy. I will replace my homeowners with a commercial policy. I was provided a quote that not only covered the replacement value of my home, but provided me $1,000,000 in liabilty insurance per occurence up to 2 million in one year. It covers my entire house, contents (including downstairs unit). Policy itself was better than my homeowners policy which I paid extra for an umbrella policy up to that amount. You pay a little bit more, but you are covered in the event somebody slips/falls on your property, inlaw/garden apt etc. Yes, I will lose my multi-car discount, but thats a whole 15% or approximatley $250.00. I would rather have piece of mind and pay extra for car insurance than get sued for everything I own and have worked years to achieve. If you are like me in a similar situation give them a telephone call and see for yourself 406- 922 5055. Homeaway also discusses CBIZ on there website.
Does CBIZ cover injury due to pool use, like someone drowning while playing a game or swimming in the pool? I doubt it. Here is one of their million exemption clauses:
"To a person injured while practicing, instructing or participating in any physical exercises or games, sports, or athletic contests."
I think you must get in touch with an insurance company and get some idea about regarding rental insurance.