Florida isn’t called the Sunshine State for no reason. With its year-round warm temperatures and numerous attractions, it draws many vacationers. In fact, if you live in Florida, you may have either rented your home to vacationers at some point in time or at least considered it. Before renting out your home or a room in your home, determine the type of insurance needed for a VRBO or Airbnb.
Business Activity is Excluded?
Your Florida homeowners policy is designed to protect your home from covered losses; but when it comes to renting out your home or a room in your home, you need to be aware of your homeowners policy provisions, conditions and exclusions in relation to this. Business activity is specifically excluded under a standard Florida homeowners insurance policy so before you rent to others, it is recommended you contact your local Florida independent insurance agent to discuss the details regarding any vacation rental activity in which you are involved or plan to be.
Imagine that you have resided in Florida for many years and have rented your home to various vacationers over the years. Never experiencing any issues, you continue to do so…until NOW. You rented your home to a family for a week and during the stay, one of the renters slips and falls in the bathroom and has to undergo knee surgery. Not only are you faced with soaring surgical fees, medical costs, and a potential lawsuit, but your insurance company has denied this claim referencing “business activity.” Without the proper insurance protection for VRBO (Vacation Rentals by Owner), this situation can become a reality and can result in financial ruin.
Vacation Rental Insurance
If you are in the VRBO business or Airbnb and don’t have the proper insurance protection, you could be risking everything you have worked to get, including all your assets. In order to protect your financial well-being, you need to purchase a commercial insurance policy so that your Florida home/condo will have the needed protection for vacation rental activities.
This insurance protection provides commercial liability coverage for situations, like the one referenced above, when someone renting your home, or a room suffers injury while at your home. By having this commercial liability policy (“rider”) you are protecting yourself and your assets from claims made by guests renting your property, such as a VRBO or Airbnb situation.
Find a Fit for Your VRBO or Airbnb Needs
Protection for your Florida home and your assets is essential if you are in the market of VRBO or Airbnb. You can have this type of vital protection with the help of your Florida independent insurance agent, but you must establish open lines of communication in order to get the right fit for your VRBO or Airbnb needs. Ideal Insurance Agency can assist you every step of the way in determining a broad coverage commercial insurance policy fitting your specific needs or even a commercial umbrella policy if that’s needed. Call us today at 941-921-2102 for all your Florida VRBO or Airbnb insurance needs.