As a savvy property owner, you would know that rental insurance is vital if not legally required. We all know that rental property may not be in the same shape when tenants leave the property. To avoid the high costs of remediation and the risk of liability lawsuits, you know that rental insurance is not an option.
With so many options available on the market, finding the best rental short-term rental insurance might feel confusing. We review how you can find the best short-term rental insurance.
Look For The Best Insurers
With the help of an independent insurance agent, you can find the best rental insurance carrier for your needs. Some of the best in the business include the following.
Farmers
American Family
Progressive
Nationwide
Allstate
It would be best to settle upon an insurance carrier after consulting with an independent insurance agent who can help you to read the fine print and explain the nuances of short-term rental insurance terms and conditions.
Independent insurance agents are aware of several different insurers and how they differ. Hence, they can help you to find the best one for your needs.
What Is The Cost Of The Best Short Term Rental Insurance?
From the best insurance companies, you can expect to pay around $4 each month for $10,000 in coverage benefits. You will have to talk to your insurer to get the exact rates.
Remember, that the total premium depends on various factors. You may be able to get cheaper rates if, instead of purchasing a separate policy, you are able to get an endorsement on your home insurance.
What Should You Look For In Short-Term Rental Insurance?
The best rental insurance can provide you with benefits in many different ways. Here are some of these benefits that are often found. You should look for these benefits in your insurance plan:
Benefits For Property Damage By Renters
Whether the property damage done by renters is accidental or preplanned, rental insurance can pay for it.
Benefits For Theft By Renters
If your possessions are stolen by renters, then you can receive benefits under your insurance plan to cover the cost of such theft.
Coverage For Bed Bugs From Renters
If renters bring bed bugs with them to your property, then this coverage can pay for the cost of remediation.
Coverage For Pet-Inflicted Injuries
In case your pet harms renters or their property, then this coverage can provide liability protection.
Final Thoughts
Finding the best short-term rental insurance is not so hard if you look for the benefits mentioned above. You should get in touch with a trustworthy independent agent to find out which policy will suit you best.