Many neighbors and friends of McGregor Insurance own a secondary residence which they also rent out as a vacation home for others. Although you probably already have a homeowner’s policy, you need to replace it with vacation rental insurance on any property you use in this manner.

Your Vacation Rental Business

Although you may consider your vacation rental property as simply a home where others spend a few weeks or weekends a year, your insurance company thinks of all vacation rentals as business property. This means you need to be covered by a business insurance policy or a specialty carrier’s endorsed homeowners policy, rather than relying on your standard personal homeowners insurance.

By purchasing a vacation rental policy, you’ll have insurance to protect you financially against unfortunate circumstances such as

• A renter’s injury on your property (such as a slip and fall)
• Vandalism to your property by a renter
• Theft by a renter
• Loss of rental income due to a covered event

Standard Vacation Rental Coverage

Vacation rental insurance is different than personal liability and homeowners insurance. It isn’t a type of coverage to be added to the insurance you already have on a piece of property. Instead, it replaces your homeowners coverage. Like most types of insurance, it comes with certain standard coverage. This generally includes

• Replacement cost coverage for insured buildings and their contents
• Coverage for damage caused by a guest to insured buildings and their contents
• Loss of income due to a covered event
• Commercial liability coverage in the event of injury or death of a guest at the rental property

Customizable Vacation Rental Options

At McGregor Insurance, we understand that no two vacation rental properties are exactly the same, so we won’t try to sell you a one-size-fits-all insurance policy. Instead, we’ll take the time to learn about your property and the way you use it. Then we’ll make recommendations for coverage options, deductible amounts, limits and more.

Don’t hesitate to get proper insurance coverage for your vacation rental property. Get started today by filling out our simple online information form. We look forward to helping you protect your vacation rental.

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