Most property owners who rent their vacation homes on HomeAway carry either a homeowners or landlord insurance policy, both of which exclude business activity. It’s widely accepted in the insurance industry that renting a vacation home on HomeAway for less than 30 days at a time is considered a business transaction. The HomeAway guest has compensated the owner in the form of money in exchange for the use of the home, this is typically considered a business. What if a guest accidentally set fire to the vacation home, or worse was seriously injured at the property during their short-term stay? Insurance for a HomeAway rental has never been more important.
A Comprehensive Insurance Policy for HomeAway owners is the Right Solution
Insurance that is comprehensive typically means coverage for both property and liability. Property damage is coverage for the actual property from fire, wind, vandalism, water damage, theft, and much more. Liability insurance coverage is for bodily injury or property damage that the owner of the property could be found liable for. An owner who rents their property on HomeAway needs both types on insurance, or a comprehensive insurance plan, and it needs to NOT exclude business activities. The only full proof solution is to purchase a commercial insurance policy for your HomeAway rental. One that will respond to both property and liability insurance claims.
HomeAway Coverage Isn’t Just a Smart Idea…It’s the Law
If you’re located in one of many states that require business insurance for property rentals, then liability and property coverage for HomeAway rental isn’t optional. And remember: your homeowner’s insurance does not cover property rentals. That means if you’re renting out your home without coverage, you’re exposing yourself to some serious risk. Besides being a potential legal requirement in your statement, having adequate insurance is a smart move. It keeps your finances safe, protects your home, and protects your business. Why not get started with your own coverage plan today?