Since the lockdown ended, more Americans have wanted to embark on a journey of "revenge travel." They want to travel and explore to make up for the lost time.
Of the various destinations available, Saint Augustine is one of the most popular spots. If you have a home in the city, now is the best time to turn it into a vacation rental.
However, before you start seeking vacation guests, you need to protect your property. You should invest in vacation rental insurance coverage.
Here's what you need to know:
What Is Vacation Rental Insurance Coverage?
This is a special type of insurance to cover costs related to short-term rentals. Many risks can occur when tourists decide to stay in your home, so you'll need to be prepared.
While you might already have homeowners insurance, it's often inadequate for a vacation rental. Vacation rental insurance coverage offers protection for any liability caused by your guests.
This can include any damage caused by the guest. As Florida isn't always known for responsible tourism, it's best you don't take the risk!
Saint Augustine, luckily, doesn't suffer from the tourism issues that other Florida cities suffer from. However, with increased tourism comes increased risk.
If you want to build a sustainable business from your vacation home, having this insurance is a must!
What Is Covered?
Now let's look at what you'll receive with your insurance coverage. You can choose different policies to see what you'd like to cover and what you don't consider important.
First, your insurance plan will cover property damage. Any damage caused by an irresponsible guest can be covered by your insurance. You should also request a deposit from your guests to cover such costs.
There's also liability damage. This covers the cost of any injuries sustained by your guests. If the guest's personal property gets damaged, this can also be covered by your insurance plan.
Insurance plans often provide limited coverage for personal belongings. This includes furniture, appliances, and other items provided by you for your guests.
A unique aspect of vacation insurance rental coverage is that it can cover the loss of rental income. You may receive a reimbursement in case your guests don't pay your required rental income. This alone makes it a worthwhile investment for many landlords.
As you can see, this is crucial for protecting yourself against any liability from your vacation guests. Using vacation rental insurance coverage also improves your reputation as a vacation host.
Invite Your Guests to Saint Augustine
Now you know the importance of vacation rental insurance coverage for your Saint Augustine property.
This is an important aspect of working as a vacation host. You'll need insurance to cover any damage to your property and belongings. It's also important to protect yourself from any potential liability.
Once you've found your insurance plan, you'll need a bit of help around the house. Consider hiring a property manager to manage your vacation rental.
PMI Ancient City has over 20 years of experience helping landlords in Saint Augustine. We'll be glad to help you as well!
