Renting out your condo to short-term tenants can be a lucrative opportunity. Furthermore, as rental platforms like Airbnb and Vrbo have risen to prominence in recent years, these arrangements may seem more approachable and less intimidating. However, allowing others to occupy your property and accepting the responsibilities of a host invokes inherent financial risk. At Consoles Insurance Agency, we’re standing by with guidance to help you understand appropriate coverage.

What Type of Insurance Do I Need to Rent Out My Condo?

You should first understand that renting out your condo, even for abbreviated periods, may require specialized insurance. Your standard condo, or HO-6, insurance policy may only apply if you live there and use it as your primary residence. To limit coverage gaps and prevent claim denials, you may need to purchase an endorsement or separate policy providing short-term rental coverage.

What Does Short-term Rental Insurance Cover?

Short-term rental insurance is a specialized type of policy that may provide similar financial protection as landlord insurance, albeit with coverage tailored specifically toward abbreviated tenancies. Policies may vary in their exact parameters, but you can often submit a claim for financial assistance in response to the following:

• Structural damage, such as if a fire, criminal or certain natural disasters damage your condo

• Personal property, such as if you leave furniture or equipment at your condo and it’s damaged by a covered peril

• Liabilities, such as if a guest or passerby is injured in an incident for which you’re at fault

• Income loss, such as if a covered incident renders your condo temporarily uninhabitable and unable to collect revenue

In some cases, policies may have strict guidelines regarding how many days per year you can rent out your condo to be eligible for short-term rental coverage.

How to Get Short-term Rental Coverage for a Condo

Contact [zy_company_name] in Peabody, Massachusetts, today to learn more about short-term rental coverage and ensure your condo is suitably insured regardless of who’s staying there.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.