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What kind of insurance do I need in a disaster for my vacation rental?

With the recent hurricane in the northeast I started thinking about what kind of insurance coverage I might need to protect me, my guests, and my home in the case of an emergency.

1 Answers

When an emergency strikes, there are two things you need to protect: Your home and your guests. If recent situations have caught you off-guard, plan ahead so everything is prepared for next time.

Your needs for a vacation rental are different from what you need for your primary residence, so look for an insurance provider who understands the vacation rental industry. The last thing you want is to believe you’re covered only to learn after the fact that you’re not!

You should have good property insurance that will protect your building and its contents in typical situations like winds. However, this coverage may not protect you from flooding. In some states natural disaster insurance is required in addition to your property insurance. It’s not usually mandatory, but you may consider earthquake, flood, or wind additional coverage. They usually come with hefty premiums though.

You may also want to consider business interruption or rental insurance to help you cover the lost revenue if you’re unable to to use the property due to repairs. Be sure to ask your insurance provider how lost income is calculated.

Read more about disaster planning for your vacation rental.