Does Homeowners Insurance Cover Rental Damages
I’m thinking about renting out my home on Airbnb or through another website. I’m a bit concerned about my insurance coverage should something happen while a tenant is in the home instead of me.
Will my homeowners policy keep me covered when I rent out my home, or do I need to purchase another policy?
This is a loaded topic, and there’s no straightforward way to answer it. There are several factors at play when determining whether your homeowners policy will extend coverage to tenant damage. However, there are two factors that are more important than the others:
- Length of rental: If you live in your home full-time but periodically rent it out just once or twice a year, your homeowners policy may provide some protection. This protection may be limited to cover only certain risks, say a fire or some sort of theft, but some coverage is better than none at all. If you rent out your property with any sort of regularity, a homeowners policy won’t likely provide coverage.
- Scope of rental: There’s a difference with homeowners coverage depending on the scope of the rental. If you live in the home but rent out just one bedroom on a short-term basis, your homeowners coverage is generally sufficient. Things could get complicated if there are several tenants sharing that room or if they stay for a significant period of time.
We Offer Coverage When Others Wont
Have you experienced the cancellation or non-renewal of a boat or personal watercraft insurance policy due to an excessive claims history or other reasons? Have you had your application for coverage rejected? We specialize in taking on difficult risks that other insurance companies avoid. We provide insurance solutions that no one else will.
XINSURANCE will be there in your time of need. You can contact us to file a claim, and well initiate the investigation and settlement process without delay. You can also count on us for expert legal assistance during a lawsuit. We work with old and new claims and will even take on existing litigation on your behalf.
Tips For Reducing Risk & Liability On The Water
- Ensure your boat has all the required safety equipment.
- Request a trip plan.
- Do a detailed walk through and test drive with renters.
- Create your own “renter’s manual” with safety and basic boat operation checklists, emergency contact information, and what to do in case of an accident.
- Consider additional insurance that may increase your liability coverage on the water .
- In a welcome email, send the renter this link to the free online boating safety courses offered by the BoatUS Foundation for Boating Safety and Clean Water: BoatUS.org/Courses.
- Hire a captain, especially if you’re renting a boat that is beyond your experience. A paid professional will not only make these safer, but you’ll have an opportunity to learn new skills.
- Choose a service like Boatsetter that offers customized P2P insurance and includes on-water assistance.
- Inspect the boat. If it looks like there’s a lot of deferred maintenance or if it’s lacking required safety equipment, you may want to pass.
To further complicate things, there are also important differences between P2P boating insurance and recreational boat owner’s insurance. “During the rental you could be subject to different insurance terms than what you may be used to,” said Pellerin. For instance, the geographical area you’re permitted to boat in is likely to be different. Boat owners and renters should do their due diligence and understand their insurance coverage before renting P2P.
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Does Homeowners Insurance Cover Wind And Hail Damage To My Roof
Homeowners policies usually provide protection for roof damages caused by tornadoes and hurricanes. For example, a hurricane ripped off shingles from your roof. In this case, your insurance policy should help pay to repair your roof.
Homeowners insurance policies, however, may not cover damages caused by wind or hail alone. If wind alone damages your roof, your policy may not help pay for its repairs.
Also, some insurers may not cover damages that are purely cosmetic. Cosmetic damages are those that only affect the appearance of the roof. These issues usually dont have an impact on the function or the integrity of the roof.
Premiums & Boat Discounts
What Boat Discounts Are Available, and How Can I Add Them to My Policy?
You may be eligible for discounts based on factors like:
- Your level of boating education.
- Your boats safety and security features.
- Your boat is a hybrid or electric.
- You insure more than one boat with Travelers.
- You have another policy, such as car, homeowners, renters, condo or umbrella insurance, with Travelers.
- How and when you pay your premium.
Ask your insurance representative about these and other incentives to ensure you are getting all the boat discounts for which you are eligible.
Can I Get a Discount on My Boat Policy if I Have Other Policies with Travelers?
Yes, we offer a discount of up to 10% for one other qualifying policy and up to 15% off for two or more qualifying policies. Ask your insurance representative about our multipolicy discount.
Can I Get a Discount if I Have Security and Safety Features Installed on My Boat or Its Storage Location?
In many cases, having a GPS unit, radar or other security and safety devices installed on your boat will qualify you for savings. Ask your representative for more information about this and other boat discounts for which you may be eligible.
What Coverage Options Are Available for Travelers Boat Insurance? What Is a Deductible and How Does It Affect My Boat Insurance Premium?
A deductible is the amount of money you must pay out of your own pocket before your boat insurance kicks in. Typically, the higher your deductible, the lower your premium.
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What Can Go Wrong With Your Septic Tank
There are two ways your septic tanks can cause you to need repairs:
In the first scenario, your homeowners policy likely doesnt cover those repairs. In most policies, the septic system is considered to be a separate structure from the home, and the cost to repair it isnt included in the total repair/replacement cost of the policy.
On the other hand, a septic system failure causes a septic back-up that floods the home is considered an entirely different scenario. Although homeowners with septic systems often need to pay out-of-pocket to repair the system itself, thats not necessarily true if a septic system failure causes water damage to their home.
What Is A Landlord Insurance Policy
A landlord insurance policy is the type of policy you’ll need to purchase if your property qualifies as a rental property. Landlord insurance is similar to homeowners insurance in that it typically covers the building along with other structures on the property.
The policy will pay out when there’s damage from a covered loss which can be anything from a fire to wind, hail, or lightning. The real difference is that you cannot purchase homeowners insurance if you don’t live in the home and it’s just being used as a rental.
Otherwise, the property coverage is very similar in the two policies.
The biggest difference with a landlord insurance policy vs. a homeowners policy is with personal property coverage. Homeowners insurance covers personal belongings such as furniture, clothing, and electronics.
In contrast, landlord insurance covers items used to service the rental property. By this, I’m talking about equipment such as a lawn mower or snowblower. If you leave personal belongings in the rental property, they won’t be covered.
If you’re still unclear on the difference between a homeowners and landlord policy, talk to your independent insurance agent for more information.
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Boat Insurance Basics: What’s Covered
Learn about boat owners insurance and what the coverage means to you.
Did you know that boat insurance is one of the earliest known forms of insurance? Ancient sailors knew firsthand about the risks of a life at sea and sought to insure their boats against hurricanes and other unpredictable weather and waters. And it still applies today.
Boat insurance policies can vary widely in what they do and do not cover based on a number of considerations, including the type of boat, the waters it will traffic, and how many months of the year the boat will be used. Still, there are a few basic kinds of coverage you can expect to receive, as well as some potential discounts for safe boaters.
Trees Plants And Shrubs
Trees, plants and shrubs are typically covered under homeowners insurance. Like other landscaping features, damages may be covered if theyre due to perils such as fire, explosions, lightning, theft, and vehicles . However, issues caused by wind, hail, rain, ice, or snow may not be covered. Check with your insurer to find how youre covered, as many policies will only cover each shrub up to a certain amount.
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Boat Rental Insurance And Personal Watercraft Insurance: For Boat Owners Renters And Businesses
Being on the water can be unpredictable and if your boat accidentally causes damage, your business and your life could take a huge hit. Whether you own a boat business or simply have your own personal watercraft, proper coverage is necessary.
While most states do not require boat owners to carry boat or personal watercraft insurance, not having the coverage puts you at significant risk. If you cause an accident while on the water, an injured party could sue to cover their medical expenses and damage to their property. If the lawsuit is successful, you could owe hundreds of thousands of dollars or more. Having the right amount of liability insurance reduces your exposure and protects your assets.
In some cases, a homeowners insurance policy will extend coverage to a boat as long as the watercraft is relatively small. However, these policies typically provide minimal protection, include gaps that leave you vulnerable, and contain low liability limits that may not cover the full amount of a court-ordered award or settlement. Many boat owners turn to XINSURANCE for extra coverage that gives them true peace of mind.
Who Pays For Mold Remediation
Even if you file a successful claim with your insurance company for mold remediation, chances are it won’t cover it all.
The process of remediating mold from a property is a time-consuming one. Its also an expensive one, with the average cost ranging from $15,000 to $30,000, according to EC Insurance in Oklahoma. To mitigate these costs, insurers have sub-limits.
“Typically, insurance policies will state a maximum limit of between $1,000 and $10,000 for mold remediation. Depending on the company you’re with, there may be an option to increase that coverage. However, if you live in a mold-prone state where there is a lot of rain, this coverage can be expensive or nearly impossible to obtain, Ragsdale says.
And remember, there is no small way to handle mold other than full remediation, so don’t cut corners.
“There really is no shortcut to mold remediation. The source of the water/moisture must be corrected, non-salvageable materials will need to be removed, and the remaining affected surfaces will need to be cleaned, Ragsdale says.
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Hull And Motor Insurance
The rental boats which are owned by your business are an integral part of your operations. In their day-to-day activities at sea, they may get damaged or damage other vessels and other third parties. The direct losses from repairing or replacing your boat, as well as the indirect ones like the lawsuits, may be phenomenal. Hull and motor insurance protects your boat, engine, and equipment from lightning strikes, explosion, electrical damage, theft of the entire vessel, and collisions.
Discounts For Your Boat Insurance
You bought your boat, and now youre shopping for insurance. There are sure a lot of Boat Insurance companies out there! Price is a factor but you also want to make sure you get the right protection for your boat. And what else is there to know?
Well, a great way to start is to call your insurance agent at McClain Insurance. We specialize in all your personal insurance needs, and that includes boat insurance!
We may not win a fishing derby, but we sure know how to catch you all the discounts you deserve on your boat insurance!
There are a variety of ways to lower your boat insurance rates:
- Make a good choice on the type of boat that you are going to buy. Choosing safety over performance will keep your rates lower.
- Also, the value of the boat will make a difference. The higher the boats value, the higher the premium.
- Many companies will offer a discount if you take and complete a boating safety course. This will help you make the right call in a critical situation.
- Most companies also offer new hull discounts and claim free discounts.
If youre looking to buy a boat or if you already own one, stay afloat with boat insurance from your team at McClain Insurance Services.
Well track down every available discount to assure that you receive the best value for your boat insurance investment. Give us a call today, or click here for an instant rate quote.
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Do I Need Boat Rental Insurance
You dont need to get boat insurance to operate a rental boat. However, you will have to sign a rental contract that states what damages you might be responsible for paying.
In most cases, rental companies are only responsible for the structural damage to the boats and injuries you or your passenger sustains and dont cover mechanical issues.
Some boat rental companies offer specialized coverage that lasts only till the rental period.
Some banks also provide rental coverage through their credit cards. So, see if you can use your credit card to pay for the rental and make use of the service.
The Solution Is A Boat Insurance Policy
Boat insurance not only covers damage to your boat in and out of the water, but it also provides liability protection in case you are responsible for injury to swimmers, water skiers or other boaters or damage to another boat, a dock or the environment .
In addition, boat insurance provides no-fault medical payments coverage for accidental injuries to the passengers on your boat.
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Tips For Reducing Risks As Boat Renter
A simple solution to all of this is to hire a boat captain with the boat you rent. This means you don’t have to worry about meeting some standards to actually be able to charter the boat.
Most peer to peer platforms provide options to add a captain for a fee and if you have no experience with boating, this is something to consider for sure.
Other things you can do to reduce risk is:
- Inspect the boat before renting it
- Take a simple boating course
- Know the passengers you are bringing onboard with you. (this applies in particular to party boats where you may not know everyone onboard directly.
- Read reviews from other boat renters
These are just some of the ideas to help reduce your risk and have a great day on the waters.
So there you have it…
The above information are simple tips to ensure both the boat owner and boat renter are protected in the event of an accident occurring.
Staying protected and compliant with all regulatory bodies is very important. Again, as a reminder, if in doubt, simply contact your insurance provider if you are a boat owner or ask the boat owner directly if you are a boat renter.
And keep everything in writing, either through email or through online platforms to help avoid any confusion either boat owner or renter may have.
And most importantly have a great time on the water!
Hippo Home Insurance Coverage Options
Hippo offers three home insurance plans, which it calls Essentials, Best Value and Expanded Protection. Its homeowners policies include all the coverages you expect, including dwelling, other structures, loss of use, personal property, medical payments and personal liability coverages. But Hippos standard policies also include several coverages that most carriers only offer as add-ons, including:
Dont Rely On Your Homeowners Insurance To Keep Your Boat Afloat
Your new 20-foot boat is parked right alongside your house and shes your pride and joy. Unfortunately, you dont have the space to park her in the garage, so behind the house, behind the gate will have to do.
You only bought her a couple of months ago, but youve already taken her out at least two dozen times. You make sure to take the gear out and the motor off every time you come back from fishing.
But last night, it was late and raining sideways, and you were glad that you and the boat had made it out of the water and home safe and sound. Youll clean her up tonight when you get home from work.
You come home and wander outside to wash the salt off the motor. Something feels funny though. You open the latched gate to your backyard, and theres your boat but no motor. No kicker. No rods. No crab pots.
No fish finder. Hmm. Maybe your wife took care of it and put it all in the garage?
But, no! Slowly it dawns on you. Somebody wandered into your backyard and stole your motor and your gear. You cant believe it! Surely its insured, right? But you never got boat insurance.
Some boat owners may assume that their boat is covered under their homeowners insurance policy. But in fact, there is only limited coverage for damage to a boat on your homeowners policy. And, generally, the loss must occur at your home.
Damage to your boat that occurs while you are launching the boat or when you are out on the water would not be covered by your homeowners policy.