The sharing economy is on the rise in America, with many people using their home for rental property. like homes (with Airbnb or VRBO)
More and more people are using services like VRBO and Airbnb to find vacation rentals. As a result, many people are using their homes to develop rental income. A standard homeowner’s policy may not cover losses incurred while your home is rented out. You may require a more specialized insurance policy.
Key Homeowner’s Insurance Concerns With Rental Property
Homeowner’s insurance will not cover rental property.
You need insurance when you do not occupy the same residence as your tenant. You will also need special insurance if you are renting out your own home temporarily, or sharing accommodations such as your basement level, with a renter.
Consider liability coverage in the event your renter is injured on your premises.
Consult a local attorney who is knowledgeable in home rental laws in your area. Some cities have new laws that make it easier (or harder) to legally rent out part of your home if you’re not a licensed hotel or B&B.
VRBO, Airbnb and other rental sites may require proof of insurance.
There are only a few insurance carriers willing to write an Airbnb liability insurance policy. We have experience with insurers who handle this kind of risk. While sharing economy companies like AirBnB and VRBO offer a “master agreement” that seems to cover a lot, reviewing that with an actual insurance agent will always be in your best interest to ensure adequate coverage.
Protect what matters most to you with Park City, Heber City, Car, Home, & Business insurance. We offer the best combination of competitive rates, coverage and personal service in Park City.
Your vacation supplies must include a first-aid kit.
Have it available while traveling and take it with you whenever you go walking, hiking, or any activity that takes you away from civilization. You can use just about any type of container for your first-aid kit. It’s best if the container is lightweight, like plastic, and has a good lid. A handle can be useful also. A small toolbox, lunchbox, fishing tackle box or even kitchen Tupperware would work.
You should have some sterile gauze with adhesive tape and scissors to cut them. Make sure the scissors are sharp. Also multiple sizes of band-aids. Tip: Sanitary napkins are sterile and make good compresses to stop bleeding.
To clean cuts and wounds include antibiotic cream, hydrogen peroxide and antiseptic wipes.
Consider including aspirin and acetaminophen, instant cold packs, calamine lotion, and hydrocortisone cream.
If anyone is taking prescription medicine to be sure to bring enough for the whole trip.
The first-aid kit is a good place to store a list of emergency numbers along with your medical insurance information.
It’s always a good idea to have a first-aid manual on hand and review it before you leave. This way you will be much more prepared should a situation arise where you need it. This is an excellent opportunity for children to learn a little about first-aid so review the manual with them too.
Other miscellaneous items that could be helpful are a thermometer, latex gloves, tweezers and flashlight with spare batteries.
Keep your vacation first-aid kit easily accessible at all times but away from small children.
All of us at MLC Insurance Agency wish you safe travels and please feel free to email or call us should you require any additional insurance for your trip.
When These Life Events Occur, You Need an Insurance Checkup
Personal Insurance Update
We often get asked the question, “When should I have my personal insurance reviewed?” Remember, if you bought your personal insurance online, you do not get a review, you are on your own. Most of us know that major life events can make it necessary to update our insurance coverage. However, did you know that even subtle changes could have an impact on your financial needs and plans? Call our office today, and we can help you find the right combination of coverage and price.
Many life events might trigger a call to your personal insurance agent. It does not matter if you own or rent, these life situations require a change or update to your personal insurance.
Have you bought or sold a car?
Has your marital status changed?
Is a parent now living with you?
Do you work from home?
Did you buy a boat, RV, or ATV?
Did you change your address?
Always let your insurance agent know if you install a pool or trampoline.
Have you welcomed a new baby into the family?
Did you acquire a dog that may be on the insurers watch list?
Have you remodeled your home in a way that may increase your home value?