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Guide on Property Damage Protection Insurance for Rental Property

HomeBusinessGuide on Property Damage Protection Insurance for Rental Property

Property damage protection insurance is a type of insurance that covers damages to the property you own or rent. It is typically used by landlords when renters stay at a property during their stay. If the people renting a property cause some damage to the property, there is a high chance that the owners/landlords will have to pay for it. 

Such insurance will cover these costs so that they are not burdened. If you rent out your house or apartment on a short-term basis, you can get damage protection insurance for short-term rental property. This coverage is usually included with other kinds of home insurance or renters insurance, but not all include it. 

This guide will help you understand this type of coverage and how much it costs, and what types it may have. 

What is damage protection insurance for short-term rentals?

damage protection insurance for short term rental property

This type of coverage can be added to a renter’s or homeowners’ policy to help protect their property if they rent it out on a short-term basis. It is not included with most policies, but it is important if you have guests staying at your house and renting it during that time. This insurance can give you protection if the renters accidentally damage anything in the house while staying there.

Why do you need property damage protection for short-term rentals? 

You may need to add property damage protection for short-term rentals to your homeowner’s or renters’ policy. Sometimes it is just included as standard coverage, and it is not often than not. But if you are going to have people staying at your house, you will want them to be covered by this policy. 

This way, they can be covered if they accidentally break something in the house while they are there. It can be quite expensive to replace anything the renter damages, so it is best to have the insurance cover this.

What is an “add-on policy”?

Often, when you add property damage protection to a homeowners or renters policy, it is called an “add on policy”. They are very similar in that they protect a specific item that the policyholder is insuring. However, homeowners’ policies can be more specific in what is covered by this coverage. 

For example, a standard renters insurance policy will cover any damage done to the building or structure of the property. Still, it does not generally cover any damage to personal belongings such as furniture or appliances. On the other hand, damage protection insurance can help protect these items on top of covering any structural damage to the building. 

How much does short-term rental damage insurance cost?

As you can imagine, this coverage can be quite expensive. You will want to make sure that you check the cost of this coverage with your insurer before adding it to your policy. You will have to know the best option so that you aren’t paying too much for it by accident.

What types of short-term rental damage insurance are available?

There are quite a few different types of short-term rental damage insurance available. Each type of coverage has a different cost and will offer different benefits. Here are some of the main types of insurance that you can get:

1- Glass Breakage Exclusion

This coverage only provides you with cover for items that might break in your home. So, if you have a glass table in your living room and it shatters, this type of coverage will only pay for damages to the glass table. It does not cover any other damage done to the building or furniture from the shrapnel from the glass. 

2- Personal Property Coverage

This is the most common coverage that you will get and is usually the best one available. It will give you cover for everything that can be covered by your homeowner’s or renter’s policy except items that are considered “personal property” under their policies. This means it covers furniture and appliances, but not electronics like televisions or stereos, etc.

3- Accessories and Services Coverage

This is also a common coverage you will see. It covers the cost of repairing or replacing items that your renters, guests, or guests of your guests can use in the house. If a guest breaks a couch in the living room, this coverage will cover it. It is different from personal property cover because it does not cover any furniture or appliances. You will want to make sure that you know about this coverage because it can be very convenient for both the renter and you to use.

4- Property Damage Protection

The last type of coverage that you can add to your policy for short-term rental damage insurance is property damage protection. This is separate from a standard homeowners or renters policy and works much like some policies’ “add-on” coverage. 

It will only pay for damages to items covered in your policy. So if a guest accidentally breaks into the house and damages something, this type of coverage will help pay for it instead of paying the claim out of pocket. It is important to note that this coverage is not for personal property like it is under accessory and services coverage. 

Now that you know all the details about property damage protection, get the best damage protection insurance from My Property Protect, as it is one of the best insurance companies in the town. 

Also Read: How To find The Right Host Insurance For Your Business

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