If you own a Vacation Rental in Texas (From Concan, New Braunfels, Austin, Wimberley, Fredericksburg, South Padre, Galveston, to Rockport) make sure you are properly insured. Most of the big Insurance companies classify Short Term Vacation Rentals as a business... and they will exclude business activities from the policy. Vacation Rental Insurance will offer most of the same coverage's that a normal Home Insurance policy would offer, but with a bit more protection. In other words, it's more like a Hotel or Bed and Breakfast being insured because you have frequent and different visitors.
There are three types of coverage's that Vacation Rental Insurance will include and owners will need to take a serious look at: Liability, Business Income,Building / Contents, and Enhanced Coverage Insurance.
1) Liability: Liability limits should be minimum of 1 Million. This will cover you in the event of a lawsuit. If there is a swimming pool, hot tub, dock, or watercraft on the property, all the more reason to carry higher Liability Limits.
2) Building / Contents: The next highest risk you have is the property itself. If your renters catch the property on fire, this part of your insurance policy will ensure that the dwelling and the contents of it are replaced at zero cost to the owner.
3) Business Income: The next exposure you have as a vacation rental owner is the business income. If you sustain a loss, make sure you recoup that income you would have had.
4) Enhanced Coverage: This covers theft, damage to your rental caused by a guest, and animal / pet liability.
If I insure my short-term rental as a business, can I also stay there?
Yes. There are no standard occupancy restrictions on a business policy. This means the property is insured while you stay there, friends or family.
What if I also live at the short-term rental, can I still purchase a vacation rental policy?
Yes. You have the same business exposure. Scenarios: You live upstairs and short-term rent the downstairs. You live in the main home and rent out the guest house. You have an RV on the property and rent out the main house.
Is my short-term rental a business?
Yes. More and more cities like Austin are now requiring short-term rental owners to carry and pay for a business license.
Rockland Insurance is a leading Insurer of Vacation Rental Properties in 6 different states. We write Vacation Rentals in the following cities in Texas:
Hill Country: San Antonio, Austin, Buda, Dripping Springs, Gruene, Driftwood, New Braunfels, Guadalupe River, Wimberley, Boerne, Blanco, Comfort, Fredericksburg, Luckenbach, Johnson City, Marble Falls, Bandera, Kerrvile, Llano, Concan, Utopia.
Gulf Coast: Galveston, Kemah, Rockport, Port O Connor, Freeport, Port Aransas, Corpus Christi, Brazoria, Crystal Beach, Tiki Island, South Padre Island.
Vacation Rental Insurance on the River: Guadalupe, Blanco River, Nueces, San Bernard, Frio, and Sabinal.
For a Quick Quote on your Vacation Rental, email us: quote [at] gorockland [dot] com or use the Quick Quote on this site.