Understanding Vacation Rental Insurance Coverage in Fort Myers, FL

Understanding Vacation Rental Insurance Coverage in Fort Myers, FL

Fort Meyers is one of the most popular destinations for people to visit in Florida, with around 4.5 million tourists visiting each year. With white sandy beaches, lively nightlife, and a vibrant arts scene, you can't go wrong with purchasing a vacation property in the city. Not only will you have somewhere to stay when you want to come visit, but you'll also have the opportunity to earn passive income when you're not using it.

Protecting your property, belongings, and guests is essential when being a vacation host. This guide will discuss the basics of vacation rental insurance coverage. Ensure you're protected in the event of an unfortunate circumstance.

What Is Vacation Rental Insurance Coverage?

You might think that your vacation home is covered under your homeowner or landlord's insurance policy, but that's not the case. Homeowner's insurance coverage is designed to protect homes that are occupied by the owner. A landlord's insurance policy is for homes that a tenant lives in.

Vacation properties function a bit differently. These rentals go through three different uses during the year:

  • Owner's vacations
  • Vacation guests
  • Unoccupied periods

Your vacation rental insurance coverage policy needs to cover all three of the above phases. Another thing to keep in mind is that since you're renting out your vacation property for money, your homeowner's insurance company considers that business activity. That means your vacation home would get excluded from that coverage.

There are a few elements of vacation rental insurance that you need to make sure your policy covers. They include:

  • Personal injury
  • Property damage
  • Squatter protection
  • Animal or pet liability coverage
  • Loss of income

Personal Injury

One of your guests might hurt themselves while on your property. Short-term rental insurance will provide you with coverage if they file a claim.

Property Damage

Most business, landlord, and homeowners insurance policies don't cover theft, malicious or intentional damage, or vandalism to your vacation property. Vacation rental insurance coverage protects all parts of your property and belongings.

Squatter Protection

Many vacation homes get rented for extended periods, oftentimes over 30 days. In Florida, squatters can gain ownership and title of a property after staying there for seven years. Squatter protection can provide you with loss of income and legal protection if you're dealing with a squatter.

Animal or Pet Liability Coverage

Some of your guests might bring one of their furry friends with them on their trip. Most insurance policies exclude certain dog breeds or animals. You must find an insurance policy that covers all animals so your bases are covered.

Loss of Income

You might find yourself dealing with a situation where your property has been damaged so much that it's not habitable. Your insurance policy can kick in and cover any loss of income.

Work With an Experienced Property Management Company in Fort Meyers

Don't leave yourself exposed to risk and loss of income. Vacation rental insurance coverage ensures you don't have to pay out of pocket if something arises on your property.

PMI Gulf Property Solutions is here to help you manage your vacation property in Fort Meyers. Our agency combines the experience of six property managers to ensure you receive exceptional service. Contact us to schedule a consultation with one of our short-term rental experts.