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Flexible insurance coverage for vacation and short term rentals
If your home is insured with a standard home owners policy, but you rent it out on a short-term basis, you might have difficulty if you have a claim. Many home owners policies exclude coverage if you are renting your home for use as a vacation rental, and many companies wont even write these kinds of homes in their landlord programs. But don’t worry! Guardian Assurance has an option. We can insure vacation and short term rentals, and we give you the flexibility to tailor your policy to create exactly what you want.
ITS ALL ABOUT YOU!
Insurance isn’t a one-size-fits-all situation. Guardian Assurance allows you to customize your policy to include the coverages that you believe are right for your situation. Our base policy covers the home itself (and any attached structures, like a garage). You can add coverages like:
Loss of Rents – applies to the loss of actual rents if the dwelling is temporarily uninhabitable due to a covered loss.
Personal Property – these are the things you may have in the home, such as appliances or furniture
Liability – applies if a claim is made against you or a suit is brought against you for damages due to bodily injury or property damage caused by an accident on the insured premises.
LEVEL OF COVERAGE
We offer two types of coverage for vacation and short-term rental properties. A named peril policy insures you for the perils that are specifically names in your policy, such as fire, lightning, windstorm or hail, explosion, riot or civil commotion, aircraft, vehicles, smoke or smudge, and vandalism and malicious mischief (if added). Comprehensive coverage is broader. It means that all perils are covered unless they’re specifically excluded in the policy.
Our base policy has an agreed loss settlement provision, which means that if your home is destroyed by a covered loss, you receive the full amount of coverage D (welling) insurance listed on your policy’s Declarations Page, minus any applicable deductible. You won’t have to argue about what your home was worth or guess what your settlement will be. We also offer optional replacement cost, extended replacement cost and repair cost.
WHAT EXACTLY IS A VACATION RENTAL?
We define a vacation and short-term rental property as one which you own and may sometimes use, which you rent to others on a daily, weekly or monthly basis (the lease agreement must be less than 12 months).
Landlord Package – this convenient package includes coverages that many landlords have said are important to them, like loss of rents, personal property, premises liability, medical payments and more.
Platinum Package – If you want our highest level of coverage, this is the package for you. Includes everything in the Landlord package as well as the platinum endorsement, replacement cost on the dwelling, landlord personal injury and other structures; and higher limits for medical payments, premises liability and personal property. What’s more, while there is a charge for the platinum package, customers who purchase it get a discount on the premium for Coverage A and Coverage C.