The market for home-away-from-home rentals has grown, and if you are looking to jump on the Airbnb business, you need to make sure you have the right risk protection in place. Habitational insurance is a coverage that takes care of certain elements of business insurance and home insurance, protecting your rental property from certain liabilities.
Why Should You Purchase a Policy?
Anyone who has a rental property, such as an apartment complex, condominiums, or short-term rental properties should consider purchasing habitational coverage. The risks that are covered consider both the business liabilities and those of normal homeownership, but it will also extend coverage to areas that may be excluded from a homeownership policy. This includes things like:
- Loss of rental income
- Accounts receivables loss
- Damage to signage
- Professional liability
When you own a rental property, whether a short-term lease or a full apartment complex, the risk of incidents increases given the traffic on your property. The information found at www.mavon.com explains the various degrees of liability, but all of them can be an expensive fix when things go wrong. Trying to cope with the costs of personal injury or property damage or lost revenue can undermine the whole point of your rental investment. Habitational insurance is the coverage that can step in and protect your finances, assets, and reputation as a landlord.