By: Denise Koslowsky
The global pandemic has left many people feeling unsafe within the neighborhoods they usually call home. We have seen an extraordinary number of people flee their primary residence in favor of a Short Term Rental in a location that is better suited for social distancing. For many, short term has turned out to be a bit longer than they initially bargained for so we wanted to take a moment to talk about insurance when you are staying in a Short Term Rental.
When you choose to rent, your landlord or the owner of the space is usually responsible for insuring the building. That means that if there is physical damage from a burst pipe or a fire, the landlord or owner is liable for the damage to the space. Unfortunately, that leaves you with some vulnerability.
While your primary residence homeowner’s insurance policy will offer some level of protection for your personal property, in most cases, it is a good idea to discuss your coverage needs with your insurance agent. Depending on the situation you may want to extend your current liability or in some cases take on a tenant’s policy. If you are renting or planning to rent, we can talk through your specific plans and make recommendations as to what would be best.
It is important to note that when your time in your rental property is done, you’ll need to get in touch with your agent to let them know that you will no longer be occupying the rental. Failure to keep your insurance agent in the loop means that your liability coverage could extend longer than necessary. There is no need to continue to pay for coverage you no longer need.
Educating each client we serve is an important part of what we do each day at Advocate Brokerage. If you were staying in a short term rental during the pandemic and are no doing so, please get in touch with us at 914-723-7100. As always, if you have any questions, please feel free to get in touch with us!