FAQ

Who is CBIZ?  CBIZ is a publicly-traded financial company traded on the NYSE under the symbol CBZ. Our 4,000+ associates work from more than 100 offices throughout the country providing custom solutions that help clients manage risk, finances and employees. As a top 20 U.S. business broker, we offer coverage by the best carriers in the industry, which means better options, value and price for clients. We insure properties in all 50 states including Alaska and Hawaii and have insured short-term vacation rental properties since 2002.

Do I need special vacation rental insurance policy for my property?  Yes, you need a business policy for your vacation rental business.  The CBIZ vacation rental policy is far more superior to a homeowner’s policy.  The commercial policy protects you in the event you are sued by a guest for bodily injury or property damage.  If a renter should slip in the shower, fall down the stairs, be injured or killed in a fire, you would have no coverage with homeowner’s policy.

Is the policy expensive?  No.  The cost of the policy is comparable to a homeowner’s policy and less expensive than a standard commercial policy.

Does it take a lot of my time to get a quote?  No.  Using our online rating system, you can have a quote in 5 minutes.

Do I keep my homeowner’s policy?  No.  This policy replaces your homeowner’s policy.

Can I cancel my current policy and get your coverage immediately?  Yes, we can bind coverage same-day, and most all insurance  providers will offer a pro-rated refund of unused premium.

What type of short-term rental properties does CBIZ insure?  Single family homes, town homes, condos, duplexes, ranches, yurts, teepees, tree houses, and more!  If you rent it, we’ll likely insure it.

If I live at the property, do I need two separate policies: a homeowner’s policy and a commercial policy?  No.  With the CBIZ program, if you reside in…

  1. The same building as the vacation rental, or
  2. In a building on the same property as the vacation rental, or
  3. In a building on an adjacent property to the vacation rental
  4. CBIZ will provide you with your personal insurance coverage – a cost savings tool, as you will not need to purchase a separate homeowner’s policy.

 

How do I determine the dollar amount I should use for my building coverage?  The building limit should be the cost to rebuild the building, not the market value of the property. CBIZ can help you determine the value using our sophisticated cost per square foot calculator.

How do I determine the dollar amount I should use for my contents coverage?  When deciding on the amount of contents coverage you need, determine what it would cost to go out and replace all of your contents tomorrow without the benefit of great sales and bargains.  Use this figure for your contents amount.  Any item used to service or maintain your building is considered part of the building coverage, and should not be considered into your contents amount; such as a stove, refrigerator, dishwasher, washing machine, dryer, light fixtures, and countertops.

I’m new and have no idea what I should use for my loss of income coverage?  This is not a problem, CBIZ will help you determine this amount.

What coverage am I buying?

  • Replacement cost coverage for your building(s) and contents including theft
  • Coverage for damage to your building and contents caused by a guest
  • Loss of income coverage with no limit
  • Commercial liability coverage in the event of a guest’s injury or death
  • Commercial liability coverage extended to your amenities
  • AM Best’s A rated sureties

 

I have a swimming pool, do I have coverage?

Yes, liability coverage is extended to your amenities such as:

  • Swimming pools and hot tubs
  • Docks/piers and picnic areas
  • Non-motorized watercraft and fishing
  • Exercise equipment, bicycles, and much more