- Replacement cost coverage for your building(s) and contents including theft
- Coverage for damage to your building and contents caused by a guest
- Actual loss of income coverage with no time limit
- $1M/$2M commercial liability coverage in the event of guests injury or death
- $1M/$2M commercial liability coverage extended to your amenities
- Underwritten by Tudor Insurance
- Designed to entirely replace your current insurance.
I already have a homeowner’s policy. Why do I need this?
The CBIZ vacation rental insurance program is tailor-made for short-term vacation rentals. A homeowner’s/dwelling policy does not provide adequate coverage. Your vacation rental is a business and your doors are open. What if you are sued? What if a renter should slip in the shower, fall down the stairs, be injured or killed in a fire? What if a renter accidentally burns down your property? You would have no coverage with a homeowner’s policy.
Also, a homeowner’s policy will not fully compensate you for your loss of rental income. In the event of a covered loss, the CBIZ short-term vacation rental policy will continue to pay you rental income for as long as you are out of the business, up to the limit you select on the policy. The money will continue to come in so you can pay the mortgage, taxes and still make a profit.
Top 5 things you need to know:
Short-term vacation rentals are considered businesses in the eyes of the insurance world. When you collect money to allow a guest to stay at your place for a short period of time this is a business transaction. Your vacation rental is no different than a coffee shop or grocery store, it’s a business.
A homeowner’s policy does not cover business activities. It specifically excludes business activities. It will not respond to any claim involving running a business from your home.
A homeowner’s policy and most dwelling/landlord policies carry personal liability coverage. Personal liability coverage will not respond to business activities. For example, a paying guest slips and falls and elects to sue you for their hospital bills. For this event, you need a commercial liability policy (business liability).
A personal umbrella does not cover/protect a business. A personal umbrella will not follow business activities. A personal umbrella will follow you anywhere you go in the world; but only for personal negligence. For example, you run a stop sign and get into a car accident.
Our CBIZ policy is designed to fully replace your current coverage. This is not supplemental coverage above and beyond what you currently carry. You would cancel your current policy and put ours in place. Our coverage allows you, your friends, family and paying guests to enjoy your property. Regardless of who is staying at the property at the time of a covered loss (fire, water damage, theft, etc.), you are covered.
*The CBIZ Vacation Rental Policy is detailed and recommended in, Vacation Rental Success, by: Joel Rasmussen & How To Make Your Mortgage In A Weekend, by: Cathy Burch.
“This business model is excellent. Not only does it provide a vitally important service, but the service I have received has been outstanding. As we discussed, like many new and innovative businesses, one of your challenges is educating the public.” -Berndard B.- Beach Bird Rentals