Lake Geneva, Wisconsin Insurance – Glass Insurance Center

Glass Insurance Center
500 Commercial Ct Ste 500
Lake Geneva, WI 53147
Phone: 262-248-5555
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Renting Your Home to Others

June 15, 2018 By Jodi Cordes

Renting Your Home to Others

Considering renting out your home with a home hosting platform like Vacation Rentals by Owner (VRBO), Airbnb, or HomeAway? Have you considered how you’ll handle insurance?

Consider this cautionary tale:

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Hillary and John rented out their home in Lake Geneva, WI on Airbnb while they went on their own vacation for a few weeks. Thinking the Airbnb insurance included in their contract would cover them if anything unfortunate were to happen, they decided against notifying their insurance company or purchasing any additional form of coverage.

Upon returning, they found their home in complete disarray. Stains were on the carpet, chairs, and couch. Their television and stereo had been stolen, and there was a hole in the window where rain had come in.

When Hillary and John contacted Airbnb about the damage to their property, they were astounded to find that the Airbnb Host Protection Insurance they had been counting on would not compensate them. In fact, they found, this insurance only covered liability claims — not anything to do with the coverage they needed in this tragic situation.

Unknowingly Unprotected

Sadly, situations like Hillary and John’s are all too common. While companies like Airbnb will play up their Host Protection Insurance plans, these policies only cover liability claims. For example, if someone falls and breaks a rib while staying in a host’s home, then tries to sue the owners, liability coverage could be of assistance.

However, damage to property or stolen property is not something that most hosting platform insurance will cover. And this is what most homeowners need in order to ensure their financial security.

Homeowners Insurance to the Rescue?

Not quite. Many renters on sites like Airbnb don’t purchase additional insurance for rental periods even when they’re aware that Host Protection Insurance won’t cover home or property damage. That’s because they assume that their homeowner’s insurance will take care of any gaps in coverage.

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This is not true. Homeowners insurance is set up by insurance companies to take care of your home and your belongings while you and your family are living on the property. When strangers enter the picture, homeowners insurance does not provide the same coverage.

In some cases (for example, if you plan on a one-time-only rental), it’s possible that you can speak with your home insurance company and request coverage for the rental period. Some companies may work with you and offer you short-term extended coverage. But most of the time, your insurance agency will ask that you purchase a rider to provide added coverage.

And with longer term rentals, you’re out of luck with getting help from a standard home insurance plan. Nearly all insurance companies will ask that you purchase brand new coverage plans to make up for the gaps in coverage.

Seeking Additional Coverage With Your Insurance Company

Still want to follow through with renting out your home? The best course of action at this point is to make an appointment with your insurance agency and figure out what additional coverage you’ll need.

For example, business coverage may be something you’ll need to purchase. In fact, an increasing number of states are requiring business insurance for hosts or renters on hosting platforms like Airbnb and HomeAway. That’s because the activities hosts are taking part in qualify as business activities. Moreover, you may be required to purchase landlords insurance, and becoming a landlord comes with its own set of legal and formal requirements.

The bottom line here is that all situations involving renting your home out to strangers will require unique insurance coverage. There’s no one-size-fits-all solution. For this reason, make an appointment with your insurance agency today.

At Glass Insurance, our highly-qualified agents can sit down with you any time to discuss your options. Call us today, or stop in at your convenience.

Filed Under: Home

Insurance can be confusing at times and everyone's needs are different. If you have questions regarding coverage, pricing, or anything else related to insurance, send us an email or give us a call.

If you'd like to get a free, no-obligation quote, all you have to do is ask!

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About Jodi Cordes

Jodi Cordes is a commercial insurance agent at Glass Insurance Center of Lake Geneva. She has over 20 years experience working with commercial clients. She is also very active with the Professional Insurance Agents of Wisconsin, where she is currently serving as the state president of the association. Jodi can be reached at 262-248-5555 x2.

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Bill Anderson

After an unpleasant experience with another agency, I worked with the professionals at Glass Insurance Center. I was extremely pleased with their rapid and helpful responses. I would recommend them to anyone with insurance needs.

Gregory Buck

It went well. They are easy to get ahold of, and will work with you by phone or e-mail, whichever you prefer.  They also give you time to review documents.

Mary Wolf

Worked with me to get everything back in order, without a hassle or fight. Thank you!

Cully CullyP

Kim did an amazing job getting what I needed in a short period of time and with lower rates than other insurers! I closed a home within 3 weeks and she made the place was covered for closing. Thanks!

Mav P.

Glass Insurance Center has handled all of our business insurance for over 20 years. They review our needs annually and change carriers when necessary. We have experienced some claims, and never had any unpleasant surprises. It’s been a great relationship.

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Great company to work with.  Jodi Cordes is excellent.  She is always willing to answer any questions  

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Awesome company. When I email Kim I generally have a response within 10 minutes. I appreciate the promptness and professionalism. I never feel like I’m bothering her. Thanks Kim!!!

Deb Rozell Hughes

I have been a long time customer of Glass Insurance. The customer service has always been great. The real difference was when we had a tree fall on the house. Jeff Glass was at our house right away and had a tree person there shortly after.  The tree was immediately removed and the adjuster was there within days and thanks to Jeff, we had a very fair settlement check within days. I would highly recommend Glass Insurance to anyone!!

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Glass Insurance Center
500 Commercial Ct Ste 500
Lake Geneva, WI 53147
Phone: 262-248-5555

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