Gainesville, FL is a popular tourist destination with top-tier attractions that include Florida’s Museum of Natural History, Devil’s Millhopper Geological State Park, and Kanapaha Botanical Gardens. Putting your condo up for short-term rental during peak tourist season can be a great way to earn passive income, but it’s important to ensure you have the right coverage for this venture in case of an unfortunate incident.
What Does Condo Insurance Cover?
Condo insurance coverage varies, but a basic policy typically includes both liability and property coverage. If someone is hurt while visiting your home or your personal property is damaged or ruined by a covered peril, your insurance will provide compensation up to the policy’s limit. Unfortunately, this coverage doesn’t extend to people paying to stay at your condo. If a guest breaks an appliance or damages furniture, condo insurance won’t foot the bill. What’s more, condo liability coverage doesn’t extend to people paying to stay in your condo, which means you could be sued if a guest has an accident on your property.
Talk to your insurer about coverage before you list your condo on a short-term rental platform. Some insurers offer endorsements for short-term rentals. Others sell specialized condo insurance policies for people who periodically put a condo up for rent.
Call Peninsula Underwriters Insurance Agency for More Information
Peninsula Underwriters Insurance Agency serves home and condo owners in and around Gainesville, FL. We offer insurance policies to meet the needs of local residents from all walks of life. Give us a call to learn more about our short-term rental coverage options, and we’ll help you select a policy that’s a good fit for your situation.
