If you have purchased a condo which you intend to use solely as a vacation rental property, you may be wondering what type of insurance you need on this property. This is a common question that we at AWARD Insurance Group, serving the greater Dalton, GA area, are asked. Here is some information you should know about insuring a condo you are using primarily as a vacation rental property.
Can You Take Out Condo Insurance On a Vacation Rental Condo?
In most cases, a standard condo insurance policy cannot be used on a vacation rental condo. If you are renting the property out for money, you will likely need some type of a business or commercial insurance policy on the unit. Most traditional condo insurance policies preclude business activities, such as vacation rentals, from their policies.
What Type of Insurance Do You Need for a Vacation Rental Condo?
The type of insurance you will need varies on many different factors, including how long you rent the property out for and whether you live in it for any period of time. Short term rental insurance for owners can help to protect your property when you are renting it out for short stays, typically less than a month. If you are renting the property out for a long period of time to one renter, usually a few months or longer, you will typically need a landlord insurance policy.
If you are looking to obtain any type of insurance to cover a condo you have purchased, AWARD Insurance Group, serving the greater Dalton, GA area, can help. Let us help you determine what type of insurance is right based on the way you are using your condo and then find the right policy to fully protect your investment. Contact us now to get started.