Owner: How do I insure my seasonal rental?

It is customary for owners, in view of the various risks of a rental, to foresee possible accidents. It can indeed happen that unforeseen events occur, especially since the tenants’ stay in the residence is only temporary and the type of contract made with them cannot always cover the damage. The disaster can also be natural, such as bad weather. Thereby, it is prudent to take out insurance for your property to compensate you for the various damages. However, what is the best insurance?

Is insurance compulsory for a seasonal rental?

Insurance serves as coverage for a homeowner. And although tenants are just the occupants of your property for a fixed term, the house and its amenities are never entirely safe from possible damage.

The subscription to an insurance is in no case obligatory for a seasonal hiring.

For the tenant

You are free to choose an unsecured rental, although this is not recommended. Under these conditions, you are responsible for damage caused during the rental.

For the owner

The owner can ask for an insurance to have the guarantee of his accommodation. This insurance is a multi-risk contract for housing, also called guaranteed holiday insurance. For In such cases, insurance is essential, even if it is not mandatory.

How to take out insurance for your vacation rental property?

Here are two vacation rental property insurance options if you own a home or apartment:

  • Multi-risk home insurance (MRH);
  • Responsibility of the tenant.
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Multi-risk home insurance (MRH)

Multi-risk home insurance is a commitment contract where the owner does not claim anything from the tenant in the event of water or fire damage. However, the tenant is responsible for other damages.

Responsibility of the tenant

This comes after the multi-risk home insurance which gives the tenant responsibility for the damage he causes such as: destruction of furniture, damage to the house and others.

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What insurance for your seasonal rental?

The choice of your insurer should be based on the type of cover you want to provide for your house or apartment. We also advise you to rely on insurance that offers to cover as many details as possible in your vacation rental property. Even if your tenants pay you deposits for the compensation of certain breakages or deteriorations in the house, the damage can be important to the point that only an insurance can compensate you for it. The types of coverage to be required are:

The fire guarantee

This warranty is usually included in the contract with the tenant and landlord. It is an essential insurance for a house for seasonal rental. Because the tenants are most often people on vacation, festivities and barbecues can be a source of more or less serious fires. The insurance indemnities for this type of damage are based on the conditions established and signed during the contract.

Water damage

Insurance that covers water damage includes all accidents caused by water in your homeas :

  • Overflow or rupture in unburied pipes and channels;
  • Leaking tap water;
  • overflow or leak from a radiator;
  • Leakage of a household appliance (such as the washing machine) or sanitary facilities (such as the bathtub, the sink and the like);
  • Overflow or leak from your gutters;
  • Penetration of water under your roof during the rain.
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To note that water damage is likely to get worse very quickly and cause other damage in their path. The havoc and deterioration of various installations can often be more serious than what you can see on the surface. It is therefore very important to take out insurance for this type of accident.

Electrical damage

Electrical damage insurance covers all types of electrically powered machines such as televisions, washing machines, coffee machines, ovens and even refrigerators. Overvoltage, mishandling, overheating, etc., and your electrical appliance may be damaged. Especially since the tenants of your property will not necessarily be able to take care of it as you would. Insuring yourself against all these possible domestic accidents is therefore the best solution.

Opt for insurance that compensates you in accordance with the contract you have signed with transparency, simplicity and rapid reimbursements.

It is sometimes difficult to find the right insurance for your property. However, there are insurances that cover all the damage to which you can subscribe. Do not hesitate to inform yourself and make comparisons to find the one that suits you. You should also know that the contracts are customizable and can be adapted to your situation and your needs.

Read also : Everything you need to know about shared tenancy

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