More people than ever are looking to rent out their homes, condos or townhouses as vacation rentals. This is because the internet makes it easy to do so. If you are considering doing this, you may find yourself wondering if your regular condo insurance coverage still applies if you use your condo as a vacation rental. Here at THINK Insurance & Financial Services, serving the greater Pomona, CA area, we want you to be informed. Here is what you need to know about condo insurance and condo vacation rentals.
A regular condo insurance policy is designed to cover you living in the condo. It is not designed for people who are planning on renting their condo out, either for short or long term rentals. If you are planning on renting your condo out as a vacation rental, you may need what is known as a short-term rental policy or a vacation rental insurance policy. If you are planning on renting out your condo for a long period of time, you may need what is known as a landlord insurance policy. The right insurance policy will cover you and your property when you are renting out your condo.
Having the right insurance policy in place for your condo is important, and the right type of policy varies based on how you plan on using the space. Whether you are looking to reside in the condo, rent it out as a short-term rental or rent it out for the long term, THINK Insurance & Financial Services, serving the greater Pomona, CA area, can help you get the right insurance policy for your needs. Contact us today to get started.