Short-term rentals have become extremely popular over the past decade, especially since the inception of Airbnb, an app and website used by travelers searching for a place to stay during vacations and getaways. As a result of this demand, many homeowners have considered listing their properties as short-term rentals for the purposes of supplemental income.

apartment in a short term rental

It’s true that short-term rentals can be a lucrative venture, but if you’re considering renting out your space in such a capacity, it’s important to think about insurance. What type of insurance is best? Will your homeowners’ insurance cover you? What about landlord insurance? Fortunately, we here at R&R Insurance Group have got you covered, with valuable information on keeping your Georgia home and property protected when used as a short-term rental.

Is Homeowners Insurance Enough?

More likely than not, your homeowners insurance will not cover short-term rentals. If you choose to rent your home for a special occasion, like a major sporting event or large festival, your insurance might cover it, but oftentimes insurers require advance notice or a paid add-on in order to provide coverage.

If you’re frequently renting out your home or property and an incident occurs, your insurer may assert that you’re running a hotel or bed and breakfast business and deny your claim.

Is Landlords’ Insurance the Right Way to Go?

You may think landlords’ insurance is the right direction to head in, due to the fact you will be renting your space. However, landlords’ insurance only covers the actual building structure, not your personal property or any liabilities. Many landlord policies also do not cover short-term rentals, so you might be on the hook for damage to your home or building either way.

Short-Term Rental Insurance: The Best Option

In reality, short-term rental insurance is not just the best option—it’s the only option for those looking to protect themselves and their property. Common short-term rental coverages include loss of income, property damage and theft, and liability coverage. They may also protect against identity theft, infestations, and excessive utility usage, which would be of great help should a renter turn out to be a bad actor.

Still Unsure? Give R&R Insurance Group a Call

Finding the right insurance for your short-term rental in North Central Georgia can feel overwhelming—we get it, and we’re here to help. Contact us today for more information about getting the best insurance coverage for your specific property and short-term rental goals.