How to Protect Your Bradenton Vacation Rental from Potential Damages - Insurance Tips for Owners - article banner

Renting out a vacation home makes sense in the Bradenton market. People from all over the world flock here for Gulf of Mexico beaches and easy access to cities like Tampa, Sarasota, and St. Petersburg. It’s a great way to earn some money on your real estate asset.

But, there’s also a lot of liability and risk.

Most owners worry about property damage. With short-term tenants coming and going, the wear and tear on your property will be more than is typically found with a long-term rental.

We have some tips on protecting your investment. It starts with insurance and ends with professional Bradenton property management.

Here’s how to keep damage to a minimum when you’re renting out a vacation home.

Buy a Comprehensive Insurance Policy for Your Home

When you own and occupy a home, you buy homeowner’s insurance to protect the property and your financial investment. A landlord insurance policy is similar. It covers you for any physical damage that occurs. If something happens that requires the repair or the replacement of the walls, roof, or structure of your home, the insurance will pay for it.

For a vacation home, your insurance company will want to know how often the home is occupied by you and how often you have tenants living in it. Make sure you fully disclose how your property is used when you’re purchasing coverage, otherwise you risk having a claim denied.

You’ll want enough insurance to cover the major damage, such as a fire. You’ll want to know you have the resources to rebuild your home.

Don’t Forget Liability Insurance

Liability coverage is an important part of any insurance policy so you’re protected from lawsuits and claims that may arise if a tenant or a tenant’s guest is injured or harmed while they are renting your property. If you have more than one rental property and you need extra coverage beyond the liability protection that your landlord policy provides, consider an umbrella policy. This is a good way to extend coverage for only a few extra dollars per month.

Good liability policies will also protect you against unintentional damage caused by tenants. For example, if a vacation renter leaves the stove on and starts a kitchen fire, you’ll need insurance to protect you against that loss.

Hurricanes and Other Hazards

Hazard insurance covers the damage that a natural disaster may cause. In Florida, these natural disasters can be hurricanes, tropical storms, and tornadoes. When you’re renting out a vacation property, you need to be prepared for these unexpected events.

Typical perils that are often covered by your hazard insurance include:

  • Hurricanes
  • Tornadoes
  • Hail
  • Smoke

If a hurricane hits the Gulf Coast of Florida and damages your property, the hazard coverage you have will pay for any related repairs or replacements to the property.

Bradenton Property Management

The best way to protect your property from damage caused by tenants, vacancy, or natural disasters is by working with a professional Bradenton property manager. You’ll know that experts are ensuring the home is safe and habitable. You can also count on regular inspections, preventative maintenance, and accountability with tenants and guests.

Property managerWe can help you have a better and safer investment experience. When you’re worried about the potential damage that can be caused to your Bradenton vacation rental property, contact us at Anchor Down Property Management.