Vacation Property Insurance

[Aqeel Salim]

Hi Everyone. My wife and I just purchased a second home in Maine as a vacation property with the hope of renting it out when we are not there/using it. I understand that a typical home owners insurance policy would not be appropriate in this instance and I was wondering if anyone has any recommendations for insurance companies that I could look in to. I called Geico who currently insures my primary residence and they said that they would no be able to provide insurance on a vacation rental property. Any advice would be greatly appreciated. Thanks in advance for your help. Aqeel Salim

[Maura Paler]

I insure all 3 of our vacation rental properties with CBIZ, which specializes in VR insurance, a MUST if you hope to collect on any claim as typical homeowners will not cover a problem with a weekly renter. Some will allow up to 3 or 4 weekly rentals per year covered - but you have to check your individual policy.  

Unique features that we receive from CBIZ: 

- the rates were 1/2 of what others quoted 

- up to 2 years of rental income will be covered in event of loss of use of home in addition to replacement/repair! Of course this must be proven income (i.e.: reported I assume)

- non motorized boat use is covered (highly unusual)

- they make clear safety musts such as fire alarms, extinguishers, supply ideas for verbiage for leases and property signage, etc to CYA in event of problem

We've had no claims so far (knock on wood), so can't attest to pay out, but they get good ratings and very happy so far with customer service.