What is the best insurance coverage for the second home condo use for seasoanl rental?
The condo has flood insurance, but I be told to purchase the coveage, I guess liability inside my unit. What is the inexpensive and fine coverage?
Answers:
You NEED full liability insurance. The amount should be enough to protect your Assets. If some one hurts themeself at your rental property, near needs to be satisfactory insurance, so that they do not come after your assets. If you have a standard (150/300 or 300/500) on that property, you might know how to get an umbrella to extent adjectives of your coverages ( your primary as well) to a million or more. You also have to check next to your insurer to make sure that the reality that this property is rented does not invalidate it for the coverage you are purchasing
Other Answers:
since it is a second home,
check with your first home's insurance company.
they usually contribute discounts and sometimes your items are covered under your first insurance
The mode most condo associations policies work is they cover the exterior walls and roof of the building. Interior walls are covered through an individual's condo insurance policy. You will need to draw from a condo policy to cover liability and interior walls and if you have furniture and other personal property surrounded by the condo. Check with a local agent - http://www.findlocalinsurance.com roughly getting coverage for this.
Ok. Here's how I'd do it:
1.) The condo itself would be covered under the master policy of the condo unitowners association.
2.) You can extend the liability coverage from your primary homeowner policy to cover the condo. I would suggest the max (100,000/300,000 or if your primary homeowner policy offer 1 mill.)
3.) Then add "contents coverage" for another location to your primary homeowner policy (you'll own to figure out how much contained by contents you have on your furnished rental).
I really couldn't speak about you the cost because rates vary from state to state so contact a local independent insurance agent within your area for competitive quotes. He/she can also support you of what will be necessary to suit your requirements for your situation. Good luck!
Source(s):
Have been an independent insurance agent for over 24 years.