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Prioritize Landlord Insurance
- Don't rely on homeowners insurance for rental properties since it typically doesn't fully cover rental risks.
- Get landlord insurance, which is specifically designed for rental property risks including liability and loss of rental income.
Meet Lender Insurance Standards
- Check with your lender early to meet stricter insurance requirements and avoid loan closing delays.
- Ensure coverage meets lender demands on property value, liability limits, flood insurance, and deductible caps.
Insure Short-Term Rentals Properly
- Use specialized insurance or endorsements for short-term rentals like Airbnb, as standard landlord policies often exclude coverage.
- Customize your short-term rental insurance to protect against guest-related damages and liability risks.