Charlotte, NC, is a thriving tourist destination, with nearly 31 million visitors in 2023 alone. Condo owners can take advantage of this boom by renting out their properties on platforms like Airbnb or Vrbo during peak vacation seasons. However, it’s crucial to ensure you have the right insurance coverage for short-term rentals to avoid costly expenses in the event of an incident.
Condo Insurance: What’s Covered and What’s Not
Condo insurance typically covers the condo structure and the homeowner’s belongings. However, this coverage is only valid if the homeowner resides in the condo. Renting out the condo is considered a commercial activity by insurance providers, meaning you’ll need a policy that covers your condo in case of accidents or damage while someone else is staying there.
If you’re looking for insurance to cover condo rentals, there are several options to consider. A short-term rental insurance rider can be added to your condo insurance policy to provide coverage for renters. Vacation rental insurance protects against property damage and personal injury. Additionally, umbrella insurance may be a good option, especially if you rent out multiple condos. Ensure your umbrella policy is a commercial one, rather than a personal one.
Contact Kempton Insurance Group for More Information
Kempton Insurance Group specializes in helping Charlotte, NC, condo owners find insurance policies tailored to their specific needs. Contact us today to learn more about our policy options, receive expert advice, or request a price quote. We’re here to help you protect your investment.
