Many cities in the Sunshine State are a hotspot for tourists. Destin is no different. About 4.5 million visitors flock to this small region on the Emerald Coast, ready to enjoy the warm weather, beautiful beaches, and other attractions.
Being a destination city, the demand for vacation rental accommodation is always high. This is why you chose to invest in a short-term rental property in Destin.
Smart move, but have you taken any steps to protect yourself from financial losses in the event of property damage or business interruptions? You need vacation rental insurance coverage for your property.
Dive in as we tell you how to find the best coverage.
Identify Vacation Rental Insurance Coverage Providers in FL
Not every property insurance company offers vacation rental property insurance. It's a niche market, so you have to start by identifying some of the well-known providers in Florida.
A simple search on Google will reveal some of the top-rated providers in your region. Make a shortlist of about five companies based on their online reviews.
If you reside in Destin, you may also want to reach out to your home insurance provider and ask whether they offer vacation rental insurance. You'll be better off dealing with a company that you're already family with than establishing a relationship with a new provider.
Establish Your Needs
Just like homeowners' insurance, vacation rental insurance policies vary from provider to provider.
Most policies will cover property damage from unforeseen events like fire or a storm, and provide liability protection in case someone is injured on the property as a result of some negligence on your part.
However, if you need protection from business interruption losses or damage caused by problem guests, you will learn that not all policies offer it. In many cases, though, companies that don't offer comprehensive vacation rental insurance are willing to provide additional coverage at an extra cost.
As such, having a clear understanding of your needs is vital to finding the best short-term rental insurance provider.
Consider Using an Insurance Broker
Shopping around for vacation rental insurance for owners isn't an easy job. Although it's a niche market, there are still thousands of providers offering various types of vacation rental insurance.
If you don't have the time to look at various offerings, consider using an insurance broker. Tell them what you want and they'll give you a list of insurers that will meet your needs. They can even recommend the best among the pack.
Run a Profitable Vacation Rental Property
Whether you're letting out some rooms in your home or a standalone vacation home, vacation hosting in Destin is a good venture. Getting the best vacation rental insurance coverage will protect you from the various risks that are common in the industry.
But don't stop there. Take another step and hire a vacation rental management company to oversee the property. In Destin, look no further than PMI Destin-30A. We're part of a nationwide property management franchise that has been in the game for decades.
To learn more about our vacation property management services, get in touch.
