Commercial Insurance for Long- and Short-Term Rentals

Home insurance is only valid if the owner is living in the home. If you own a second house that you rent out long-term or rent out your primary residence for short-term stays, you’ll need landlord insurance to provide coverage in the event of an unfortunate incident.

What is Landlord Insurance?

Landlord insurance is a commercial insurance policy that typically provides liability coverage (for people visiting your tenants), property damage, and lost rental income (if the covered disaster results in the home becoming temporarily uninhabitable). Landlords can add riders to a basic landlord insurance policy if they so desire; popular options include:

• Flood insurance (always a good idea, as Portland, OR is prone to flooding)
• Guaranteed income insurance (which compensates landlords if a tenant misses a payment)
• Emergency coverage (ideal for landlords who live or travel far from a rental property, as it covers the cost of traveling back to your rental property to repair damage)

What is Host Protection Insurance?

The Airbnb platform offers a policy called host protection insurance. It doesn’t take the place of homeowner’s insurance; rather, it acts as your primary policy if you have guests staying in your home. It’s ideal for homeowners who rent a single room, as the policy can apply to part or all of your home. Host Protection insurance covers property damage and bodily injury, but may not offer the full protection you can get from a customized landlord’s insurance policy.

Call Choice One Insurance, Inc. for More Information

Choice One Insurance, Inc. offers a range of commercial insurance options to landlords, business owners, and entrepreneurs in and around Portland, OR. Give us a call to find out more about landlord insurance or to request price quotes.