We have many clients investing in short-term and long-term rentals right now. This doesn’t surprise us. Middle Tennessee is booming and that includes the rental market. But many of our insureds don’t know the difference between these two types of rentals.
Short-Term Versus Long-Term Rentals
- To keep it simple, short-term rentals typically have a lease of 6 months or less. This includes VERBO, AirBnB, and seasonal leases.
- Long-term rentals have a lease of 6 months or longer.
How To Insure Your Rental
How you insure your rental property depends on a couple factors.
- Is this your primary home?
- Are you renting part or all of your home?
Based on the answers to these questions, and knowing how long you are renting the property, will help your agent determine the best landlord policy to protect you.
Check with the local government in your area to see if a permit is needed. We also make sure you carry higher liability limits on a rental policy than a homeowner’s policy. This is because you are taking on more risk when renting to someone than you are by living there.
Talk to an #InsuranceNinja to get insurance for your specific situation. #ShortTermRental #LongTermRental #Nashville #LandlordPolicy