Will You Be Renting Your Home This Season?

SMART INSURANCE TIPS

With the busy season rapidly approaching, it’s important to be aware that your Homeowner policy may have coverage exclusions or limitations regarding rentals. The duration, frequency, and way in which you rent out your home are all factors that may affect your insurance protection.


Here are a few important tips:

1. Clearly communicate with your insurance broker about your rental plans. Failure to notify your insurance carrier before renting may result in the denial of a claim and/or cancellation of your policy.

2. Each insurance carrier takes a different position on the rental of a Primary or Secondary home. Some carriers do not allow renting out one’s Primary home

3. Many Homeowner policies provide continuous coverage for monthly or even seasonal rentals (e.g., Memorial Day through Labor Day) when renting to the same tenant. On the other hand, frequent rentals to multiple tenants can be considered a business exposure that may exclude coverage by your policy.

4. Be aware that renting out your home through home-sharing sites — like Air BNB, VRBO and HomeAway — may trigger coverage exclusions or limitations.

5. If you decide to rent out your home, be sure to require your tenant to provide proof of liability coverage while in your home.

6. With renting comes increased liability exposure. Please review your personal liability limits and be sure to add any home that you own or rent to your Excess Liability (Umbrella) policy.

For more information contact: 
Christopher F. McDonald | Amaden Gay Agencies
P.O. Box 5004 | 11 Gay Road | East Hampton, NY 11937 | P 631.324.0041 ext. 341 | F 631.324.0671 | cmcdonald@amadengay.com

Travel Insurance Tips

Interior view of a house under construction home framing
SMART INSURANCE TIPS

The summer season is a popular time to take a vacation. Travel insurance is a good way to protect yourself and your family from a host of things that can go wrong before and during trip. 


Travel policies can be tailored to your specific needs and are surprisingly affordable. Here are some benefits that you can include in your policy to make sure you are well protected:

1. Trip cancellation and trip interruption coverage that will reimburse you if a covered event like illness, injury or inclement weather occurs.

2. Trip delay coverage for meals and temporary lodging if a covered event delays your trip.

3. Medical evacuation to get you or a family member home or to a hospital quickly in case of emergency.

4. Political evacuation to help you exit your destination country in the event of a crisis.

5. Coverage for personal effects if your baggage is damaged, delayed, lost or stolen.

6. 24-hour concierge assistance that can help you with a variety of issues during your trip.

For more information contact: 
Christopher F. McDonald | Amaden Gay Agencies
P.O. Box 5004 | 11 Gay Road | East Hampton, NY 11937 | P 631.324.0041 ext. 341 | F 631.324.0671 | cmcdonald@amadengay.com