Commercial homeowner’s insurance for vacation rentals vs. Homeowners and Landlord Insurance policies exclude “commercial activity”, which means any property or liability claim could be denied as the result of short-term renting your property. New regulations across the U.S. are also requiring property owners to maintain commercial general liability. The Proper Insurance policy is a comprehensive commercial policy and was custom-penned with Lloyd’s of London to entirely replace your current coverage.
Protection Upgrade: Underwritten by Lloyd’s of London, the Proper Insurance policy offers a level of protection unmatched by any domestic insurance carrier. Short-term vacation rentals do not fit into one insurance category and thus virtually all policies have coverage gaps, limitations, and exclusions.
Proper Insurance Policy Highlights: Designed to replace your current coverage.
- Commercial Package Policy: coverage for building, contents, liability, and income.
- Building & Contents: special cause of loss (all risk) with replacement cost valuation (new for old).
- Liability: $1,000,000/$2,000,000 in commercial general liability (extends beyond premise with no deductible)
- Income: actual loss sustained business income coverage with no time limit.
- Additional $1,000,000 in personal liability when rental “doubles” as the primary residence.
- Optional upgrade to $2,000,000/$3,000,000 in commercial general liability.
- Liability coverage enhancement for animals/pets & liquor.
- Liability coverage extended over amenities: pools, bicycles, small watercraft, golf carts, rec area, + more.
- Property coverage enhancement for theft and damage caused by a renter.
- Vacancy clause removed with no standard occupancy restrictions.
- Ordinance or law enhancement up to full building limits.
- Bed bug enhancement with business income.
- Squatters Coverage enhancement with business income.
- Underwritten by Lloyd’s of London, AM Best’s Rated A.