If you have a vacation home that you are currently not using, take advantage of the summer season and rent it out. While you are away on vacation in a foreign country or if you plan on sticking close to home this summer, there is no shortage of people who would be interested in renting your second home for a period of time. Before renting it out, however, be sure your investment is secured with the right Augusta Vacation Home Insurance. In addition, heed the following advice for a smooth rental process.
Be prepared for the extra work.
While renting your home can mean extra income, it also means extra work. If you plan on hiring a management company to handle bookings, prepare to spend about 20% of your income for their services. However, if you choose to handle it yourself, understand that finding qualified renters, hiring the proper cleaning and maintenance services, and responding to guests inquires take up a lot of time.
Advertise your home’s quality features.
Being the host with the most means more people are going to be drawn to your home. Whether it’s an ocean view or a stunning master bedroom with a fireplace, show people what your home offers. If you take good care of your home and find people who value your property, they are more likely to treat it with respect.
Protect your home from accidents.
Renting out your home means there is bound to be a scratch or a ding somewhere at some point. Understand that accidents happen and be sure you have the right insurance policies in place to protect yourself.
Think through your nightmare scenario as a guide for what you want to stipulate in your contract. Not interested in renting to a frat? OK, put a low minimum on the number of adults allowed and stipulate a minimum age- you might also spell out your policy on parties, says Bloomberg. Be clear on what kind of behavior is expected of your guests when renting your home to prevent unwanted surprises.
At Tri-State Insurance Agency, we are committed to protecting homeowners against the broad spectrum of perils they face. Whether it is your full-time residence or vacation spot, our high-value homeowner’s insurance is custom written to meet your specific needs and offers higher coverage limits and inclusions that traditional policies. For more information, contact us today at (888) 990-0526.