In Las Vegas, NV, it is not uncommon for people to rent out their condos. As such, Stevens Insurance is often asked whether their condo insurance covers either short-term or long-term renters. Here is some information you need to know before you rent your condo out.
If you are looking to rent your condo out for brief periods of time, such as a vacation rental, you will likely need a business insurance policy. However, as short term rentals are becoming more popular, many insurance companies are beginning to roll short term rental policies up into condo insurance or home insurance policies as requested. As such, you may be able to cover short term renters under your condo insurance policy if you have the right policy in place. You will need a specific type to cover short term renters and if you do not have this, these renters are not covered.
Long term renters are not covered under your condo insurance. They will need to obtain renters insurance in order to be covered. Typically, any person staying 30 days or longer is considered to be a long term renter in your home. There may be exclusions to this, such as if you are renting to a family member or if you are having a friend stay in your residence while you travel out of the area for a month or longer. However, it is wise to talk to an insurance agent and see if you qualify for these exclusions instead of assuming you do. Most people will need renters insurance when staying or renting a condo for a long period of time.
If you are looking to obtain a new condo insurance policy in the greater Las Vegas, NV area, Stevens Insurance would love to help. Contact us today with any questions you have or to obtain a price quote.