Many homeowners in the desert rent their houses or condos for Stagecoach or Coachella Music Festival, thinking they are going to make A LOT of extra money for a weekend. But, they assume their homeowner’s insurance policy will cover their property in case of a fire, theft, damage or a liability claim. Homeowners insurance covers owner-occupied structures, your personal property such as furniture, TV’s, clothes, personal liability for lawsuits and medical bills resulting from injuries sustains on your property.
If you decide to rent your house or condo for the weekend or week you will need to purchase a Short Term Vacation Rental Policy. Keep in mind this in NOT the same thing as a “landlord policy” which is for a long term lease. Renting the home you live in for a weekend or a week has different insurance requirements than if you were to have a long term rental. When you rent your home long term the risk is not as high as if you are renting it short term. Most homes, when rented long term, have minimal appliances and furniture. When you rent the home you are living in it will most likely have all of your furniture and personal possessions in it.
Your primary homeowners insurance policy will not offer protection if you decide to rent out the home you live in.
Be sure you check with your insurance agent BEFORE you make any changes or decisions no matter how small or insignificant you think a situation might be.
Call Doug Motz at Douglas Motz Insurance Agency @ 760-200-0270
or go to www.DougMotz.com for any questions regarding renting your house/condo for Stagecoach or Coachella Music Festival.