More rain and colder weather are coming—are you prepared?
By: Meagan Baron
April 22, 2020
Do you want to rent out part of your home or another structure on your property? Or, perhaps you have a summer home that you use for personal use and/or rent out during the summer months and you are looking for longer coverage?
Mosaic Insurance Alliance agents now have access to Travelers’ new Quantum 2.0 Program will help you get better Air B&B coverage while saving you money.
The 2.0 program allows policies to have the “Home Sharing Host Activities” endorsement for a fraction of the cost, and opens up the possibilities for clients like you to get coverage on primary and secondary homes that are fully or partially rented out.
Other insurance carriers tend to be much higher in premium. Also, the general run of the mill home insurance company will either not accept people using their primary or rental homes with an Air B&B exposure, or they will provide only an endorsement to cover only up to 30 days a year. Since a lot of people use their vacation homes during the summer for personal use or to rent out, that 30-day restriction creates a huge gap in coverage. Mosaic Insurance now has significantly lower rates on Airbnb host insurance for 1-181+ days, with the option to do daily, weekly, or monthly increments.
When we create a Travelers 2.0 homeowners insurance policy, we have the option to cover entire rooms, entire floors, a garage, a guesthouse, and/or other structures on the property. For example, if a client has a couple of rooms in their basement that they rent out about 90 days of the year, a Mosaic Insurance agent can run a free home insurance quote with Travelers and get a policy that has a lower annual premium with more dwelling coverage compared to a policy from another insurance retailer.
With Airbnb rentals, hosts do not always really know who they are renting to. The place that is being rented out can also be far from the host. Having vacation rental home insurance on a home that cannot be monitored while it is in use can help protect the owner against damages from carelessness, vandalism, theft, etc. brought on by the renters. For this type of host protection insurance policy, it generally covers the liability (in the event of a lawsuit) and property of the insured (in case anything is damaged). Since the policy is to protect the owner and the owner’s property, the person who is the Air B&B occupant has no coverage.