Imagine owning a short-term rental or a vacation property amidst the jeweled colors of the Arizona desert. You could choose a modern bungalow close to the Grand Canyon, a ranch home in Scottsdale, or a cottage overlooking the red rocks of Sedona. This unique state which sees snow and scorching desert temperatures in the same region has long been a vacation and residential destination. Whatever or wherever your property in Arizona, there are a few things you should consider when it comes to finding the right Arizona short term rental insurance policy for your new getaway.
Vacation or Short-term Rental Specifics
When you purchase a home as a second residence, whether you occupy it intermittently or rent it out for other vacationers for short periods, you need to insure it for these purposes. A typical homeowners policy won’t cover homes used in this way, which is why you need a different type of insurance. Not all carriers will offer this protection, so it’s important to find an insurer who will.
A short-term rental policy accounts for a second home that is rented out in short stints or not continually occupied by its owner. This insurance accounts for liability in the case of an accident by a renter, a break-in when the home is not occupied, and other items that specifically apply to a vacation home. Since the owner is often in another state or country, short-term rental insurance for your Arizona property offers a sense of protection when you’re away.
When you insure a second home, there are different considerations than when covering a primary residence. Location is a big factor as is the type of dwelling. Single family homes as well as condos require insurance though not at the same amounts. A condo will likely have partial coverage from the condo association since it is a dwelling of shared walls.
Landlocked Arizona is a unique location in itself. You won’t have to worry about storm surge in the desert, but flash floods can be a concern in monsoon seasons and flood insurance may be a necessity. This is a separate policy from your short-term rental insurance. Don’t wait until the rainy season arrives. Flood policies need 30 days to take effect. Home features like a pool will also factor into your policy. But really, in the oven-baking heat, it’s a small price to pay.
Ways to Save
When you insure your vacation rental property, you’ll need to consider security. A monitored alarm system could make you eligible for discounts. Make sure the alarm is monitored for both break-ins and fire.
To protect the valuables you keep in your vacation or rental property, make sure you compose and store a digital home inventory. Make a list of the important items in your home, especially those of high value. Take pictures of each room and update the list whenever you add a major item. This can save you lots of time and trouble in the event of an incident—especially if you’re trying to work it out across the miles.
The Fudge Insurance Difference
Short term rental insurance is a niche that many insurers won’t cover. We work with some of the best companies who do. As an independent insurance agency, Fudge Insurance is able to tailor a policy to fit your needs. We insure vacation rental properties in 10 states, including Arizona. For over 15 years, Fudge Insurance has worked with the best in the vacation and short-term rental industry. We partner with A Place in the Sun Live, the largest vacation rental expo in the world so we can continue to stay ahead of trends and provide the best for our clients. We also provide traditional home, auto, flood, life, and business insurance so we can bundle your policies. Contact us today so we can answer any questions about your short-term rental needs.