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Vacation Rental Insurance

Vacation Rental Insurance

Renting out your home or property can be an easy way to make money, especially if you sign up for home-sharing apps. But if you don't have adequate vacation rental insurance, and a guest becomes injured, you could lose your property and even other assets if you are sued.

With the proper New Mexico insurance coverage, like policies available from NM Insure, you can protect your personal assets and your property from any liability.

Frequently asked questions:

Aren't short-term rentals covered by my New Mexico personal homeowners insurance policy?

  • Not necessarily. If you own or rent your home, your insurance policy might only cover the structure and your personal property. If someone is injured on your property, you could still be held liable - whether you were physically there or not. That means that if you rent out your property more than once, you could be held liable - unless you have property vacation rental or business insurance. Additionally, there are specific state requirements for renting out your home to guests.

Do I need business or vacation rental insurance to cover my home?

  • Depending on your usage, your needs might vary. Call our local insurance agents today to find out exactly what insurance coverage is right for you and your property.

What will likely not be covered by my homeowner's insurance?

  • Personal property that has been damaged or stolen by a guest
  • Personal property of a guest that has been stolen or damaged
  • Property damage or injury caused by a guest (like your neighbor's property)
  • Damage to adjacent property (like road signs, etc.)

Do I need umbrella insurance?

  • Umbrella insurance, or insurance that covers things beyond traditional auto and homeowners insurance, can cover other potentially litigation-prone assets.

Alright, I'm getting vacation rental insurance. What else can I do to protect my assets?

  • Interview anyone thoroughly before you grant them access to your property. Utilize a home sharing site's screening service, or if you're managing the property yourself, ask for identification, reference checks, and even a deposit.
  • If you're thinking about renting long-term to someone, please speak with our insurance agents to ensure you're covered. You might need a renters insurance policy or have your homeowner's policy extended to cover a long-term situation.

Before you begin renting, call or visit our office to speak with an agent today about a quote and what you need to get started on a policy!

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