Home Rentals Boom During the Pandemic
The way we work and vacation in 2020 has changed drastically. With most people currently working from home instead of an office, many have realized that “home” can be anywhere. Additionally, current social distancing guidelines have vacationers shying away from crowded cruises and hotels and opting for more private getaway lodging. This combination has made home rentals one of the hottest ways to vacation this year.
Residential condominiums are one of the most popular types of homes listed for rent on Airbnb. With over 150 million users and an average of six guests checking into an Airbnb every second, according to iPropertyManagement, condominium owners are utilizing this website for quick rental transactions.
Before renting out their properties or listing their homes on Airbnb, residential condominium owners need to make sure their assets are properly insured. The Devon Park Specialty Residential Condominium Investors product is specifically designed for the coverage needs of the individual or corporate investor who owns residential condominium units and leases them out to others. We offer broad coverage options and the ability to include improvements and betterments, business personal property, loss of rents and loss assessment coverages.
Some of our product features include:
- Up to 100 individual units owned and annual or seasonal rentals are eligible
- Owner may occupy (provided is it not their primary residence)
- A wide variety of ownership types, such as individual, corporation, partnership, LLC, and nationally recognizable individuals (e.g., professional athletes) are eligible
- Property values up to $3 million per unit and $10 million per location (where eligible)
- General liability limits up to $2 million/$4 million, with no deductibles
- An additional $5 million of excess liability coverage
- Low minimum premiums
Every policyholder also has access to our Business Resource Center free of charge. One of the value-added services available in our Business Resource Center is discounted tenant background screenings. This feature would assist any residential condominium owner by providing a clear picture of a prospective tenant’s payment habits and minimizing the risk of renting to a problematic tenant.
Contact your Commercial Lines underwriter to learn more about our Residential Condominium Investors product and how we can help with coverage.
Contact Cheryl Ryan
Executive Vice President, Division Leader – Commercial Lines | 844-438-6775, ext. 2582
Written by Danielle Conner
September 3, 2020