For some of us, renting our summer fun is the way to go. But rentals also carry their own set of insurance risks and exposures.
Most standard personal auto policies don’t provide coverage for damage to a rented motor home. While liability coverage for personal use is provided, considering the size of a motor home and the potential damage they can cause, the liability limits on your personal auto policy may be not be enough.
One of the most common rental scenarios for watercraft involves jet skis. Despite their popularity, most standard homeowner’s policies limit the liability coverage available for rented jet skis to those with 50 HP or less, so this limitation may exclude coverage for many, if not most, rented jet skis. Most non-motorized watercraft such as kayaks, rafts, canoes, and rowboats should be covered, but it’s always best to check with your agent prior to renting.
What about physical damage coverage? Consider the cost to replace a pontoon boat should you be found liable by the marina or rental establishment. Carefully read all rental agreements to make sure you know exactly what you’ll be liable for.
Your personal liability coverage follows you anywhere in the world, as does coverage for your personal belongings. Should your rented vacation home be damaged or become uninhabitable, there may be no Loss of Use coverage under your homeowner’s policy, so you would be responsible for expenses to find other lodging or to travel home.
Car rental companies offer optional insurance coverage called Collision Damage Waiver to protect you from financial responsibility should the vehicle be stolen or damaged while under your control. Personal liability, bodily injury, and property damage would still be covered under your personal auto policy.
Whether you own or rent your summer fun, a personal umbrella policy offers an additional layer of protection over what most primary liability policies provide. Talk to your agent about the extra protection of an umbrella policy.
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