Buying a vacation home on Kiawah or Seabrook Island offers you the opportunity to vacation in the lap of luxury. It also gives you the chance to own a vacation rental in one of the most desired places in the world. Not only is Pam Harrington Exclusives the best resource to help you find the island home of your dreams, but we can market and manage your vacation rental, so you stay stress-free. We can also connect you with trusted professionals to help with important details such as securing homeowners insurance for rental properties.
Homeowners Insurance for Rental Properties: Know Your Options
Protect Your Investment Property
Standard property insurance typically covers a single-family residence occupied by the owner. If you plan to rent your home, you’ll need to secure additional coverage. From guest injuries to maintenance, insurance companies know that renting out your home raises risks. Having a landlord insurance policy protects you if something goes wrong. There are many policies to choose from, so ask your agent what the standard policy covers and if you’ll need to add any riders.
Prepare for Structural & Property Damage
Fire, lightning strikes, theft, and vandalism are just a few of things that can damage the structure of your property. Dwelling coverage will help you repair or rebuild your physical structure when a covered peril has damaged it. We also recommend Guaranteed Replacement Cost Insurance, which will pay what it costs to repair or replace your damaged possessions at today’s prices without deducting for depreciation.
Personal property coverage is another must-have for furnished, short-term rentals. It will help protect you against damage to carpets, curtains, furniture, domestic appliances, and more.
Recover from Flooding
For rental properties on Kiawah and Seabrook islands, flood insurance is essential. Like most coastal areas, our beautiful sea islands are susceptible to water issues from heavy rain. Flood policies for rental properties include building coverage and contents coverage. The National Flood Insurance Program regulates the rates, so your cost will be the same no matter which carrier you select.
Other Coverage to Consider
In addition to the policies described above, you may want to consider securing wind and hail insurance, liability protection and guest medical protection. Insurance agents can help provide a policy quote for these and other forms of insurance to cover you and your property in the event of an accident, damage or loss.
Let Pam Harrington Help You Find the Perfect Vacation Rental
Now that you are familiar with homeowners insurance for rental properties, it’s time to start looking for the vacation home of your dreams. Pam Harrington Exclusives is your go-to for Kiawah Island and Seabrook Island real estate. We provide an enjoyable experience for both property owners and rental guests and will help preserve the long-term value of your property. We also have a large selection of homes for sale on Kiawah Island, Seabrook Island, Johns Island, Wadmalaw Island, and historic Charleston, SC. Browse our featured properties, then give us a call. We look forward to hearing from you!