Seasonal/Rented Home or Condominium
Houses that are intermittently occupied or rented to tenants present a unique insurance risk. To avoid any gaps in insurance coverage, be sure to be very clear about how the house is being used. And whatever you do, don’t forget:
- Optional Earthquake coverage, which we ALWAYS recommend because:
- February 27, 2010: 8.8 Earthquake in Chile – estimated loss $8-$12 BILLION
- September 4, 2010: 7.0 Earthquake in New Zealand – estimated loss $2-$4.5 BILLION
- Tenant’s Improvements
- If you’re in a condo, Strata Plan building coverage only covers the cost of rebuilding the basic building, fixtures, and fittings.
- Have you renovated?
- Did you buy your unit with renovations already complete?
- If the building was built originally with inexpensive carpet, and you have installed hardwood floors – replacing them if they were damaged would be your expense.
