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Everything that can be insured must be insured, so this should not be any surprise to you. Naturally, you will need homeowners insurance for your new vacation home , but perhaps not the kind you're accustomed to purchasing. Most standard policies exclude the use of the home for short-term rental. When contacting insurance companies, make certain that you specify that your policy needs to be for an income producing, short-term rental vacation home and not just a "second home". Because it is a specific type of insurance, you may find that your provider does not offer it.

Heather Durtche-Goodall, of Florida Chartered Insurance Group, Inc., describes their policy, which is offered specifically for short-term rental homeowners, as being composed of six parts: dwelling, other structures, personal property, loss of use (covers rental income), liability, and medical payments (covers tenant injury claims). Most short-term rental management companies will also recommend that you add at least $500,000 liability coverage to your homeowners insurance, just to be safe. Usually, the company that services your mortgage will pay the yearly homeowners insurance premium. They will then divide that yearly total premium into equal monthly amounts and add it to your principle, interest, and tax payment. Typically, homeowners insurance will add an average of $45 to $60 to your monthly payment, depending on the value of your home, your deductibles, and any additional coverage you may have selected. You may instead opt to pay the yearly amount in one payment directly to the insurance company.

If you build a home which will be completed and delivered during hurricane season, June 1- November 30, you would be wise to secure your homeowners insurance prior to closing. Why? If there is a hurricane within a certain "box", or area, approaching Florida, insurance companies suspend writing new homeowner policies. If you take the policy out in advance, it will automatically go into effect at closing.

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