Albany is a popular tourist destination, with more than 4,300 visitors arriving daily. These tourists spend an impressive $970 million in the county each year. Albany, NY, homeowners can generate additional revenue by renting their homes for short-term stays during peak tourist seasons. However, it’s important to secure the right type of insurance before making this move to avoid unexpected expenses.

What Are Your Options?

Homeowners insurance typically covers the homeowner and their immediate family. It does not cover incidents related to the commercial use of the home, including short-term rentals. To address this gap, you can purchase a short-term rental insurance rider to supplement your home insurance policy. This ensures your home is covered both while you’re living in it and when you rent it out to guests.

Short-term rental platforms like Vrbo and Airbnb offer their own insurance policies for landlords. Be sure to read the terms and conditions of these policies carefully to understand what is and isn’t covered.

Alternatively, you can purchase standalone policies tailored to your specific needs. Options include guest liability insurance, property insurance, and theft or burglary insurance.

Need Help? Call NY Twin Bridges Insurance Agency

A single accident or careless guest can cause tens of thousands of dollars in damage if you don’t have the right insurance coverage for your short-term rental. Insurance provides peace of mind and protects you from financial losses caused by unexpected incidents.

At NY Twin Bridges Insurance Agency, we understand the risks associated with short-term rentals. We’re here to help Albany, NY, homeowners and condo owners find excellent coverage at competitive prices. Contact us today to learn more about our riders, standalone policies, and policy bundles.