Tennessee Vacation Home Rental Insurance: Agreements

Tennessee Vacation Home Rental Insurance: AgreementsTennessee Vacation Home Rental Insurance: Agreements

As we mentioned in a post entitled “Sevier County Cabin Rental Insurance: Risks You Should be Aware of”, while you may not think of yourself as a “landlord” when renting out your vacation home, you are still subject to many of the same rental laws and risks that long-term renters are. While the appropriate Sevier County Insurance policy will protect you financially from some of these risks, ideally you would like to avoid the hassle of dealing with tenant problems. Writing an extensive vacation home rental agreement could help you to potentially reduce your risks as a landlord. So what should this include?

First off, the agreement should include places for all parties of the contract to sign, including all adult guests and yourself as the landlord. There should also be an accurate and updated description of the property that is being rented, including the appliances and special features that it includes. In addition, it should have the dates that the guest intends to stay, and should provide payment details plus a description of your cancellation policy.

Another important factor you’ll most likely want to include in the agreement is a statement of liability. Tenants should understand that using features of your vacation home, such as a hot tub, pool, elevator, etc. is at their own risk or at the risk of their guests. Many vacation home owners choose to specify how large of a group is allowable to rent out the cabin. While it may seem self-explanatory if you have a two bedroom cabin, for example, spring-breakers or other high school or college groups may think it’s okay to host as many people as they would like.

These are just a few factors to consider when writing out a vacation home rental agreement. To reduce your risk of a insurance claim, it’s important to be very specific in your landlord-tenant agreement. A few other things you may want to include are your refund policy due to severe weather, pet policy, and security deposit policy should you have one.

At Barnes Insurance Agency, we offer a full line of Tennessee Vacation Home Rental Insurance Policies, including replacement costs coverage in the event of property damage and loss of owned contents, rental income coverage, and liability insurance that helps with legal fees, settlements, and damage awards. Please contact us at (866) 733-5424 for more information about all of our Tennessee Vacation Home Rental Insurance.

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