Bill's Bountiful Blog
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"Freedom of the press is guaranteed only to those who own one." - Thomas Wiley, Journalist
By William May
Published: 12/28/15 Topics: Insurance, Property Management, Vacation Rentals Comments: 0
Vacation rental homes are susceptible to the same problems as full-time residences. Sometimes pipes break, basements flood and even smoke or fire damage can happen.
It may be possible to have maintenance firms handle such problems but for larger problems it is necessary to hire a company that specializes in restoring homes to their original condition.
Such companies are referred to as Restoration Specialists and having the name of one or more firms on hand is just good preparation. Odds are high that they will never been needed.
Because damages may result in cancellation of bookings, the loss to owners may exceed even the cost of repairs. So here are some steps to be prepared for what you can hope will never happen:
(1) Property Insurance - When insuring your home for vacation rentaling, that use must be clearly communicated to your insurance agent who should provide a policy specifically allowing short-term rental use.
Most basic second home policies are not sufficient for offering a home as a vacation rental. Take care before you have a claim to properly protect you in the unlikely hood a claim becomes necessary.
(2) Business Loss - Second home insurance can cost more than your primary resident. And vacation rental policies cost more than basic second home polices. However, such policies should also cover the owner for loss of income should the home become unrentable for a period of time.
(3) Restoration Specialist - To find a company that specialize in quick and through restoration use Google Maps for your location searing for "Fire Restoration" because that is the most common keyword on which these firms advertise.
(4) Remote - If your home is remote or in a sparsely populated area, it may be necessary to question restoration firms closely to insure that they would be willing to come to your address should you later need their services. Keep good notes.
(5) Records - Be sure to record the name of several restoration companies because, in the case of local flooding or severe weather, any one firm may not be able to handle your needs quickly.
(6) Property Managers - If you use a local property manager, good firms will already know of restoration providers and be able to quickly get help on site.
Lodging managers are not in the restoration business and claims are so unusual that the manager may never have had to use a restoration company. But do not hesitate to ask the manager if they can recommend anyone.
(7) Schedule - Restoration firms can not guarantee that any given property will be restored over night. In fact, time may be required to allow a house to dry.
Even when repairs will take a longer period, restoration firms can often arrive quickly to stabilize the situation and then return later to complete repairs.
(8) Fire - Should your home become partially damaged due to fire, your local fire department will often board over a home to make it is weather tight or to protect it from intruders. Do not hesitate to ask their help when they are on site.
(9) Franchises - Here are the names of several franchises that brand and endorse local partners to do restoration. This does no guarantee the quality of the work. Even local non-franchises are often skilled and dependable.
(10) Action - Try to secure your insurance company's approval before completing restoration. By calling their claim number you should be able to secure approve to start the restoration with full approval secured once the restoration firm can provide a more detailed estimate.
Not long after its founding in 1907, the Boy Scouts organization adopted the motto "Be Prepared." When it comes to unexpected events for your vacation rental home, being prepared is great advice.
Author: William May – Volunteer, Vacation Rental Association
Blog #: 0473 – 12/28/15
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