All Forum Posts by: Maura Paler

Call CBIZ www.cbiz.com

We own and manage vacation rental properties, and did a lot of looking into this. CBIZ was the only one we found that specializes in this, there may be more now (this was 3 yrs ago we did all our research). 

CBIZ specializes in vacation rental property insurance. We have not had a claim yet, but they do get a good insurance rating and are pleasant to work with. 

Most importantly:

1) Get specific vacation rental insurance because if you have a liability claim by a guest and are not covered for weekly rentals your claim may be denied. Many homeowners insurance allow you to rent up to 3 weeks only. 

2) CBIZ rates should be much lower than standard rates for vacation rentals (we got quotes that were 2-3x higher). 

3) Our coverage includes lost rental income in the event the house becomes unusable (fire, hurricane, roof problem, etc) for up to 2 years in addition to the costs to replace or fix the house! This means an extra $80,000 - which will cover our mortgage while we rebuild! No one else offered this. It is essential if you depend on the rental income to cover your mortgage. 

4) things like watercraft (non motorized) are covered by CBIZ while others will not cover them. We have lake properties, it is essential we offer kayaks, canoes and floats to our guests.

They also offer all kinds of helpful tips on how to cover yourself from liability, what to put in your lease, signs on your property, keeping the house safe, etc. HomeAway.com forums also are very helpful with tips on how to profitably and safely provide vacation rental homes with as little hassle as possible. 

Hope this helps! 

Maura

Hi Carlos,

Why not consider a weekly vacation rental property in Cooperstown, NY? The fact that you are who you are would be a huge draw for renters. 

We have 4 properties in southern Adirondacks that get booked year round - and our attractions are nothing compared to the Baseball Hall of Fame!

You would need a reservation agent (I could help you with that) and a property manager. When not booked with guests you could use the house yourself - which is one of the very unique benefits of owning vacation rental property. 

Maura

There are so many nuances with a vacation rental property...it doesn't seem practical to use a stranger as the host or reservation agent. 

Our vacation properties (and the many I manage for clients) all have unique nuances that if not attended to will ruin the guests experience and/or the property. Bad reviews can put an end to future bookings.

In my attempts to use third parties to lighten my work load, there have been lots of problems. Examples: don't adhere to max number guests, rent to inappropriate guests (handicapped person in a walk up was my most memorable!), forget to put out basic supplies, lose the key, forget to greet the guest or hire the housekeeper, neglect to collect payment, lose the lease, forget to remind guests to take out garbage or separate recycles, don't replace broken furniture, dishes, worn linens or even bulbs, neglect to notice and charge for damage, and none came close to getting the number of bookings I get on my own. 

My priority is to get top dollar, fully booked, great reviews all with minimal damage. Their priority was to get easy bookings, with little investment in all the rest.