Burns & Wilcox has announced that it can now include liability coverage with its homeowners product that offers coverage for short-term rental. Coverage includes personal ownership, limited liabilty companies and corporations in California and several other states.
This product can be written with actual HO3 in a secondary home and includes liability at a named location. It covers the short-term rental exposure and is an excellent product for those who own a secondary home that is rented to others during seasonal vacation times and the client resides in when not rented to others. This product also provides theft coverage for the short-term rental exposure.
Premiums are based on the total insured value (coverage A, B, C and D combined), including dwelling, structures, personal property and loss of rentals. The minimum premium is $500 and the minimum deductible is $1,000, with a $2,500 theft deductible. Liability minimum is $300,000 to $1 million.
The product requires an Acord homeowner application and short-term rental questionnaire, which may be obtained at the Burns & Wilcox Web site, www.burnsandwilcox.com.
This HO3 product also is available in all states subject to normal underwriting guidelines.
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