With short-term rentals in Asheville, owners are well aware of how fast the guest turnover goes. It’s constant. And the liability exposure is real. Someone slips on a wet deck. Or a child falls down the stairs, breaking an arm (or leg!).
Life happens, accidents happen. And your standard homeowners insurance or landlord policy has a cap on what it pays out. If someone’s claim goes over that cap? It’s gonna come out of your pocket. That’s why you need umbrella insurance.
What Is Umbrella Insurance?
Umbrella insurance is another layer of coverage that sits atop your standard policy. It comes into play when your landlord or homeowners’ insurance reaches the limits on a claim. Your umbrella insurance covers the rest.
Umbrella insurance can also cover claims that your base policy doesn’t handle. Personal injury allegations, for example. It’s not required by law in North Carolina, but rental property owners in Asheville are taking a huge risk without it.
Why Short-Term Rentals Carry More Risk
When you have a long-term tenant, you generally know who’s living in your rental. But short-term guests are constantly rotating through. Sometimes every few days even.
Short-term guests aren’t familiar with the layout. They might not notice loose railings. Things like that. And if someone is seriously hurt on your property, a lawsuit can quickly exceed the limits on your base policy. Our team at Asheville Insurance Center will work with you to make sure you’ve got the umbrella insurance you need.
North Carolina and the Contributory Negligence Standard
NC follows a contributory negligence standard. And it’s one of the strictest in the country. It’s a legal framework that often works in your favor as a landlord. But it also means a dispute may potentially be more contested. The result is often high litigation costs. Umbrella insurance can save your finances.
Talk To a Professional Who Knows Asheville, NC Inside and Out
Owning a short-term rental in Asheville is way different from owning a regular rental property. If you’re not sure where you stand on umbrella insurance, get in touch with Asheville Insurance Center today. We’ll go over your policy with you and make sure you’re rock solid.
