Do I Need Additional Insurance Coverage if I Use My Miami Property as a Vacation Rental?

Do you own a single-family home or condo in Miami, FL that is utilized as a vacation rental property? Are you carrying the right type of insurance in the event a flood or fire were to break out? If you are new to the real estate industry or haven’t really taken the time to look into what type of insurance you might actually need, you are going to want to read on as the information we are sharing with you below can help prevent you from being faced with a denied home insurance claim.


Miami is one of the most desired locations to travel to. People from all across the country and even the world come to Miami to enjoy the beaches, food, and festivities that are always going on there. Because many know how much travelers love to visit Miami, they will often take advantage of the traffic and rent out their home or property to those who are looking for a private place to stay. While this might be a rather profitable industry to be in, it is important that you are protecting yourself and your home from the potential damage that might occur that is caused naturally or by those who are occupying it.

The most effective way to protect yourself is to determine if you are carrying the right type of insurance. If your property is used as a vacation rental, it is likely your home insurance policy will not cover any sort of damage that occurs inside or around the home. Because insurers look at you renting your property as “business activity,” you need to purchase a certain type of policy so that when something goes wrong, your insurer will pay to repair it. While it is recommended that you speak with your insurance agent to find out what type of policy you need, Nationwide says that you may need to buy a rental property insurance policy.  Some of the common types of coverage you get when you buy one of these policies include:


  • Liability: This will cover personal injuries sustained by those renting out your property.
  • Contents and Structure: A standard rental property insurance policy will generally cover the building along with the contents inside in the event of damage, theft, fire, etc. Nationwide says that “it might also cover home amenities such as a swimming pool, bikes, and [even a] small watercraft.”
  • Lost Income: In the event your property sustains damage and it cannot be rented out for a certain period of time, this portion of the policy would reimburse you for the income you would have made had you been able to rent it out.


Now, even if you were to only rent your home out for the month of December as many enjoy traveling to Miami for the holidays, you will want to check with an insurance agent to find out if your home is protected by the current policy you have. The truth is, without the proper type of insurance, you put yourself at risk if someone were to sustain an injury or if the property were to become damaged. Why? Well, not only could you be sued by the injured party for the medical bills they incurred, but you would also be liable for paying for the necessary home repairs out of your own pocket. The fact is, if you were to try and file an insurance claim with your home insurance carrier for damage done while your property was being rented and you failed to purchase the additional coverage needed, your insurer will likely deny your claim.


What if I have the additional coverage but my insurer still denied my claim?


insurance claims lawyers in Miami, FL
If your home insurnace claim was denied yet you had the necessary coverage, contact the Miami insurance claim denial lawyers at SG Law Group to find out what can be done to get this denial reversed.

Now, if you have taken the necessary steps and purchased the required type of policy needed for those who rent out their homes for vacation purposes, yet your insurer denied the damage claim you submitted, you will then want to contact a Miami, FL insurance claim denial lawyer . Anytime your property claim is denied, especially when it is for a large amount, you will want to have an experienced insurance attorney such as those at SG Law Group review the denial notice to determine why your insurer didn’t approve it.

The attorneys at this firm can then use their findings to determine what your next steps should be and if you need a Miami denied insurance claim attorney to intervene. So, if you are looking for peace of mind and a “boutique” law firm that specializes in handling property insurance claims, then contact SG Law Group today by calling 305-606-6139.


SG Law Group is located at:


2665 S. Bayshore Drive, Ste. 220

Coconut Grove, FL 33133


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