Who doesn’t love springtime, especially if it has been a cold, wet winter? Longer days and warmer temperatures make being outdoors delightful, particularly as flowers start to bloom and the grass starts growing again.
But we all know that spring weather can be temperamental. And rapidly changing weather can raise risks of weather-related damage to your vacation rental home.
Being prepared means understanding the risks, reviewing your coverage, and sometimes making upgrades to your vacation rental home. Here are some risks that are heightened during spring and how you can protect yourself and your property.
FLOODING
Storms and springtime go together, and spring storms can be frequent and heavy. Sudden heavy rain can cause flash flooding and overflowing bodies of water.
Floods can occur anywhere, though some areas are at higher risk than others. Flood insurance is not usually included in homeowners coverage.
Separate flood insurance is a policy that specifically covers a structure, and its contents should a flood occur. Understand what is and isn’t included in your vacation rental home coverage, and do your research to determine whether flood insurance is a wise investment.
LIGHTNING STRIKES
Lightning strikes are rare, but when they strike a dwelling, they can cause expensive damage. Risks include fire, charring, and ruined electronics and wiring systems.
The good news is that the number of insurance claims for lightning strikes has dropped steadily over the past five years, from 85,020 claims in 2017 to 60,851 in 2021, according to statistics from the Insurance Information Institute.
Unfortunately, the drop in the number of claims has accompanied a startling increase in the cost per claim: from an average of $10,781 in 2017 to $21,578 in 2021!
While there isn’t much you can do to keep lightning from striking, you can evaluate the coverage on your vacation rental home. Make sure that your coverage is consistent with current replacement cost estimates to avoid an unpleasant surprise if lightning damage should occur.
OTHER STORM DAMAGE
Hail, straight-line winds, and tornadoes can severely damage your vacation rental home. Once the weather warms up, check on the condition of its roof and address any problems (like loose or damaged shingles) right away.
Water from storms should move away from your vacation rental home. If it doesn’t, you may need to level parts of the lawn to cause rainwater to flow in the right direction.
Likewise, make sure that gutters are in good condition, free from clogs, and that they direct storm runoff away from the structure. Spring can be an excellent time to clean out gutters.
RECREATIONAL VEHICLES AT YOUR VACATION RENTAL HOME
If your vacation rental home features a boat, ATV, or other recreational vehicles, you must ensure you have sufficient rental home insurance coverage. Storage and preparation of these items can sometimes cause damage, so it’s important to be properly insured.
AN UPTICK IN RENTERS
People travel more when the weather warms up, typically starting with Spring Break, which usually happens in March or April. Spring maintenance before you open your vacation rental home for the season is a financially savvy move.
Heavier use of your vacation rental property accompanies an increase in risk. Making sure you have a sufficient amount of the right kind of coverage is crucial to protecting your investment.
To help ensure you have the right coverages in place for your vacation rental home, contact Brandon Patterson in our agency at 865.453.1414 or email brandon@ownbyinsurance.com to get started.