Insurance for renting

If you are renting your timeshare week, is there a need to have insurance on the property to protect yourself from either damage caused by the tenant or potential lawsuits brought by a tenant that claims he/she was hurt at the resort or in your unit, and chose to sue the timeshare owner as well as the resort? Or, does a portion of your maintenance fee pay for insurance that would serve this purpose? Or does the resort's insurance cover this purpose? Thanks for any input!

Don't know the answer to your question, but my advice would be to contact your resort and ask these questions.

christinep107 wrote:

If you are renting your timeshare week, is there a need to have insurance on the property to protect yourself from either damage caused by the tenant or potential lawsuits brought by a tenant that claims he/she was hurt at the resort or in your unit, and chose to sue the timeshare owner as well as the resort? Or, does a portion of your maintenance fee pay for insurance that would serve this purpose? Or does the resort's insurance cover this purpose? Thanks for any input!

I would say it depends on how/when the damage deposit is collected.

Some resorts require the person checking in to give a $100 deposit that will be returned at the end of the week, provided nothing is damaged. If that is the case, the owner just needs to make sure the renter knows to expect that.

If the damage deposit is somehow charged directly to the owner... and something that ends up breaking is essentially the owner's liability to pay, the owner would probably need to work the funds needed for the deposit/damage into their rental price & contract somehow.

First and foremost you must have an agreement in place signed by both the owner (you) and the renter which includes a clause pertaining to any damage done to the unit by the renter and their responsibility for such so there is a clear understanding of what happens with damages and any other incidents.

Thanks, Marty