CBIZ Vacation Rental Program
Frequently Asked Questions
Who is CBIZ?
CBIZ is a publicly traded financial company focusing on Insurance, Consulting and Accounting. CBIZ is traded on the NYSE under the symbol, CBZ. CBIZ has more than 6,000 associates working from more than 140 offices throughout the country. CBIZ is the 15th largest property and casualty broker in the country, representing over 300 insurance carriers. CBIZ insures properties in every state including Alaska and Hawaii. CBIZ has insured Vacation Rental Properties since 2002. The Vacation Rental Program is handled out of their Bozeman, Montana, office.
Do I need a special vacation rental insurance policy for my property?
Yes, you need a business policy for your vacation rental business! The CBIZ Vacation Rental Policy is a commercial policy which is far superior to the standard homeowners policy. The commercial policy protects you in the event you are sued by a renter for bodily injury or property damage. If a renter should fall in the shower, fall down the stairs, be injured or killed in a fire, you would have no coverage with a Homeowners Policy.
Also, a homeowners policy will not fully compensate you for your loss of rents should something happen to your property. In the event of a covered loss, the CBIZ Vacation Rental Policy will continue to pay you the rental income for as long as you are out of business, up to the limit you select on the policy. The money will continue to come in so you can pay the mortgage, taxes, and still make your profit.
Is the policy expensive?
No. The cost of the policy is comparable to a Homeowners Policy and less expensive than a standard commercial policy.
Does it take a lot of my time to get a quote?
No. Using the CBIZ online rating system, you can get a quote in 5 minutes.
How quickly can I put the policy in force?
The same day, CBIZ can issue a policy in less than 30 minutes.
What type of Vacation Rental properties does CBIZ insure?
All types of properties including:
If I live at the property, do I need 2 separate policies: a Homeowners Policy and a Commercial Policy?
No. With the CBIZ program, if you reside in…
CBIZ will provide you with your personal insurance coverage – a cost savings tool, as you will not need to purchase a separate Homeowners policy
How do I determine the dollar amount I should use for my building coverage?
The building limit should be the cost to rebuild the building not the market value of the property. CBIZ can help you determine the rebuild value of your building by using a sophisticated cost per square foot calculator.
How do I determine the dollar amount I should use for my contents coverage?
When deciding on the amount of contents coverage you need, determine what it would cost to go out and replace all of your contents tomorrow without the benefit of great sales or bargains. Use this figure for your contents amount. Any item used to service or maintain your building is considered part of the building coverage, and should not be included in your contents amount; such as a stove, refrigerator, dishwasher, washing machine, dryer, light fixtures, and countertops.
I'm new and have no idea what I should use for my Loss of Income coverage.
This is not a problem. CBIZ will help you determine this amount.
What coverage am I buying?
I have a swimming pool, do I have coverage?
Yes. Liability Coverage extends to your swimming pool and other amenities such as: