It’s almost festival season, and that means road trips, good music and good times. Or, you may be renting out your home for these festivals for a small windfall when the partying starts up again. Whether you’re attending or hosting a stay during the festival events happening near you, you’ll need to have the right insurance products in case the worst happens. Also, if you are making a road trip to a festival in the near future, you’ll want to have several types of car insurance in case the unexpected happens. Here’s more about what you’ll need when the festival season begins.
Preparing for Festival Roadtrips
Some people drive their cars for hundreds of miles to catch their favorite bands playing live. If you’re planning on doing the same, it’s best that you have the right car insurance in case of an accident. Also, there may be more than one person driving. Make sure these people are not excluded from your policy. Everyone who will be taking turns driving should be on the policy if they live with you. A friend will be covered with verbal consent by you to take the wheel.
Roadside assistance plans are inexpensive for the most part, so adding this coverage to your policy will ensure that you can get help wherever you may get stranded roadside, whether on the way there or back home. The great thing about roadside assistance plans is that they are not very expensive at all. You never know when you’ll get a flat or need a tow, so ask your agent how much it costs to add it to your insurance policy.
Have a robust car insurance policy in place, one that includes collision and comprehensive, even if only for six months during which you take your long trip. It’ll be worth it, even if your car is worth a little more than a couple of thousand dollars.
The more you drive, the higher the chances that you’ll be in an accident. If you are found to be at fault for that accident, you’re on your own to pay for repairs or a new car if you don’t have collision coverage. If you accidentally hit an animal on the road or if your car is stolen or destroyed due to an unexpected storm, you’ll need collision coverage to help out.
Your chances of being on the road with an uninsured driver are higher than you’d think. Consider adding uninsured/underinsured motorist coverage to your car insurance before you take a long road trip.
Renting Out a Home to Festival Goers
Whether you’re there a week or a couple of months, it’s important for you to have renters insurance. What’s more, if you’re renting with a friend, you’ll each need your own separate policy. The reason for this is that renters insurance only covers your belongings. Unless you’re married or the child of a policyholder, you may not be covered for your losses if only one of you has a renters insurance policy.
Take out a policy per person, even if there are three or four of you. If someone breaks into your vacation home and steals everything, you need your own contents coverage as a policyholder. Create an inventory of your possessions while you pack, and you’ll know how much coverage you’ll need based on price estimates.
Renting Your Home Out During Festival Season?
It’s a good idea to speak with your insurance agent if you rent out your home regularly. Otherwise you may not be covered if the tenants do considerable damage. If you’re a renter, you may need a sublease agreement with your landlord as well.
For homeowners: If you choose to keep your furniture there while your home is inhabited by other people, make sure you’re fully covered, you’ll need to buy a home-sharing insurance rider or a landlord policy to have proper insurance coverage. If you’re renting it through Airbnb, you’ll be covered partially by AirCover, AirBnB’s insurance. To be fully covered, you’ll speak to an agent about adding a rider as well.
If you gain a considerable amount of income renting out your home you’ll need a commercial landlord insurance policy. Your homeowners insurance will not cover you for losses. If you lie about your income, it’s considered insurance fraud
What Does a Home-sharing Rider Cover?
With a home-sharing endorsement, you’ll be covered for liability, theft, property damage and more. Coverage typically applies only during the duration of the guest’s stay.
Have Health Insurance Before You Rock Out
We’ve all heard about dehydration, injuries and just getting sick during music festivals. No one ever thinks that something terrible will happen to them, but when you make the decision to attend a weekend long festival (or longer), you should have a health insurance plan in case something happens to you.
One hospital stay can set you back thousands of dollars if you’re uninsured. Breaking a leg will cost a pretty penny too! Make sure you have health insurance before putting yourself at risk in crowded events like music festivals.
If you missed open enrollment, see if you qualify for a special enrollment period. You may, if you started a new job, lost a job, got married or divorced and a whole host of other situations.
Insuring Your Travel to a Festival
Should you buy travel insurance? It will cover damage or loss of luggage, medical emergencies and cancellations due to sickness and delays, but there are a few things you should keep in mind if you drive or take a plane or train to a festival. Your luggage will also be covered by home insurance or renters insurance if it gets lost or stolen, even if it’s stolen out of your car.
Event Ticket Insurance
With event ticket Insurance, you’ll get the full price of the ticket returned to you if you can’t make the event for a number of reasons, including covered illness, airline delays, traffic accidents and more.
Festival Season Tips FAQs
Does homeowners insurance cover Airbnb properties?
You may be covered by homeowners insurance if you rent out your property once every so often. In some cases, you may be covered once but not again or if you were renting out your place regularly. You’ll need a home-sharing endorsement as well as Airbnb’s Clearcover insurance to ensure coverage in case of losses.
Why would I buy homeowners insurance or a home-share rider if I have AirCover through Airbnb?
Think of AirCover as backup protection, not your core coverage. Have both home insurance and Airbnb coverage. Otherwise, you may not be fully insured.
When do I need commercial landlord insurance to rent out my home?
Commercial landlord insurance may be necessary if you run an Airbnb regularly or if the unit is a secondary home or investment property.
Can I add and then cancel collision and comprehensive coverage after my road trip?
You can make changes to your policy anytime by logging into your account online or on the app. An agent can also make the changes for you over the phone.
Key Takeaways
- Make sure you have a renters insurance policy if you are renting a home during the festival.
- Make sure you have the right home-sharing rider to a homeowners insurance policy if you are renting out your home.
- If you regularly rent out your home, even when as an Airbnb property, make sure you have commercial landlord insurance.
- Having health insurance is very important because a long festival can put you at risk for health issues.
- Make sure to have more than enough car insurance in case you are stranded roadside, have an accident or if your car gets stolen
Photo source: Depositphotos
