| While home-sharing can be lucrative for homeowners, it exacerbates the typical homeowners risks. Recognizing this, Lexington Insurance Company has a series of enhancements to LexElite® Homeowners Insurance. LexShareSM HOME Rental Coverage (LexShare HOME) extends homeowners protection expressly where short- and long-term landlords need it—providing coverage certainty with an expanded definition of "residence premises" and raising the roof on protection for losses from property damage, theft and more. Key coverage highlights include: - A broad definition of "residence premises" that eliminates any grey areas in coverage for primary and secondary rental properties, and expressly encompasses both short- and long-term rentals regardless of whether they are secured through online peer-to-peer websites or traditional real estate brokers.
- Protection for rental of other structures on the "residence premises," such as a converted garage apartment—deleting the exclusion of other structures rented or held for rental in the standard homeowners policy.
- Increased coverage for damage to landlord's furnishings, including appliances, carpeting, and other household furnishings, in each apartment on a "residence premises," eliminating the $2,500 coverage cap in a standard homeowners policy.
- Enhanced protection for personal property, tripling—or more—the standard Special Limits of Liability in key areas. For example, LexShare HOME provides limits of $10,000 on watercraft of varying types; $5,000 for loss by theft of jewelry, watches, precious and semiprecious stones; $7,500 for loss by theft of silverware, goldware, platinumware and firearms; $7,500 on property used primarily for business purposes; $4,500 on trailers or semitrailers; and $4,500 on certain electronic apparatus and accessories.
- Coverage for theft of personal property from that part of a "residence premises" rented to others.
- Watercraft Liability coverage of $100,000 for certain watercraft rented to others, such as jet skis, small sailboats and powerboats, canoes, kayaks, and rowboats. Standard homeowners policies provide no coverage whatsoever for watercraft rented to others.
- Express coverage for tenant-caused damage to trees, shrubs, plants or lawns on primary and secondary rental properties.
Additional endorsements include: Lex CyberSafetySM Coverage, Upgrade to Green® Residential, Eco-Homeowner® Mandatory Evacuation Response Coverage, and LexElite® Pet Insurance. The nonstandard homeowners, renters, condominium, rental dwellings, vacant dwellings coverage is available in all states except Hawaii. To learn more, visit Big "I" Markets or contact Karen Lancaster.
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