If you are a property owner that rents out your property for any short term rentals this new law needs your attention.
“An Act Regulating and Insuring Short-Term Rentals” is now on the books in Massachusetts. This was passed in December, 2018 and takes effect on or after any bookings being made now or after July 2019.
One aspect of this law does have an important impact on the property insurance for any property that hosts short term rentals.
The insurance requirement states: “An operator shall maintain liability insurance of not less than $1,000,000 to cover the short term rental unless the short term rental is offered through a hosting platform that maintains equal or greater coverage.”
Although the law is very new and there are still many questions regarding its application, it is never to soon to check in with us regarding the insurance you have selected on any property you rent to others.
For a full copy of the law click here!
Please let us know if you have made any changes to how you use your properties. Whether you reside in your property or rent it out, the insurance you select may just need updating!
We promise to keep you posted on any updates to this new law and its insurance requirements as they are shared with our agency.
Herlihy Group – Here to Help!