We spoke to Guardian Insurance Riviera Maya area director, Michael Keller, about the incident in which a family of four lost their lives to carbon-monoxide poisoning and the responsibilities of vacation rental property owners.
What can other property owners learn from this tragic incident?
Install carbon monoxide detectors and check them regularly. Include a liability waiver in their rental contract or rental agreement, and take out an insurance policy. Also, perform proper maintenance on the hot water tank and all the appliances in the unit.
What insurance should a property owner purchase before renting their unit?
The owner of the rental unit needs to verify that the policy has been issued with the property listed as commercial, NOT private/personal. When we issue a policy at Guardian Insurance, we recommend including a minimum of $100,000 USD in liability coverage on all our property policies.
Is there an insurance policy that would cover the owner for this type of accident?
Yes, as long as the property is listed as commercial property on the policy, and they have liability coverage included, they are covered against accidents of this type, up to the contracted sum insured amount for that section.
What is the price for this type of insurance?
Many homeowners are surprised to learn that liability insurance for rental properties is relatively inexpensive, at about $30 USD in premium for every $100,000 USD in liability coverage.
Tips to Protect Your Family and Your Guests from Carbon Monoxide Poisoning:
- Install battery-operated or battery back-up Carbon Monoxide detectors in your home, making sure one is installed in the bedroom.
- Have your gas appliances and hot water tank professionally installed and serviced each year by a certified technician.
- If you have a wood fireplace, have the chimney cleaned every year.
- Do not cook on a portable gas camp stove or a charcoal BBQ indoors.
- Generators should be kept outside; never have a generator inside your home or camper.
- Never leave a vehicle running inside the garage.
If you have any questions about liability as a private or commercial property owner contact
Read the full article https://guardianinsurancemx.com/carbon-monoxide-tragic-reminder/