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Nick Libertin shares his experience of his short-term rental property burning down and the challenges he faced with insurance coverage. He emphasizes the importance of having the right insurance coverage and understanding the policy details. Nick also discusses the emotional and financial impact of the incident and offers advice for hosts to protect themselves.

Takeaways

Ensure you have the right short-term rental insurance coverage with a business protection rider

Review your insurance policy to understand the coverage and any caps or limitations

Consider additional coverage for loss of business revenue and excavation fees

Be prepared for the emotional and financial impact of a property loss

Maintain good documentation and evidence in case of a claim

Communicate with your mortgage company to discuss payment options during the rebuilding process

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