Vrbo Insurance Coverage For Owners – Running any business has its risks – and short-term rentals are no exception. If you decide to rent out your vacation home, you need to ensure that it is protected against unprecedented losses and incidents. After all, things go wrong all the time: even the most well-intentioned guests can cause damage or get into an accident.

The only way to ensure that you, your property and your tenants are protected is to take out holiday rental insurance. However, it is not as simple as it seems.

Vrbo Insurance Coverage For Owners

Vrbo Insurance Coverage For Owners

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If you have, you’ve come to the right place. Recently, I’ve noticed how often questions about insurance come up in short-term rental groups and forums. So, I decided to delve into the topic.

I sent out a survey to my US-based short-term rental host community and asked about their experiences. 41 hosts came back to me with a lot of useful insights that I will share with you below. I have summarized the main points in an infographic.

If you want to know what my research revealed about the best vacation rental owner insurance providers, read on at the end of this blog post!

Your personal insurance policy—whether it’s a homeowner’s, landlord’s, or condo policy—doesn’t automatically cover everything you need as a short-term rental. You may be able to purchase add-ons to extend your current policy. However, not all insurance carriers have this option.

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Another way is to purchase a business insurance policy. However, even this may have limitations for short-term home rentals. Also, business insurance policies are very expensive for landlords – no one wants insurance fees to cut into their rental income.

If you advertise your rental on channels like Airbnb and Vrbo, it may be tempting to rely on their policies. However, you should be aware that policies offered by booking platforms are often not real insurance policies. And they certainly don’t provide coverage for your short-term rental.

There’s a policy called AirCover for Hosts that gives hosts up to $1 million in damage protection. USD and up to 1 million USD liability protection. Previously, Host Protection only covered up to $1 million. USD for both damage and liability coverage. Airbnb AirCover is free and included in your host profile. You can use its benefits every night you book.

Vrbo Insurance Coverage For Owners

However, AirCover is not an insurance policy and does not cover all damage to your property. It contains many terms, conditions and exclusions.

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AirCover includes host liability insurance. AirCover protects you from liability if a guest is injured or their belongings are damaged at your property. In addition, it will protect you from liability if a guest damages a common area, such as an apartment lobby or your neighbor’s fence. While AirCover is very good, you’ll still want to invest in short-term rental insurance to always have property damage and liability coverage.

Also, with the channel policy, the contract is not on behalf of the host, but on behalf of the channel. This means that you cannot go directly to the insurer when making a claim: you have to go through a channel, which can slow down and complicate the process. Not ideal when you’re trying to recoup damage. Learn more about AirCover here.

Related post: Check out Airbnb’s damage policy guide and how to file a damage claim through the platform.

The insurance coverage you choose for your vacation rental will vary depending on the type of property you own and where it is located. It’s important to choose the right insurance: you probably don’t need the most expensive package (which insurance companies will try to sell you), but the simplest option may not be enough to meet your needs.

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Home sharing is all about trust, but sometimes hosts have to deal with bad actors. To avoid having to pay to replace stolen items, make sure your rental also has theft insurance.

If your property is located on the coast or in another area prone to extreme weather or natural disasters, it’s a good idea to cover damage caused by weather-related incidents as well.

The price of the insurance policy will depend on the location of the rental, its features and the chosen type of insurance.

Vrbo Insurance Coverage For Owners

Some providers offer the option to pay only for the days when the rental is booked, which can be a significant advantage for hosts who only rent the property at certain times of the year.

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Other providers have monthly or yearly plans. You can usually get discounts if you choose to pay for a year in advance.

According to our survey results, the main challenge landlords face when trying to get insurance is finding a provider that covers short-term rentals. Options are limited and vary from state to state. Also, the policies available are often too expensive for small shelters.

Landlords who responded to the survey also indicated a lack of clarity about the policy and what it covers. Several hosts said they had trouble finding useful information online about vacation rental insurance providers and their policies.

Our survey found that well-known providers like Proper Insurance and State Farm are popular among short-term rental hosts. However, not all of them are happy with their current policies: for example, several landlords mentioned that Proper Insurance increased their premium significantly this year, which had a tangible impact on the profitability of their business.

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The results of our survey of 41 short-term rental hosts. The “Other” category combines suppliers who received only one vote.

Fortunately, the range of options is growing. More and more insurance service providers are supplementing their offer with new products tailored to the needs of short-term rentals.

In addition, startups partnering with established insurance companies are developing innovative technology platforms to streamline the process by allowing property managers to insure and submit claims online. These vacation rental hosting tools help you save time by automating insurance claims and management, a huge step in automating Airbnb rentals.

Vrbo Insurance Coverage For Owners

So instead of talking about the big insurance providers that you may already be familiar with, we’d like to offer some alternative options that could be useful for short-term rental hosts. These companies offer affordable vacation rental policies to help you protect your rental property without breaking the bank.

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InsurStays offers a wide selection of insurance policies for vacation rental owners and property managers. They work with insurance agents, brokers and highly rated underwriters to provide coverage at an affordable price. In addition, they partner with innovative distribution platforms such as RentalGuardian, where hosts can access an automated online claims management system.

InsurStays has several different property protection programs. One of them is the StayProtect property protection policy. It comes in two different packages: Property owners can choose either the Liability Package or the Contents Only Package.

The Contents Only package covers damage to flooring, carpeting, drywall, appliances, furniture, and other rental items. This way, you will not have to pay a deposit and receive the full cost of replacing the damaged items.

A liability package, on the other hand, includes not only indemnification but also business liability insurance and bed bug protection. This comprehensive coverage ensures complete protection for you and your rental.

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InsurStays policies are underwritten by Lloyds of London, one of the most trusted insurance companies in the world.

In addition to homeowners insurance policies, they now cover short-term vacation rental properties, frequent rentals, as well as occasional second homes. So they can help meet unique rental coverage needs.

Velocity specializes in coastal insurance and covers property in areas prone to natural disasters. They promise the fastest and most accurate coverage after disasters. So if you own a rental in coastal Florida or other US coastal markets, Velocity may be the right choice for you.

Vrbo Insurance Coverage For Owners

Some of the most common losses Velocity covers are water damage, fire and smoke, freezing plumbing, wind storm or hail, theft and falling objects. However, there are many other coverage options that you can add to your policy.

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Where is it available? At the time of publication, Velocity homeowners insurance is currently available in the following states: Connecticut, Florida, New Jersey, New York, North Carolina and Texas.

American Modern Insurance Group is a large volume insurer. They are widely recognized and have been in business for over fifty years. The insurance group has more than 1,200 employees and works with its country agency partners to find insurance for its clients.

American Modern’s short-term rental packages include a variety of loss of income, property damage and liability insurance options. These options are less expensive when bundled together to create a complete short term rental insurance plan. Although their plans usually do not include furniture, other structures, pools and garages,

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