Top 3 Insurance Options for Short Term Rentals
As the popularity of short-term rentals continues to rise, property owners are seeking reliable ways to protect their investments and provide peace of mind to both themselves and their guests. Airbnb insurance only covers a small portion and if you start taking direct bookings you want to make sure you have additional insurance. In this blog post, we will delve into the top three insurance companies that specialize in providing coverage for short-term rentals, along with their key features and benefits.
Company Overview: Proper Insurance is a leading name in the short-term rental insurance industry, known for its comprehensive coverage specifically designed for vacation rental property owners. The company understands the unique risks associated with renting out properties on platforms like Airbnb and Vrbo, and tailors its policies accordingly.
Key Features:
Commercial Liability Coverage: Proper Insurance offers a robust commercial liability coverage that includes protection against third-party bodily injury and property damage claims. This coverage is essential for safeguarding property owners from potential lawsuits resulting from accidents that occur on the premises.
Premises and Personal Property Coverage: Proper's policies extend coverage to the property itself, as well as the contents within it. This ensures that damages caused by events like fires, vandalism, or theft are covered, offering financial security to property owners.
Business Income Coverage: In case your property becomes temporarily uninhabitable due to a covered loss, Proper Insurance provides business income coverage, compensating you for the income you lose during the repair period.
Company Overview:American Modern has been in the insurance industry since 1965, and their main objective has always been to offer coverage for those who have specialized needs, like those who have mobile houses and short-term rentals. They pride themselves on being “a widely recognized, national leader in the specialty insurance business.”
Key Features:
Usage-Based Coverage: American Modern offers coverage on pop up homes, container homes and unique spaces.. This flexibility is particularly advantageous for hosts who fall into a gray area of “home”.
Enhanced Liability Protection: Slice's policies come with comprehensive liability coverage, protecting hosts from claims related to property damage and bodily injury caused by rental guests.
Seamless Claims Process: One of American Moderns standout features is its streamlined claims process, which aims to provide quick and hassle-free reimbursements in the event of covered losses.
3. CBIZ Vacation Rental Insurance
Company Overview: CBIZ Vacation Rental Insurance specializes in crafting insurance solutions tailored to the needs of vacation rental property owners. With a focus on risk management and financial protection, CBIZ offers a range of coverage options.
Key Features:
Comprehensive Property Coverage: CBIZ offers coverage for property damage caused by perils like fire, theft, vandalism, and natural disasters. This coverage extends to both the physical structure and the contents of the property.
Premier General Liability: CBIZ's liability coverage safeguards hosts from legal claims arising from injuries or property damage that occur on the rental property.
Additional Coverage Options: CBIZ provides additional coverage options, including coverage for cyber liability, equipment breakdown, and identity theft, allowing property owners to customize their policies according to their unique requirements.
Conclusion
In the dynamic world of short-term rentals, having the right insurance coverage is an essential aspect of ensuring a successful and secure hosting experience. Proper Insurance, American Modern, and CBIZ Vacation Rental Insurance stand out as the top three insurance companies that cater specifically to the needs of short-term rental property owners. With their tailored policies and comprehensive coverage options, these companies provide peace of mind to hosts, allowing them to focus on delivering exceptional experiences to their guests while being protected against unforeseen events. Before making a decision, it's important to thoroughly evaluate your specific needs and compare the offerings of each insurance provider to find the best fit for your short-term rental business.