*Please note this is an updated article already existing in the MyVRHost website.
This post is going to give you the resources to help you select the right vacation rental insurance for you and your home.
Insurance companies tend to place vacation rentals in the commercial business category, so your homeowners’ insurance or personal insurance will not cover issues that arise as a vacation rental host. Airbnb offers Host Protection Coverage, a $1 million guarantee, but it is somewhat limited. Simply put, if you have your rental on multiple platforms and vacation rental sites, the best option is to purchase vacation rental insurance so you are always protected.
Here are some of our trusted Airbnb vacation rental insurance providers to get you started:
RentalGuardian
Vacation Homeowner Protection by RentalGuardian is tailor-made to protect against the unique hazards of your vacation rental business: Replacement cost coverage for your building(s) and for your contents, coverage for damage to your building and contents caused by a guest, loss of income coverage, liability coverage in the event of a guests injury or death, liability coverage extended to your amenities: swimming Pools & Hot Tubs, beach & Picnic Area, Docks & Piers, bicycle. Contact them and you could be covered as soon as 15 minutes.
CBIZ Specialty Insurance
CBIZ vacation rental insurance can replace your homeowner’s policy and is uniquely designed to be more supplemental coverage. Whatever your property may be (beachfront, penthouse, small bungalow), CBIZ can cover it. Homeowners can be covered from anything such as theft and property damage, to basic amenities and guest issues. You will also be paid out for any loss of rental income. CBIZ offers coverage in all 50 states and is easily creates a perfect policy for whatever you need.
Proper Insurance
Much like CBIZ, Proper creates full coverage policies that replace your homeowner’s policy, covering your vacation rental and its contents, as well as theft, rental income loss, pet policy, and a unique liquor liability. Easy, affordable, and curated to your property’s unique attributes.
Lemonade
Lemonade is unlike any of the insurance companies mentioned above. Lemonade is a new type of insurance company built for the home sharing economy. Lemonade is a full-coverage provider for renters and homeowners and currently offers homeowners insurance in California and New York. Lemonade is available via your iPhone and Android, as well as their website, which means you can easily and quickly make changes to your policy.
Need some help? Contact us to discuss – we are happy to help.