Insurance is important, especially when operating a vacation rental. In fact, in most cities, insurance is sometimes mandatory though this depends on the city laws and regulations. Regardless of the location, having insurance is significant in protecting yourself and your assets. Keep in mind, your vacation rental is your biggest asset and entrusting your property to a paying guest gives exposure to risks to your property.
Furthermore, unforeseen challenges or accidents can occur anytime to anyone. Therefore, it is important to always take precautionary measures such as screening for bad guests and ensuring signing short-term lease agreements before a guest stays.
With that said, the article will get into the nitty-gritty of:
VRBO Host Insurance offers owners and property managers liability protection of $1,000,000 as primary coverage regardless of what policy you hold, for all stays booked via the platform at no additional cost.
To simplify, hosts who do not hold a liability policy, this policy responds first if someone makes a claim against you. However, if you hold a liability policy, then consider this as additional coverage to what you have already. Additionally, both policies will respond and contribute if a claim is made against you.
VRBO Host Insurance covers only if:
Eligible claims handled under this program are as follows:
A few things you may want to prepare before filing a claim:
Generali Global Assistance, the insurance provider, will happily assist in filing claims that is available 24/7 through the assistance support given below:
Generali Global Assistance Support: 1-800-313-6457
Absolutely! Some vacation rental owners either have the homeowners or the landlord insurance policy, both of which have significant coverage gaps. Take note, Vacation rentals differ. A homeowners insurance policy is designed for an owner-occupied property whereas a landlord is designed to be tenant-occupied.
With that said, insurance policies typically throughout the year have three uses:
It is important to pick a vacation rental insurance policy covering the above-mentioned.
Proper Insurance is the preferred all-inclusive home insurance vendor in the U.S. Designed to address the unique risks of vacation rentals while providing inclusive insurance for building, content, income, and liability.