Top Short-Term Rental Insurance Providers for Peace of Mind
Find the best insurance companies for short-term rentals to protect your property and financial interests while renting it out.
If you're a host or property owner renting out your home or property as a short-term rental through platforms like Airbnb, Vrbo, or Booking.com, it's crucial to have insurance coverage that protects you against potential risks and liabilities. While the availability of short-term rental insurance may vary by location, several insurance providers offer coverage tailored to the needs of hosts and property owners. Here are some top short-term rental insurance providers for peace of mind in 2023:
Proper Insurance: Proper Insurance specializes in vacation rental insurance and provides comprehensive coverage for short-term rental hosts. They offer coverage for the structure, personal property, income loss, and liability.
Lloyd's of London: Lloyd's of London, a well-known insurer, offers unique insurance options for short-term rental hosts. They provide coverage for properties rented on various platforms.
CBIZ Vacation Rental Insurance: CBIZ offers vacation rental insurance tailored to short-term rental hosts. They provide coverage for rental properties, including protection against income loss due to property damage.
Slice: Slice is a technology-driven insurance provider that offers short-term rental insurance for hosts. Their coverage is designed to protect hosts and their properties.
ProSight Specialty Insurance: ProSight specializes in short-term rental insurance and provides customizable coverage for short-term rental properties, including vacation homes and apartments.
InsuraTrip: InsuraTrip offers vacation rental insurance for property owners and hosts. They provide coverage for various short-term rental platforms and property types.
M&M Assurance: M&M Assurance offers vacation rental insurance for homeowners and hosts renting out their properties for short stays. Their coverage includes protection against property damage and liability.
John Hancock Vacation Rental Insurance: John Hancock provides vacation rental insurance for hosts, allowing them to protect their properties and rental income.
Hartford Steam Boiler (HSB): HSB offers insurance options for hosts and property owners, including coverage for short-term rentals. Their policies can be customized to meet specific needs.
Liberty Mutual: Liberty Mutual offers specialized insurance options for short-term rental hosts, providing protection for property damage and liability.
When choosing a short-term rental insurance provider, it's important to carefully review the coverage terms, limits, deductibles, and any endorsements that may be necessary to fully protect your property and income. Consult with an insurance agent who is experienced in short-term rental insurance to find the best policy for your specific needs. Additionally, ensure that your short-term rental insurance complies with the requirements of the rental platform you use.
Best Short-Term Rental Insurance Companies.
The following are the best short-term rental insurance companies of 2023, based on customer satisfaction, financial strength, and coverage options:
- Proper Insurance
- Safely
- Allstate
- CBIZ
- Nationwide
These companies offer a variety of coverage options and discounts to help short-term rental hosts protect their homes and belongings from damage. They also have strong financial ratings, so you can be confident that they will be able to pay out claims if needed.
When choosing a short-term rental insurance company, it is important to compare quotes from multiple companies to get the best deal. You should also consider your individual needs and budget when choosing a coverage plan.
Here are some tips for choosing a short-term rental insurance company:
- Get quotes from multiple companies.
- Compare the coverage and premiums offered by different companies.
- Choose a company that is financially stable and has a good reputation.
- Make sure that you have adequate coverage for your needs.
You can get quotes from short-term rental insurance companies online or by contacting an insurance agent.
Here are some tips for saving money on short-term rental insurance:
- Shop around and compare quotes from multiple companies.
- Choose a higher deductible. A higher deductible will lower your monthly premium, but it is important to make sure that you can afford to pay the deductible if you need to file a claim.
- Bundle your short-term rental insurance with other types of insurance, such as homeowners insurance or auto insurance. Many insurance companies offer discounts for bundling policies.
- Take advantage of safety features in your short-term rental property, such as smoke detectors, carbon monoxide detectors, and fire extinguishers. Some insurance companies offer discounts for policyholders who have these safety features in place.
Short-term rental insurance can protect you from financial losses in the event of a covered peril, such as fire, theft, or vandalism. It is important to choose the right company and coverage plan for your individual needs.