In this post we’re going over our top 5 picks for insurance companies that offer vacation rental (or short-term rental) insurance, specifically.
Hosts often wrongly assume that their homeowner’s insurance policy covers their vacation rental property. But most often, this is not the case. If you’re renting out your home to temporary guests, it’s likely that your homeowner’s insurance policy will not cover that activity. So it’s important to make sure you are protected against property damages and personal liability.
If you’re booking your property through Airbnb or VRBO, you are covered by their host protection plans. But even then, it is safer to have your own short-term rental insurance policy. And if you want to take direct bookings, through your own booking website or otherwise, you will need your own short-term rental insurance coverage.
In response to the growth of the short-term vacation rental industry, there are more and more insurance companies offering coverage for homeowners who rent out their homes through Airbnb and similar sites.
Here are some insurance companies to consider when you’re looking for short-term rental insurance policies.
Our Top 5 Vacation Rental Insurance Company Picks
With Slice, you only pay for the nights you want coverage. You can get coverage for an average of $7/night, and only pay for it the nights you use it. You can choose to use it only on nights where you take direct bookings, or use it even when you book through Airbnb.
Check out their website: https://slice.is/
Get a quote: https://apps.us.ics.slice.is/easy_estimate/homeshare
Proper Insurance is backed by Lloyds of London, and they are exclusively endorsed by Airbnb and VRBO. They’re a legitimate, established option if you are looking for a solid insurance policy.
Foremost offers flexible insurance plan options depending on your specific needs.
One thing we love about Safely is their Safely Score™, which allows you to screen potential guests. One of the benefits of using a platform like Airbnb or VRBO is the guest reviews. Safely allows you to have a similar advantage by screening guests before they book with you.
If you’re looking to go with a well-established, well-known insurance company, check out HostAdvantage by Allstate.
Start taking direct bookings
With your own short-term rental insurance in place, you have the option to start taking direct bookings with the peace of mind that your property is insured. You can easily set up a beautiful website with Floorspace, and start taking direct bookings.
If you’re using one of these or another company for short-term rental insurance, we’d love to hear about your experience. Leave a comment below!