Skip to main content

Top Short-Term Rental Insurance Providers for 2023

insurance STR, airbnb lgbt friendly

If you're entering the world of short-term rentals in 2023, securing the right vacation rental insurance is essential. 

Most standard homeowner insurance policies won't adequately cover the unique risks associated with short-term rentals. Given the potential for property damage and long periods of unoccupancy, insurance companies classify these rentals as high-risk.

When choosing an insurance provider, several factors come into play, such as the average guest stay duration, your property's age and condition, and the amenities you offer.

Why is Vacation Rental Insurance Crucial?

Safeguarding your property, its assets, and your rental business is paramount. Traditional homeowner insurance policies fall short in covering properties used for vacation rentals. These policies cater to tenant-occupied properties, lacking the specific provisions needed for owner-vacations, guest stays, and unoccupancy.

Online travel agencies (OTAs) like Airbnb, Vrbo, and Booking.com often encounter issues like unruly parties and property damage, making hosts hesitant to open their homes to larger groups. Imagine the distress of discovering your property and livelihood have been compromised due to theft or vandalism.

Exploring Vacation Rental Insurance Options

To maximize the potential of your short-term rental business, it's crucial to protect yourself from repair or replacement costs. As there's no one-size-fits-all insurance policy, let's compare three of the best insurance companies for vacation rental owners:

1. Safely: A U.S.-based short-term rental insurance provider specializing in on-site incidents, property valuables, structural damage, and personal injury coverage for homeowners, property managers, and guests.
  • Offers up to $1,000,000 in coverage.
  • Provides intelligent guest screening for problem detection.
  • Streamlines the claims process, with most claims settled within 4-5 days.
Note: Safely exclusively covers properties in the U.S. or U.S. territories.

2. Know Your Guest by SUPERHOG: An all-in-one risk management platform offering intelligent guest screening and damage protection for short-term rentals across all booking channels.
  • Provides $5,000,000 in guest-related damage protection.
  • Allows hosts to choose between damage waivers and deposits for efficient damage coverage.
  • Offers comprehensive guest screening technology to prevent parties, criminal damage, and fraudulent bookings.
Note: Know Your Guest operates globally, with minor restrictions depending on circumstances.

3. InsuraGuest: Covers guest injuries, property damage, and theft, with options for hosts to pay premiums or share costs with guests.
  • Offers $25,000 in damage protection.
  • Allows hosts to share insurance costs with guests.
  • Offers on-demand coverage with payouts made within 72 hours of a filed claim.
Note: InsuraGuest is available only for U.S.-based properties, regardless of the homeowner's residence.

AirCover and Vrbo's Liability Insurance

While Airbnb's AirCover offers up to $3 million in damage protection, it isn't a comprehensive insurance policy. Additional personal insurance may be necessary for specific types of damage caused by guests.

Vrbo provides free liability protection of up to $1 million for hosts and property managers. However, this coverage does not extend to damaged or stolen items on the property, making additional vacation rental insurance advisable.

Choosing the Right Insurance for Your Short-Term Rental

The best short-term rental insurance varies based on your unique needs as a host. Factors to consider include the number of properties you own, rental duration, property location, and the scope of protection you require. Each of the three insurance providers mentioned here offers exceptional coverage at competitive rates, catering to different aspects of vacation rental security.

Popular Posts

Hosting Confidently with Pridebnb: Policies and Protections

Empowering Hosts with Confidence and Control Updated: Aug 25, 2023 We know how much you cherish the opportunity to share your space with guests from around the world and create connections. It's an experience that would be impossible without feeling fully supported as a host. At Pridebnb, we understand the importance of providing you with the tools, policies, and features necessary to host with confidence, especially in those rare moments when things don't go as planned. Here's an in-depth look at the resources we have in place to ensure you have a worry-free hosting experience: Comprehensive Host Protections Our commitment to host protections sets Pridebnb apart and guarantees the safety of our community: Ground Rules : We've established enforceable standards that all guests must follow. These ground rules require guests to treat your space with respect, adhere to your house rules, promptly communicate if any issues arise, and leave your home in a condition that doesn...
Read more

Introducing Pridebnb RoomieHost: Connecting You with Unique Hosts

Are you curious about staying with a Pridebnb Host? We believe that sharing experiences with our Hosts can lead to some incredible memories.  Building Human Connections Pridebnb has always been about fostering human connections. Staying with a Host is at the core of our concept, offering travelers a more personal and affordable way to explore new places. We want everyone to feel comfortable and excited about the idea of staying with a Host. This is where Pridebnb RoomieHost comes into play – a fresh take on the classic Pridebnb experience. A World of Unique Rooms Awaits Pridebnb Rooms introduces a brand-new category, "RoomieHost," featuring distinctive accommodations. Each one is as unique as the Host who welcomes you. Getting to Know Your Host Every listing displays the Host profile. We designed it to help you get acquainted with your Host before you make a booking. Let's take a peek inside Emma's profile, for example. Not only can you see her rating, but you can als...
Read more

Unlock Advanced Pricing Strategies for Hosts

In the dynamic world of short-term rentals, mastering the art of pricing is your gateway to success. The intricacies of your locale, coupled with your unique hosting circumstances, become the canvas upon which you paint your  pricing  strategy. Local Landscape Assessment Take a moment to decode the demand dynamics pulsating through your area. A shrewd host continually gauges the market, recognizing that a price set too high might repel potential guests, while a competitive rate acts as a magnet, drawing in bookings and, consequently, elevating your revenue game. Foresight Through Social Intuition Tapping into local happenings is an invaluable strategy. Socialize your hosting profile by engaging with local events, conferences, and festivals. Proactively participating in relevant social media groups and aligning with your tourism bureau's insights equips you to ride the tide of demand spikes intelligently. Seasonal Symphonies Acknowledge the ebb and flow of your locale's seasona...
Read more