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Top Short-Term Rental Insurance Providers for 2023

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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.

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