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Millions of people take vacations each year without experiencing problems, but sometimes things don’t turn out as expected for guests or hosts.In the eyes of insurance, vacation rentals are considered businesses – therefore, you wouldn’t be adequately covered by either your homeowners’ insurance or personal umbrella policies. When you need help, Airbnb offers a $1 Million guarantee in their Host Protection Coverage policy, but there are limitations. And what if the problem stems from a reservation via HomeAway or another booking site? To ensure you and your property are protected at all times, Pillow recommends learning about vacation rental insurance for owners and purchasing the plan that best suits your needs.

Pillow Recommended Insurance Products
Slice
Slice Homesharing Insurance offers a very popular type of vacation rental insurance for owners. The policy provides $2 million of personal liability insurance for your home share or vacation rental in the United States no matter which platforms you list on. For an average of $7/night you’re covered for guest bodily injury and property damage, and reimbursement for lost rental income due to damage caused to your property by the guest. In addition, you’ll have the option to choose when you would like coverage, this way you’re not paying for months you don’t rent out your property. Slice is a good choice primarily because they are focused on Homesharing, so their plans are very tailored to short-term rentals.

CBIZ Specialty Insurance
CBIZ offers vacation rental insurance that’s designed to be more than supplemental coverage and therefore, replaces your homeowner’s policy. With CBIZ, your property is covered whether it’s a single-family home, condo, yurt, treehouse, etc. In addition, CBIZ allows you to choose the amount of coverage you’d like, much like car insurance policies do. CBIZ insured homeowners can benefit from coverage for theft and property damage and can choose from $1 million and $2 million commercial liability coverage options for your guests and amenities. Homeowners are also paid out for loss of rental income due to a claim for a pre-selected amount of time. CBIZ Specialty Insurance offers coverage in all 50 U.S. states and is underwritten by Tudor Insurance.

Proper Insurance
Like CBIZ, Proper Insurance is designed to replace your homeowner’s policy. Proper Insurance’s Vacation Rental Program is written as a commercial policy but also includes a $1 million personal liability coverage policy if the rental is your primary residence. It includes coverage for your building and its contents, coverage for theft, $1 million and $2 million general liability options, and compensation for rental income loss with no restrictions on time. They also provide enhancement coverage for pets and liquor liability. Proper Insurance is available for properties within and outside the U.S. and is underwritten by Lloyd’s of London.

Added Protections
Along with purchasing the right insurance product for your unique short-term rental situation, Airbnb offers their own guarantee and host protection insurance. It’s important to remember the guarantee is not a rental insurance policy, which is why Pillow recommends homeowners purchase a vacation rental insurance policy for comprehensive protection.

The Airbnb $1 Million Host Guarantee protects property owners for damages at properties all around the world. However, homeowners must meet certain conditions in the event of a claim, and limitations and additional exclusions do apply before they can submit a payment request form online. The host guarantee does not protect against the following:

  • Cash and securities
  • Pets
  • Personal liability
  • Shared or common areas on any property
  • Reasonable wear and tear

Adding the right vacation rental insurance for owners and taking advantage of the additional protection programs offered will keep you assured knowing your home is protected.

The Airbnb Host Protection Insurance program was created to cover property owners, including multifamily building owners and their residents, against third-party claims of property damage or bodily injury — up to $5 million per incident for Multifamily buildings using Pillow.

Conclusion
Renting out your primary residence or second home can be a great source of revenue, but it’s not without its risks. There will always be factors out of your control in the world of short-term rentals, but having adequate insurance makes tough situations more manageable. Take some time to analyze your insurance needs and determine whether a supplemental or standalone policy is right for you. Having the right insurance protects your assets and provides great peace of mind.

About Pillow
Pillow is solving short-term rentals for multifamily properties, allowing building owners and property managers to have control and transparency over short-term rentals while enabling their residents to rent their units short-term on Airbnb. Pillow is the official and exclusive multifamily housing partner for popular short-term rental listing platform Airbnb. Pillow takes a complicated, time-consuming process for multifamily building owners and created a solution that greatly benefits Multifamily operators and residents alike.

If you own a multifamily complex or management company and are interested in providing short-term rentals, email partnerships@pillow.com or visit www.pillow.com.

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By Todd Conway | July 6, 2018

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