—
Proper Insurance announced the launch of its updated all-inclusive insurance policy for short-term vacation rental properties. The policy is suitable for all types of short-term rentals, including vacation homes, condos, cabins, cottages, and apartments.
More information is available at https://www.proper.insure/vacation-rental-insurance
The newly announced policy was designed to provide comprehensive coverage for short-term rental properties, including the building, contents, commercial business liability, and income.
Most vacation rental properties have both commercial and private use, as they can sometimes be used by the owner or remain unoccupied. The multi-use of the property leads to gaps in insurance coverage when a homeowner’s or a landlord’s insurance contract is chosen.
Both homeowner’s and landlord insurance contracts often have occupancy restrictions and specifically exclude “business pursuits”. Thus, the only way to ensure a property listed on Airbnb or Vrbo is with a commercial policy.
The Proper Insurance owner’s vacation rental policy fully insures all risks and liabilities of a vacation rental home. It combines the features of a homeowner’s policy, a landlord policy, and a commercial business policy, entirely replacing a property owner’s current insurance policy.
The policy provides coverage for the building and personal property which is similar to homeowner’s insurance. Enhanced coverage includes a special all-risk cover with replacement cost valuation. The policy also includes $1,000,000 of commercial general liability and complies with hospitality and insurance legal requirements.
Business income coverage pays out lost revenue up to the policy limit when the property cannot be used for a certain amount of time, for example, in case of a bed bug infestation or repairs after a fire.
The Proper Insurance vacation rental insurance policy is supported by Lloyd’s of London, the world’s most prestigious insurance market, and endorsed by Vrbo, a world leader in vacation rentals, as its premier vendor for insurance. Details can be found at https://www.wboc.com/story/43348219/airbnb-host-insurance-comprehensive-coverage-launched
“Proper Insurance is professional, quick to respond, thorough, and excellent with follow-up,” said a satisfied client. “I hope I never have to file a claim, but I feel better knowing I made a good choice.”
Interested parties can find more information by visiting https://www.proper.insure/vacation-rental-insurance
Release ID: 89018056