Business & Economics
Airbnb & Vrbo Short-Term Rental Property Owners Need This Hospitality Insurance Does your short-term rental property have adequate insurance? Discover how this specialist policy can help! Frederick, Maryland-based vacation-property insurance specialist Proper Insurance has launched an expanded range of products designed specifically for owners of short-term rental properties. The recently expanded range of insurance products are underwritten by Lloyd’s of London, and can fully replace both homeowner’s (HO) and landlord (DP) policies. Given the ease with which property owners can now advertise their property, there are an estimated 2 million properties on the short-term rental market as of 2021. Most homeowner and landlord insurance policies do not cover short-term rentals. Most homeowner and landlord insurance policies do not cover short-term rentals. This field is covered by hospitality laws and requires specialized insurance. The new range of policies from Proper Insurance are designed to cover the broad range of issues specific to short- term rentals such as fire or vandalism, personal injury, and business income protection. The new policies from Proper Insurance provide commercial building and contents coverage, including amenities such as bikes, boats or golf carts. Unlike homeowner's insurance, commercial-form insurance does not have any restrictions on occupancy. Proper Insurance policies also provide $1,000,000/$2,000,000 in commercial general liability. Should a guest be injured or killed whilst on the property, the owner will be covered. Policies will also provide $1,000,000 in personal liability for owners who are injured while staying at the property. Proper Insurance is exclusively endorsed by property rental companies such as Vrbo and HomeAway. The company has an A+ rating from the Better Business Bureau (BBB), as well as Standard and Poor’s. Click on the link in the description for more information!