You need to think about significant damage a guest could cause to your property such as a fire or vandalism. When you allow guests or travelers to book your property on Airbnb you have crossed into the world of hospitality law and homeowners or landlord insurance doesn’t cut it. With this ease of use comes huge property and liability insurance concerns. Virtually any property owner can advertise on Airbnb and instantly be competing with Hilton and Marriott for traveler’s lodging dollars. Just 10 years ago, there were only 200,000 short-term rental properties in the U.S., primarily marketed via local property managers, now because of Airbnb, there are over 2,000,000. The Airbnb phenomenon has changed the vacation rental and travel industry forever. It’s the most comprehensive insurance available on the market today so you can have peace of mind. It’s all-inclusive insurance that was custom-penned with Lloyd’s of London and covers the unique risks associated with short-term vacation rental properties. Think of it as a homeowner’s policy, that will cover short-term rentals, and a business policy all wrapped into one! With trademarked endorsements, the Proper Policy covers you and your property for all four uses. The challenge was quadruple use or occupancy of the properties as most vacation rental properties are used for commercial short-term rental use, personal use, are at times unoccupied, and some have guests or tenants for over 30 days. It also includes personal liability when the short-term or vacation rental “doubles” as the owner’s primary residence. It is written as a business policy, giving the short-term vacation rental owner comprehensive coverage for their building(s), contents, commercial business liability, and business income. The Proper Insurance policy replaces the property owners current homeowner’s (HO) or landlord (DP) policy.
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