Insights and tips on how to protect your Vacation Rental Property, giving you and your guests peace of mind.
When investing, finding a property that will have the greatest return on investment (ROI) is crucial. Short-term rentals have become increasingly popular over the past few years. On the other hand, long-term rentals provide more stability. As a result, determining the correct insurance policy to protect them can be challenging. Which type of insurance do you need for your property? Keep reading to find out!
There’s no better time than the holidays to go the extra mile for your guests. Leave them wanting to come back every year to experience the magic at your vacation rental property. Capture the spirit of the season, and bring joy to your short-term rental with these ideas.
We have heard about them, we may even know a few, but handling demanding guests can be a difficult and overwhelming task. When listing websites send stress warnings for a 4-star rating, it can be hard not to have some anxiety. Even more, it may have a major impact on where your property lands on the search ranking when a below 5-star rating is left. Here are a few suggestions on how to handle demanding guests at your short-term property.
With the demand for vacation rentals increasing, so too have the vacation rental rules and regulations. Considering that these days it is a recognized and very popular industry, it makes sense that there should be some set of rules to protect the professional image of the vacation rental industry, after all. That being said, in many instances, objections from the broader community have meant that the regulations that cities impose are quite strict.
The reality of renting out your home to guests is that vacation renters can, and often do, sue property owners and managers. When guests feel they’ve been harmed by the property owner’s or manager’s actions or negligence, they might find that their only recourse is to take a property owner to court. Those expenses can add up quickly. In addition, there’s the stress of wondering how you will pay a judgment if one is ordered. Without adequate coverage, your business and your personal assets could be at risk.
Short-term rental hosts are allowed to use various surveillance devices to protect their property as long as they are disclosed in the listings, including on Airbnb and VRBO and other vacation rental booking sites. Further, while not forbidden on the exterior of the property, they are prohibited in private spaces, such as bedrooms, bathrooms and other sleeping areas. Here are a few security measures you can take to protect your short-term rental.
Attracting the best guests for your property requires a proper vetting protocol to ensure guests leave your vacation rental in the best shape possible. While there will always be small hiccups when renting your property, preventing major violations such as criminal activities, scams, underage parties and violations that are susceptible to risks, injuries, and damages will give you the feeling of security as a host.
Some vacation rental listing sites provide host liability coverage for free or at a reduced cost as part of their service offerings for vacation rental property owners. These types of insurance policies are a good start in managing property owners’ risks. However, relying exclusively on host liability policies could leave you, the property owner, without adequate coverage.
Phishing attacks are constantly evolving in order to capitalize on our information. Phishing is the fraudulent practice of sending emails claiming to be from reputable companies to induce individuals to reveal personal information. As hackers get better and better at their game, it’s important to know how to spot a suspicious email to help your vacation rental business avoid a cyber breach.
The last thing you want your guests to be thinking about when they walk into your vacation rental property is their safety. You want your guests to know that they are protected and safe at all costs. As a short-term vacation rental property owner, you also want to do everything in your control to make their experience one to remember for the right reasons.
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CBIZ Vacation Rental Insurance, a division of CBIZ Insurance Services,Inc., is the largest insurer of short-term vacation rental properties in the United States. As part of an $850 million New York Stock Exchange traded company (CBZ), we are the first broker to develop specific policy coverage to meet the needs for vacation rental properties and the amenities offered by these businesses. We have insured vacation rental properties since 2002.
The CBIZ Vacation Rental Insurance team knows insurance, specifically the risks and exposures related to short-term vacation rentals.We won't confuse you with technical "insurance speak" ~ our representatives are well versed in explaining your coverage in plain English. With hands-on, personal customer service, we guarantee swift communication and a 24/7 claims team that is ready to respond to your call any time of the day. As specialist in the industry, we leverage our knowledge and passion to ensure you and your business are adequately protected.
WHAT IS VACATION RENTAL INSURANCE? WHY DO I NEED VACATION RENTAL INSURANCE?WHY WORK WITH CBIZ?I'M AN AGENT OR PROPERTY MANAGER WANT A FREE COVERAGE COMPARISON?CONTACT US