CBIZ Vacation Rental Insurance Blog

While we’re nearing the end of “hurricane” season, with climate change and more active weather patterns, it can last longer or begin earlier. Therefore, you, your family and your guests need to be prepared when a hurricane strikes. Use the following guidance to stay safe and limit potential damage in the event of a hurricane.

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. 

Welcome to the world of running a short-term rental vacation property. While owning an additional property and renting it out to others can make a good amount of money, there is a lot that happens behind the scenes. With decades of experience helping owners insure their most prized assets, we have seen it all and spoken to many amazing people. 

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.

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.

With many continuing to work remotely, there is a new craving for travel and working on “vacation” which has opened up a plethora of opportunities for the short-term vacation rental industry. Simply creating an office space in your rental home, offering a contactless check-in, or being more flexible with your bookings, could increase your business earnings exponentially.

While your vacation rental property may not be your only source of income, it is a business venture. You need the correct type and the right amount of commercial vacation rental property insurance to protect your investment and mitigate your legal liability risk.

As a vacation rental business owner, you have a lot on your plate maintaining and managing your properties. It can be easy to overlook key components that benefit your business. From greeting guests to scheduling property check-ups, each element can make your short-term rental business stand apart from the rest. 

Becoming a short-term rental owner can be a great way to earn extra money. However, property owners sometimes do not consider the potential risks that can come with owning a vacation rental business.