Which insurance companies cover Vacation Rental Properties?
If you are regularly renting out a vacation home or investment property, this would also require a landlord or rental dwelling policy. ... The policy also includes liability coverage; if a tenant or one of their guests gets hurt on the property, it would cover legal fees and medical expenses.
Having Short-Term Rental Insurance makes all the difference. When someone short-term rents a property on Airbnb or VRBO they are a guest and the owner needs short-term rental insurance coverage. Without adequate short-term rental insurance, you're exposing yourself financially to liability and property damage issues.
Airbnb also provides a free “host guarantee” that covers damage to the host's home or property caused by a guest, up to $1 million, subject to numerous terms and conditions. But this is not insurance, and Airbnb states that it “should not be considered a replacement or stand-in for homeowners or renters insurance.”
VRBO will continue to look at options to further protect owners against the unexpected challenges involved with managing a vacation rental. Please note, $1M Liability Insurance does not cover damage caused by a traveler to your own property.
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