Short Term Rental Insurance Overview
What Is A Short Term Rental?
A short-term rental is the renting out of a furnished apartment, house, cottage and/or professionally managed resort-condominium complex on a temporary basis to others as an alternative to a hotel. The term short-term rental is mainly used in the US and Canada. In Europe, the term villa rental or villa holiday is preferred for rentals of detached houses in warm climates. Other terms used are self-catering rentals, holiday homes, holiday lets (in the United Kingdom), cottage holidays (for rentals of smaller accommodation in rural locations) and gites (in rural locations in France).
Short-term rentals have long been a popular travel option in Europe (especially in the UK) as well as in Canada and are becoming increasingly popular across the world due to the proliferation of online services like, Airbnb, VRBO etc. that easily match renters with owners. Source: Wikipedia
Although short-term rentals have recently become popular among property owners, few owners measure the actual risks involved which can be significant. In order to ensure proper coverage for your short-term rental, each risk must be individually assessed on its own merits and exposures. ALIGNED Insurance Advocates can help identify risks and ensure you have the correct coverage and tailor-made rental solutions from some of Canada’s most reputable insurance companies like APRIL and others.
Eligible Properties For Short Term Rental Insurance Include:
- Stand-alone rentals
- Condo and secondary or seasonal
- Homes are eligible too
- Property owners who rent out part or all of their home
- 100% short-term rental occupancy
- Airbnb and HomeAway hosts qualify as well as home exchange
- Seasonal Cottages
- Season Ski Chalets
Short Term Rental Insurance Coverage Features
- Water & Sewer backup options may be available
- Rental value can be included, up to 10% of the property value
- Vandalism & theft during the rental period may be available at an additional cost
- Liability extension for specific watercraft made available for guests subject to conditions
For A Short Term Rental Insurance Overview And/Or More Information On Short Term Rental Insurance Speak To An ALIGNED Insurance Advocate Or Connect With Us Today.
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