On May 23, 2018, we published revised versions of our Privacy Policy and User Agreements. Please read these updated terms and take some time to understand them. Your use of our services is subject to these revised terms.
Yes, I Agree.

3 Things Every Vacation Rental Manager Should Know About Insurance

  • Vacation rental market is booming, providing ample opportunities for insurance providers such as InsuraGuest
  • Vacation rental owners need to clearly determine what kind of coverage they need, including things that conventional insurance doesn’t typically cover
  • InsuraGuest’s InsurTech platform covers different kinds of events, ranging from damage to rooms to lost items to accidental medical and death or dismemberment

Vacation rental is a lucrative business – there’s no disputing that. Vacation rental startups attracted nearly $100 million in venture capital funding in the first quarter of 2016, and the number of vacation rental users globally is expected to soar to 361 million over the next five years. Yet, vacation rental comes with certain risks, as does any investment. Here are three things every rental manager should know to stay safe.

  1. Not All Rental Policies Are Created Equal

The policy you should choose as a vacation rental manager normally depends on what kind of coverage you need, what type of property you own, and how you intend to use it. Unneeded or excessive coverage will ultimately cost you more, which will damage your bottom line.

  1. Conventional Insurance Doesn’t Cover All Damage

Even the most careful guest can incur damage to your property, and vacation rental insurance will reduce the cost of repair and replacement. Some insurance policies will reimburse part of your lost income if the property becomes unusable due to damage. Major platforms like VRBO and Airbnb provide only primary coverage, which unfortunately doesn’t extend to all types of damage.

  1. Homeowners Insurance vs. Vacation Rental Insurance

These are not the same thing. Homeowners insurance covers expenses incurred by damage to your main residence. It won’t cover damages to the property or accidental medical expenses for your guests when it is being rented out. Vacation rental insurance covers damage when your guests occupy the premises.

An example is InsuraGuest Inc.’s proprietary InsurTech software platform, which protects guests during their stay at vacation rental properties and hotels. The Guest Protection Policy is extended to each individual guest at the time of check-in until check-out.

InsuraGuest markets this insurance product to hotels and other vacation properties in an attempt to fill an existing gap in travelers’ insurance. Conventional insurance fails to cover the full scope of risks that travelers and hotel or property owners face. The guest may have no claim to coverage at all in cases where damage or an accident cannot be attributed to the property directly.

The Guest Protection Policy provides specific coverage for such things as accidental damage to rooms, lost or stolen items, medical expenses, death or dismemberment (http://ibn.fm/3ExVA). InsuraGuest is working on expanding the scope of its platform and insurance products to cover European Union member states and the United Kingdom, with plans in motion to launch on the Asian market by mid-2020 (http://ibn.fm/GVHrM).

The European and Asian hotel markets are significantly larger than the U.S. market, holding a combined 5.4 billion hotel nights stayed in 2018, compared to 1.1 billion stayed nights in the United States. With distribution in Europe and the United States, InsuraGuest’s combined demographics will total 3.9 billion nights stayed, and will more than double its vacation rental opportunities.

Do Your Research

It can get exhausting to research policies and companies, but it pays off. Try to narrow your options down to two or three. Each will have advantages and disadvantages, so it may be even harder to make a decision. Still, remember that failing to invest in insurance carries a high risk. Buying insurance isn’t something a vacation rental manager needs to do frequently. Once you become a member property with InsuraGuest, you don’t need to think about it for the next several years. If you want to rent out your property securely and safely, insurance is a must, and opting for a policy such as InsuraGuest will offer both you and your guests peace of mind.

For more information, visit the company’s website at www.InsuraGuest.com

NOTE TO INVESTORS: The latest news and updates relating to InsuraGuest are available in the company’s newsroom at http://ibn.fm/InsuraGuest

About QualityStocks

QualityStocks is committed to connecting subscribers with companies that have huge potential to succeed in the short and long-term future. It is part of our mission statement to help the investment community discover emerging companies that offer excellent growth potential. We offer several ways for investors to learn more about investing in these companies as well as find and evaluate them.

QualityStocks (QS)
Scottsdale, Arizona
www.QualityStocks.com
480.374.1336 Office
[email protected]

Please see full terms of use and disclaimers on the QualityStocks website applicable to all content provided by QS, wherever published or re-republished: http://www.qualitystocks.net/disclaimer.php

Archives

Select A Month
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
  • September 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • April 2018
  • March 2018
  • February 2018
  • January 2018
  • December 2017
  • November 2017
  • October 2017
  • September 2017
  • August 2017
  • July 2017
  • June 2017
  • May 2017
  • April 2017
  • March 2017
  • February 2017
  • January 2017
  • December 2016
  • November 2016
  • October 2016
  • September 2016
  • August 2016
  • July 2016
  • June 2016
  • May 2016
  • April 2016
  • March 2016
  • February 2016
  • January 2016
  • December 2015
  • November 2015
  • October 2015
  • September 2015
  • August 2015
  • July 2015
  • June 2015
  • May 2015
  • April 2015
  • March 2015
  • February 2015
  • January 2015
  • December 2014
  • November 2014
  • October 2014
  • September 2014
  • August 2014
  • July 2014
  • June 2014
  • May 2014
  • April 2014
  • March 2014
  • February 2014
  • January 2014
  • December 2013
  • November 2013
  • October 2013
  • September 2013
  • August 2013
  • July 2013
  • June 2013
  • May 2013
  • April 2013
  • March 2013
  • February 2013
  • January 2013
  • December 2012
  • November 2012
  • October 2012
  • September 2012
  • August 2012
  • July 2012
  • June 2012
  • May 2012
  • April 2012
  • March 2012
  • February 2012
  • January 2012
  • December 2011
  • November 2011
  • October 2011
  • September 2011
  • August 2011
  • July 2011
  • June 2011
  • May 2011
  • April 2011
  • March 2011
  • February 2011
  • January 2011
  • December 2010
  • November 2010
  • October 2010
  • September 2010
  • August 2010
  • July 2010
  • June 2010
  • May 2010
  • April 2010
  • March 2010
  • February 2010
  • January 2010
  • December 2009
  • November 2009
  • October 2009
  • September 2009
  • August 2009
  • July 2009
  • June 2009
  • May 2009
  • April 2009
  • March 2009
  • February 2009
  • January 2009
  • December 2008
  • November 2008
  • October 2008
  • September 2008
  • August 2008
  • July 2008
  • June 2008
  • May 2008
  • April 2008
  • March 2008
  • February 2008
  • January 2008
  • December 2007
  • November 2007
  • October 2007
  • September 2007
  • August 2007
  • July 2007
  • June 2007
  • May 2007
  • April 2007
  • March 2007
  • February 2007
  • January 2007
  • December 2006
  • November 2006
  • October 2006
  • September 2006
  • August 2006
  • July 2006
  • June 2006
  • May 2006
  • April 2006
  • March 2006
  • January 2006
  • December 2005
  • October 2005
  • September 2005
  • Market Basics

    New to the micro-cap markets?Get answers to your questions about investing in Small-Cap / Micro-Cap Stocks and learn how to protect yourself.

    The Basics

    Newsletter Publishers

    Have an up and coming newsletter and want to be included in our coverage list? Looking to get more coverage and grow subscriptions? Register for coverage.

    Register

    Public Companies

    Are you a Small-Cap / Micro-Cap company looking for coverage? We'd love to hear from you. Fill out our quick contact form or send us a text.

    Get Covered