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.

The Anatomy of a Short-Term Rental Insurance Policy – 3 Steps to Take When There’s an Incident on Your Property

  • Global vacation rental market is expected to topple the hotel industry in 2020 and reach $63 billion by 2024
  • Growing market triggered an increase in demand for short-term rental insurance coverage
  • As conventional property insurance doesn’t cover all damage, vacation rental owners need to look for specialized protection policies to safeguard their properties and keep their guests safe
  • InsuraGuest’s specialized policy covers a wide range of incidents, including accidental damage to rooms, lost or stolen items, medical expenses, death or dismemberment

As the global vacation rental market is growing at a fast pace, the industry is looking for more ways to get effective insurance coverage for both hosts and guests, as traditional homeowners policies do not cover all types of incidents that may happen on a short-term rental property.

The global vacation rental market is projected to reach nearly $63 billion from 2020 to 2024, with a year-over-year growth rate for 2020 estimated at 5.51%. In 2019, vacation rental revenues are expected to reach $57.669 billion, from an estimated 297.17 million total vacation rental users worldwide. The entire vacation rental market is expected to topple the hotel industry by 2020 (http://ibn.fm/Lgvyv).

Faced with growing demand, more insurance providers are now offering short-term rental insurance policies aimed at protecting the property owners but not the guests. Companies like InsuraGuest are focused on protecting the guest. More specifically, its insurance covers property damage and theft of goods, as well as liability in case guests suffer accidental injuries that require medical attention while on the property.

While not typically mandatory, short-term rental insurance should be a necessity for both property owners and guests. With this type of insurance, hosts don’t risk incurring significant losses in damaged property and stolen goods, while guests are protected in case of accidentally damaging the property, suffering an injury or having their luggage stolen. The key is choosing the right type of coverage and carefully documenting any kind of incident that occurs on the premises.

As a vacation rental owner, here are three essential steps to take when there is an incident on your property that involves your guests:

Step 1: Collect Statements

To understand what happened, try and get a statement from your guest. Ideally, get a recording on your phone of them clarifying when and where the incident happened. They might admit fault, as in, “I drank too much alcohol and I fell and broke my leg.”

Step 2: Get Witnesses’ Data

If there are witnesses, get their names, phone numbers, and other contact information. Make sure this information is accurate. Sometimes, the injured party and the party that actually rented your space are not the same person. Contact your short-term rental insurance provider as soon as possible. They will ask for all the documentation mentioned and contact the claimant or guest, saving you a lot of trouble.

Step 3: Know Your State’s Statute of Limitations for Injury

A person has a certain period to sue you for damages after sustaining an injury on your property, which depends on the state. In Maine, guests have six years from the date of injury to file a claim. It’s four years in Florida and three years in New York (http://ibn.fm/v43Mz).

Consider a Specialized Guest Protection Policy

Regrettably, it’s not enough to call a limited endorsement to a landlord or homeowner policy short-term rental insurance. Traditional traveler’s insurance doesn’t cover a number of things that can happen inside hotels or other travel properties, putting both the traveler and the property owner at risk. The best way to make sure you’re safe is by purchasing a specialized guest protection policy such as the one offered by InsuraGuest Inc.

The company’s proprietary InsurTech software platform delivers a specialized insurance policy that acts as the first line of defense for the properties and the guests for both vacation rental properties and hotels. It covers each guest from the time of check-in until their departure, and provides coverage for a wide range of incidents, such as accidental damage to rooms, lost or stolen items, medical expenses, death or dismemberment (http://ibn.fm/Chm4P).

With this specialized insurance product that can easily integrate with most properties’ management systems, InsuraGuest has excellent prospects on the global vacation rental market. The company currently provides coast-to-coast coverage in the U.S. and is in the process of obtaining licenses to sell insurance in every state. InsuraGuest is also working to expand the scope of its products and InsurTech platform to Europe and Asia, two markets that are significantly larger than the U.S. market and will provide the company with access to a combined demographics of 6.5 billion hotel nights stayed worldwide and more than double its vacation rental opportunities.

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
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • 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