The 8 Best Short Term Rental Insurance of 2020 - Investopedia

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What Is Short Term Rental Insurance?

If you rent your home to guests for occasional, seasonal, or short terms of a few days to a week at a time, you’re a prime candidate for short term rental insurance. In fact, if you don’t have this specific type of coverage, you are exposing yourself to a number of risks.

Short term rental coverage is not for landlords who rent their properties to tenants with leases.

Short term rental policies reduce your liability for things like damage caused to your property while a guest is renting it for a few days, physical property such as jewelry or artwork stolen by a guest, and even digital theft by a guest who steals your identity and gains access to your accounts. The other key component to short term rental insurance is that it protects you against the income you would lose if your property is not rentable, such as if it is under repair.

Who Should Get Short Term Rental Insurance?

If you rent your home for short stays on Airbnb, Vrbo, or other platforms, short term rental insurance is made for you. But it’s not about the platform. You may rent your cabin on the lake for eight summer weeks through referrals or newspaper ads. That fits, too.  

Short term rental insurance gives you the additional coverage you need over and above your homeowner’s and dwelling policies to handle the new risks that hosting short term guests brings to your life.

If you are a landlord with permanent tenants, short term rental policies are not for you. You’ll need landlord insurance.

Fortunately, there is a growing list of options for the many conditions you need protection from when it comes to renting your property to short-stay guests.

Do Homeowners or Landlords Insurance Cover Short Term Rentals?

Short term rental coverage fills in the gaps between a homeowner’s policy and a landlord policy.

A good short term rental policy will cover the loss of your income if your property cannot be rented due to damages, and the resulting repairs needed to make it occupancy-ready.

You’ll want to talk to your agent to see if you need dwelling coverage. Dwelling coverage is standard with homeowner’s insurance and landlord policies. It is often not covered for short term rentals. How you personally use the property that you rent out to short term guests will determine whether you’ll want this additional coverage. 

How We Chose the Best Short Term Rental Insurance

We dug through the details on 16 short term rental insurance carriers to find the best for these eight categories. We made sure they had solid ratings from AM Best and comparatively few consumer complaints registered with the NAIC to get a handle on their reputation in the market.

We also wanted to see if they had options to customize their short term rental coverage, or if it was served to you in a one-size-fits-all package. We preferred options and customizations to better fit different circumstances.

Online quoting and account management with the option to talk to a live agent always won out over just one or the other. People like to interact with their insurance company in different ways, and we recognized the carriers that understand that.

All of our winners except one write policies in all 50 states, and price ranges were competitive. A few companies stood out on price thanks to their ability to craft policies that charge you only for the days you actually have the property rented.

Lastly, we called out notable exclusions and inclusions in case those particular items were applicable to your situation.

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The 8 Best Short Term Rental Insurance of 2020 - Investopedia
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