With over 30,000 policies written in all 50 states, Proper Insurance is one of the clear leaders in the vacation rental space. Rather than adding a separate policy, Proper Insurance operates on a model that replaces existing homeowners’ insurance. Amenities are entirely covered, and their pricing is dynamic, so it’s a great service for rentals that are highly dependent on seasonality.
CBIZ vacation rental insurance is viewed as one of the best names in the vacation rental insurance industry. With coverage for both everyday hosts and property managers operating on a larger scale, CBIZ provides solutions for a wide array of clients. Because of the partnership CBIZ has with property managers, the property manager’s commission income, as well as the owner’s income, are insured.
In addition to being one of the most prominent companies in the entire insurance landscape, Nationwide has a Business Liability Policy, which replaces existing policies and is used for properties making an income. If your listing is only rented out occasionally and is primarily used as a second home, opt for their “rider” or “endorsement” options, which are add-ons to current policies (and significantly cheaper).
Safelystay is a dedicated vacation rental insurance company that presents some intriguing perks. First, the company offers a “Check a Guest” and a “Check a Home” service that performs background checks on potential hosts and guests – giving the platform the feel and security of a long-term insurance plan for landlords. Additionally, Safelystay also offers a payment protection service that acts as a kind of escrow, holding off payment until after the stay to ensure all parties are satisfied.
For international properties, Rental Guardian is an excellent option. Plans are tailored to the hosts’ budget, and can be purchased on a daily rate as an á la carte option. Rental Guardian also offers insurance solutions for large enterprises and property managers.
One of the biggest names in renters’ insurance also has a plan for short-term rentals. Allstate’s Host Advantage plan provides protection against lost or stolen items and bundles it with flood insurance for vacation rentals on the coast or in flood-prone areas.