Jane Dotson
Proper Insurance is a leading short-term vacation rental insurance provider, offering comprehensive policies that cover property, revenue, and business liability. The company has developed a specialty insurance policy tailored to the unique needs of short-term rental owners, addressing their significant exposures and providing peace of mind. With over 100,000 policies written in all 50 states and backing from renowned companies like Lloyd's of London, Proper Insurance has gained a reputation for its excellent coverage and customer service. However, the question of Is proper insurance worth it? remains a complex one, with varying opinions and experiences influencing the decision-making process for rental owners.
| Characteristics | Values |
|---|---|
| Leading short-term vacation rental insurance provider | Yes, Proper Insurance is the leading short-term vacation rental insurance provider in the US with over 100,000 policies written in all 50 states. |
| Comprehensive coverage | Proper Insurance offers the most comprehensive policy on the market, covering property, revenue, and business liability. |
| Customization | Proper Insurance allows customization to include guest-caused theft/damage, liquor liability, amenity liability (pools, hot tubs, bikes, kayaks, etc.), bed bugs, fleas, squatters, and more. |
| Underwriting support | Proper Insurance has underwriting support from Lloyd's of London and Concert Specialty Insurance. |
| Exclusive endorsements | Proper Insurance has exclusive endorsements from Vrbo and OptimizeMyAirbnb. |
| Customer service | Proper Insurance has received excellent reviews for its customer service, with multiple customers praising the knowledge, attention to detail, and thoroughness of their agents. |
| Money-back guarantee | Proper Insurance offers a money-back guarantee if customers are not satisfied with the results. |
| Training and support | Proper Insurance provides training and support to help customers master ConvertBox and get the most out of its features. |
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What You'll Learn
Short-term rental insurance
Standard homeowners insurance policies typically do not cover guest-caused damage, liability, business income, and other risks associated with short-term rentals. As such, short-term rental insurance is essential for anyone who plans to rent out their property to paying guests. Without it, property owners could be left financially vulnerable in the event of accidents, property damage, or liability claims.
Proper Insurance, a leading provider of short-term rental insurance, offers a commercial business policy that combines a homeowner's policy, a landlord policy, and a business policy. Their policy is designed to meet the unique needs of the short-term rental industry, covering not just the home but also $1 million in liability and lost income due to damage. With their excellent customer service and comprehensive coverage, Proper Insurance has earned the trust of many short-term rental property owners.
In conclusion, short-term rental insurance is worth considering for anyone planning to rent out their property on a short-term basis. It provides financial protection and peace of mind, ensuring that property owners are covered in the event of accidents, damage, or liability claims. By obtaining short-term rental insurance, property owners can focus on growing their rental business without worrying about the financial risks associated with it.
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Comprehensive vacation rental insurance
Vacation rental insurance is designed to replace the property owner's current Homeowners (HO) or Landlord (DP) insurance policy, which does not provide adequate coverage for the risks associated with short-term rentals. With the rise of Airbnb and other vacation rental platforms, property owners are now competing with major hotel chains, and the ease of allowing guests to book their properties comes with significant property and liability insurance concerns.
For example, a burst pipe can cause significant damage to a property, as one customer of Proper Insurance experienced. In this case, the insurance company was able to provide excellent coverage and customer service to help the customer deal with the issue and shut down their Airbnb temporarily.
Another critical aspect of comprehensive vacation rental insurance is damage protection. This covers unintentional damage to the vacation home during a guest's stay and can reimburse the security deposit if withheld due to a covered loss. This type of insurance is especially important for property owners who do not live on-site, as most homeowner's insurance policies do not cover these types of rentals.
Overall, comprehensive vacation rental insurance provides peace of mind and financial protection for property owners looking to rent out their homes for short-term vacations. It covers a wide range of risks and liabilities and is specifically designed to address the unique challenges of the vacation rental industry. By choosing a reputable company like Proper Insurance, which is rated "second to none" and backed by Lloyd's of London, property owners can ensure they have the necessary coverage to protect their investments.
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Homeowner's insurance for Airbnb hosts
Standard homeowners' insurance typically does not cover short-term rentals, including Airbnbs. However, some insurance companies offer optional coverage add-ons or standalone short-term rental insurance. Airbnb also provides free supplemental coverage called AirCover for Hosts, which includes $1 million in liability insurance if the host is found legally liable. However, it is important to note that this coverage has significant limitations and should not be considered a replacement for a comprehensive insurance policy.
Some insurance companies, like American Family, offer homeowners' insurance endorsements for existing policyholders who rent out their homes for a short period. Foremost is another example of an insurance company that offers landlord policies that cover short-term rentals. Their policies are customizable and provide $1 million in liability and dwelling coverage. Proper Insurance is a company that specializes in short-term rental insurance, offering comprehensive all-risk policies with higher liability coverage limits than competitors.
When considering homeowners' insurance for Airbnb hosts, it is essential to review the specific requirements and regulations in your state or country. For example, Massachusetts mandates that homeowners carrying out short-term rentals have at least $1 million in liability coverage. Verifying that your insurance coverage meets the legal requirements and adequately protects your investment is crucial.
While short-term rental insurance may be slightly more expensive than a standard homeowners' policy, it is worth exploring to ensure you have the necessary coverage. As an Airbnb host, it is beneficial to contact your insurance company to understand your options and any additional riders or policies needed to secure the right coverage for your short-term rental.
In summary, homeowners' insurance for Airbnb hosts is essential to protect your investment and provide peace of mind. While Airbnb offers some liability coverage, it may not be sufficient, and standalone short-term rental insurance or policy add-ons can fill in the gaps. Proper Insurance is a well-reviewed option for short-term rental insurance, and companies like American Family and Foremost also offer coverage for short-term rentals.
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Business insurance for Airbnb hosts
If you're an Airbnb host, you may be wondering if business insurance is worth it. The answer is a resounding yes. While Airbnb does provide some level of protection through its AirCover for Hosts programme, this may not be sufficient to cover all risks associated with hosting.
Airbnb's AirCover for Hosts programme includes host liability insurance, which provides $1 million in coverage if a guest is injured or their belongings are damaged or stolen during their stay. It also offers up to $3 million in host damage protection if your property or belongings are damaged by a guest. However, it's important to note that this coverage has limitations and exclusions, and it is not a substitute for a comprehensive insurance policy. For instance, it does not cover hosts who offer stays through Airbnb Travel, LLC, or those who offer experiences or services. Additionally, it does not protect your home between guest stays if there are damages or liability issues.
As an Airbnb host, you are exposed to unique risks that standard homeowners or landlord policies may not cover, leaving your property, business income, and liability vulnerable. For example, standard homeowners insurance typically does not cover short-term rentals, and insurers may consider regular short-term rentals a business activity, requiring additional coverage. Furthermore, as soon as your listing goes live on Airbnb, you are technically engaged in a business transaction, and your homeowners or landlord insurance contract may be void if it specifically excludes "business pursuits".
This is where business insurance for Airbnb hosts comes in. Proper Insurance, for example, offers a business policy that meets all short-term rental or Airbnb regulations. Their policy includes $1,000,000 in commercial liability coverage for Airbnb hosts, with the option to upgrade to $2,000,000 per occurrence. They also provide unlimited access to tools and resources to help you manage your rental business effectively. Other insurance providers also offer custom insurance for Airbnb hosts, ensuring that you have the necessary coverage for property damage and liability claims involving guests.
In conclusion, while Airbnb's AirCover for Hosts programme provides some level of protection, it is crucial for hosts to have comprehensive business insurance to fill any gaps and ensure they are fully protected. By investing in business insurance, Airbnb hosts can protect their investment, gain peace of mind, and focus on providing a positive experience for their guests.
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Customer service and support
The professionalism, expertise, and empathy of Proper Insurance's staff are also commended in multiple reviews. Customers have described the support they received as "outstanding", "exceptional", "amazing", and "excellent". In addition, the company's staff are described as "supportive and great", with specific praise for their honesty, transparency, and integrity.
Proper Insurance's staff are also recognised for their ability to simplify complex processes. One customer review mentions that an employee "coached, advised and guided me through the process", while another highlights how a different employee "made the entire claims process simple and expeditious". The company's staff are also described as "patient" and "kind", with one customer noting that an employee "personally worked on our claim and went through every avenue to make sure that our claim was processed thoroughly".
In addition to positive reviews, there are also some negative comments regarding Proper Insurance's customer service. One customer review describes the company as "scam artists", claiming that they denied a legitimate claim due to a technicality. Another review mentions that Proper Insurance "will collect high insurance premiums and then find reasons why the policy doesn't cover your claim".
Overall, while there are some negative reviews, the majority of customer feedback regarding Proper Insurance's customer service and support is positive, with many customers highlighting the professionalism, expertise, and accessibility of the company's staff.
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Frequently asked questions
Proper Insurance is the leading short-term vacation rental insurance provider in the US. They offer unmatched coverage for property, revenue, and business liability, including guest-caused damage, liquor liability, amenity liability, bed bugs, fleas, and more.
Proper Insurance is worth it because it offers comprehensive coverage for short-term rental properties, which standard homeowner's insurance policies often exclude. This includes protection against lost revenue due to unforeseen circumstances, such as water damage or guest injury.
Customer reviews for Proper Insurance are generally positive, with many highlighting the excellent customer service provided by their staff. Reviews also mention the ease of purchasing insurance, the comprehensiveness of their policies, and the helpful guidance provided by their experts.
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