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Short-Term Rental Insurance: A Buyer’s Guide for Hosts

February 12, 2024

Key Takeaways

  • Short-term rental insurance safeguards hosts from guest-related damages and liabilities, filling gaps not covered by standard homeowner policies.
  • Coverage includes property damage, liability, and lost rental income, but excludes wear and tear and damage from intentional acts or certain natural disasters.
  • When selecting insurance, hosts should assess coverage limits, terms, provider reputation, and the claims process to ensure comprehensive protection.

Short-term rentals (STRs) are reshaping real estate and the risks that property owners face. While rentals can be lucrative, they also come with liabilities: damage from a revolving door of guests, larger fixes from undiagnosed maintenance issues, and even potential guest injuries. For all these reasons and more, comprehensive short-term rental insurance is imperative. 

Robust insurance coverage is one of the best tools property owners have to navigate risks wisely. In some cases, it’s the only thing standing between you and a total loss on what seemed to be a lucrative investment. However, insurance is anything but straightforward. 

Read on to better understand the intricacies of short-term rental insurance and the best policies to help protect your assets. 

ARTICLE SUMMARY

Short-term rental insurance is a critical tool for protecting your investment and keeping it profitable in the competitive rental market.