Nearly all vacation rental home insurance policies have what’s called a ‘vacancy clause‘ and it’s important every owner understands its limitation. The average vacancy rate in short-term rentals is around 30%, which is about 109 days. Vacant or unoccupied properties pose higher risks because no one is around to identify potential problems. What does this mean from an insurance perspective? No Coverage for Vandalism, Water Damage, and Theft If [...]
Most vacation rental owners do not fully understand the potential liability of owning a short-term rental. With over 50,000 vacation rental policies issued now, Proper Insurance® has become the nation’s leading expert in short-term rental liability claims. #1 – $1,000,000 in commercial general liability minimum Most short-term rental owners carry $300,000 – $500,000 in liability coverage, which is not enough. In today’s world, your policy limit needs to be $1,000,000 minimum and we suggest you [...]
Just like your guests, bed bugs love to travel. Bed bugs aren’t the first item of thought when being a short-term rental owner but it’s important to understand how they can pose a risk at your rental business. Homeowners spend an average of $1,000-$2,500 to exterminate bed bugs, but it can be as much as $5,000 in a large house. Not knowing where your guests stayed the night before [...]
Updated 3/24/2021 Virginia Beach has consistently offered a variety of lodging options for tourists including Hotel/Motels, Bed and Breakfast Inns, Country Inns, and short-term rentals. With over 2,000 registered short-term rentals, the city designed regulations to address public and safety concerns and to protect the personality of their neighborhoods. Beginning November 1st, 2019 the regulations include the following significant items: Hosts must obtain a conditional-use permit to be renewed [...]
Recent events have cities across the US revisiting how Short Term Rentals are allowed in their communities and debating stricter regulations to avoid increasingly common “party houses”. 5-Minute Quote Short Term Rental Protection How can hosts protect their Short Term Rental business and keep neighbors and city leaders on their side? Proper Insurance recommends NoiseAware. NoiseAware is a proprietary noise monitoring system that tracks the ‘noise score’ in your [...]
By Dylan LeCompte Renting out your house instead of listing it on the real estate market is a common, and even profitable, way to hold on to your property when you aren’t currently living in it as a primary residence. Some homeowners choose this direction when they want to wait to sell when their second home’s value increases or the market turns in their favor. Others may want to [...]
While Boise does not currently regulate Short Term Rental properties, the city is considering adopting regulations going into 2020. Comments from the community are now closed while city officials review the proposed ordinance. (Click here to discover other cities adopting Short Term Rental regulations.) “The regulation proposes four restrictions on short terming housing: Require all new short term rental units to be approved by the city through an application [...]
The NY Times, Wall Street Journal, and Fox Business are all reporting today on the Jersey City short-term rental regulation that passed. Why so many headlines you might ask? The reason is Airbnb plans to go public in 2020 and prohibitive regulation makes potential investors uneasy. What if other cities adopt a similar regulation? The truth of the matter is common sense regulation surrounding the short-term rental or home-sharing [...]
The Miami Beach Times recently released results to a survey completed by AirDNA and IPX 1031 regarding the top cities for Short Term Rentals. “Florida is home to seven of the top ten cities with the most Airbnbs per capita. Kissimmee, FL comes in at No. 2 with Walt Disney World Resort and Universal Studios next door, Daytona Beach comes in at No. 4, while Miami, Fort Lauderdale, [...]
A recent count shows the staggering number of Short Term Rental properties in Ann Arbor, MI: over 900 listings can be found in the city with over 300 listings available for whole-house rentals. Ann Arbor city is concerned by these numbers as “this means there are 300+ less homes available for people who want to live in Ann Arbor.” Will regulations solve this problem? Ann Arbor citizens, including City [...]
