The Flipkey insurance policy replaces the owner’s current homeowner’s insurance. It’s written as a business insurance policy and includes coverage for the building(s), contents, Flipkey income, and commercial general liability of $1,000,000. When a Flipkey owner accepts money for the rental of their property, this is considered a business activity. What if the guest brought a dog and it bit the neighbor’s child? The child’s parent would likely sue the owner for bodily injury and if the owner did not carry Flipkey insurance they could be in trouble. Liability is the single biggest insurance exposure a Flipkey owner has and it simply can’t be ignored.
Flipkey Insurance Covers All Types of Properties
Flipkey by TripAdvisor has 300,000 listings which include all types of properties. This includes single family homes, townhomes, condos, cabins, apartments, and more. The insurance policy for Flipkey owners is designed to cover them all. Not only does it cover all property types, but it allows for a variety of named insured’s. Many Flipkey owners are putting their properties into a and LLC, or even an Inc. The Flipkey insurance policy allows for the named insured to be a sole proprietor, partnership, LLC, or Corp.
The Proper Insurance Plan Replaces Your Current Coverage
Perhaps one of the greatest reasons to choose Proper Insurance as your primary Flipkey insurer is that it comes in one all-inclusive plan that provides protection against property damage, liability issues, and lost business income. In fact, Proper Insurance is one of the most comprehensive coverage plans available for short-term rentals today. With Proper Insurance, you don’t have to maintain multiple coverage plans as it’s designed to replace your current homeowner’s coverage and any other short-term rental insurance you use. Not only does this provide significant cost savings for you, the property owner, it helps minimize the hassle of managing multiple insurance plans at once.
Is You FlipKey Property Insured or Exposed?
Because FlipKey properties aren’t insured, you could be placing your home and belongings in jeopardy when you rent it out to your guests. And your homeowner’s insurance won’t step in to save you this time because these kinds of policies don’t apply to rental situations. That means if a guest were to wreck your home or property, then you’ll likely find yourself completely out of luck. Furthermore, FlipKey property owners who list their home for rent without coverage are exposing themselves to serious liability risks. Because you’re liable for your guests, you risk being responsible for their medical bills if they become injured. This is why it’s critical that you as a property owner maintain adequate rental insurance for FlipKey before listing your property up for rent.