Reviewed and updated 7/2/2020
Residents in the Town of Vail held a meeting on Tuesday to discuss the implications of short-term vacation rentals in the area. Currently, Vail only has a minimum number of requirements when it comes to operating a rental business. That means just about any property owner can list their home on Airbnb for rent. Some residents feel it’s unfair to allow property owners to run a rental business within a residential area and others believe it’s their property and their right to do so.
City council is not expected to make any rulings on the matter until August. One potential option for the city is to require commercial property rental insurance for property owners who want to rent out their homes. This can help ensure property owners are taking their role as a host seriously and it keeps them protected from liability or building damage issues.
Update: Vail requires hosts to register their property with the city Finance Director and secure a short-term rental license to operate their business. If a property manager operates the short-term rental they also must secure a license. Here are additional requirements for hosts as described in the short-term rental ordinance:
Each short-term rental shall comply with all the following standards, at a minimum, at all times while the short-term rental is occupied:
- Roofs, floors, walls, foundations, ceilings, stairs, handrails, guardrails, doors, porches, all other structural components and all appurtenances thereto shall be capable of resisting any and all forces and loads to which they may be normally subjected and shall be kept in sound condition and in good repair.
- Smoke detectors, carbon monoxide detectors, and fire extinguishers shall be installed and operable, and all wood-burning fireplaces and stoves shall be cleaned on an annual basis.
- An owner shall be liable for any and all violations occurring on the short-term rental; a property management firm shall be jointly and severally liable for any and all violations occurring on any of its professionally managed short-term rentals in the City.
Proper Insurance for short-term rentals
There many things to consider when joining the short-term rental market. In specific, you want to ensure a safe and lovely home for your guests, and you want to protect yourself and your business so it can thrive. There are many companies that offer safety checklists and guidelines. Breezeway is one such company. Additionally, when you acquire short-term rental insurance your property will undergo an underwriting period where your property will be evaluated for safety.
Proper Insurance is the Nation’s leading insurer of short-term rental properties, with over 40,000 policies written in all 50 states. Propers’ policy is the only one you’ll need as it completely replaces your regular homeowner’s insurance and offers comprehensive coverage for your building, contents, income and liability ($1,000,0000/$2,000,000).
Call Proper today to discuss the best policy for your short-term rental business – (888) 631-6680!