US: Insurtech company InsuraGuest Technologies has launched a monthly subscription-based insurance product for the short-term and vacation rental marketplaces.
The subscription model is designed to give short-term / vacation rental owners or property managers the ability to choose which insurance package they want to cover their property, depending on the level of coverage and its limits; a cost that can be passed onto the guest during their stay.
Unlike other InsuraGuest products, the new subscription-based product will cover the property 24 hours a day, seven days a week, 365 days a year, and can be turned on or off depending on the seasonality of the property’s renters.
Included in the new product offering will be InsuraGuest’s primary no-fault medical coverage, which covers guests’ accidental injury no matter who is deemed to be at fault.
InsuraGuest president Reed Wright said: “This is a major insurtech technology lift we have been working on for over six months. Our initial digital distribution platform allows the sale of our products to property management companies that use one of the property management systems integrated with our API.
“However, there are 2.6 million rental properties in the United States and 65.4 per cent [1.7 million] do not use a property management system and go directly to online travel agencies like Airbnb. Our new subscription-based solution allows our product to be sold to everyone and anyone in the vacation rental / short-term rental space in the United States.
“It also gives our clients the ability to control their insurance needs while protecting their property and their guests at the same time,” added Wright.