US: Travel insurance company InsureMyTrip is expanding its product portfolio to include property damage protection for vacation rentals.
The innovative step comes at a time of rapid expansion for the vacation rental market and the newly-launched insurance coverage is aimed at protecting renters in the event their property sustains accidental damage during their stay.
InsureMyTrip director of product and services, Suzanne Morrow, said: “Vacation renters can face significant risks for accidental property damage — and with more of our travel insurance customers reserving non-hotel accommodations, it is important they have easy access to coverage.”
In addition to coverage for accidental damage to a rental property, the insurance plan by Generali Global Assistance also allows travellers to submit their vacation rental policy number to their landlord in place of a cash or credit card deposit. That provides fewer up-front expenses for the traveller and helps streamline the claim process.
Vacation renters can also obtain a comprehensive plan from InsureMyTrip in the event of trip cancellations, therefore they can protect their entire trip investment.
Morrow said: “While accidents may happen, we certainly don’t want travellers to feel like their vacation is ruined because of it. This vacation rental damage coverage aims to alleviate those potential headaches.”
Vacation home renters are able to purchase on-demand vacation rental damage coverage on InsureMyTrip.com. There are three coverage limits to choose from although they are currently only available for U.S. residents that are renting out a vacation home within the country during their trip.
For more information, visit the InsureMyTrip website here.