Proper Insurance launches policies for rental property owners

US: Short-term rental insurer Proper Insurance has launched a range of policies aimed at short-term and vacation rental property owners, in order to provide enhanced business coverage.

The range of niche services are designed to support all types of short-term rentals, whether they are primary residences rented only during peak seasons or those rented on a nightly basis.

Given that not all insurance companies offer the same levels of protection to homeowners, they are advised to choose an insurer that specifically covers short-term rental properties to ensure their property is properly insured.

According to Proper Insurance, adequate policies for a short-term rental are hard to come by as it requires combining commercial liability coverage with traditional homeowner’s coverage. The insurer says it is offering customers in all 50 U.S. states a custom written, full coverage policy to give them peace of mind.

Additionally, the company has been exclusively endorsed by organisations including HomeAway and Vrbo. It has an A+ rating on Standard & Poor’s and BBB, and has provided over 35,000 policies for customers around the United States.

Now more than ever with the growth of the short-term rental market, rental property insurance is becomingly increasingly vital as some states have begun to pass laws and ordinances concerning such properties that are similar to the way hotels are regulated.  Proper Insurance believes hospitality insurance laws should instead apply.

The policies offered by Proper Insurance are business policies which cover commercial general liability. This means vacation property owners are automatically covered for any business-related issues, as well as unexpected events such as fire damage or theft.

A company representative said in a statement: “The policies offered by Proper Insurance are designed to replace a current homeowners or landlord policy. They are written as business policies to provide enhanced coverage giving short-term vacation rental owners peace of mind.

“Our policies also include personal liability if the rental doubles as the owner’s primary residence. It’s crucial property owners have the correct insurance in place, or they may find themselves out of pocket if something unexpected happens,” they added.