US: Safely, a leading insurtech and guest screening solution for the vacation and short-term rental industry, has released data showing unexpected growth despite the global pandemic and uncertainty around travel.
Safely.com has now covered over $40 billion of homeowner liability since launching in 2015, with more than 500,000 nights protected by its on-demand vacation rental insurance and guest screening services.
The short-term rental sector is shifting as guests change their travel behaviour as a result of the pandemic.
Guests are now travelling domestically by car and demand self-contained, private accommodations. Long-haul flights, cruises and communal breakfast buffets are out but guests are still travelling, some more than ever, because many families can work and learn from anywhere.
Safely states its reservations were up 200 per cent year-on-year this November and December and it has seen the biggest increase in home occupancy after Labor Day, where some markets showed over 80 per cent occupancy during a period which traditionally has less than 40 per cent occupancy.
Professional property managers and homeowners are searching for and investing more in safety and security than ever before to protect their assets and optimise their operations.
Since the pandemic, the purchase of second home properties has increased as urban areas are losing influence and families want more space in a leisure destination. This trend is fuelled by low interest rates and the ability to work flexibly.
Andrew Bate, CEO and co-founder of Safely.com, said: “As demand for private short-term rentals accelerates, we also see significant interest in managing risk, from new and established second home owners. We have all just experienced unimaginable devastation and change which led to real financial uncertainty.
“The right insurance and guest screening partner will help protect these financial assets, and decrease anxiety felt by these entrepreneurs,” he added.
The data released by Safely.com shows that insurtech is a growth sector in the short-term rental industry due to changing guest behaviours while homeowners and property managers prioritise safety and security more than ever.