When you own a short-term rental, a little bit of wear and tear is expected as you start to accept more and more guests. And with so much traffic coming in and out of your rental, that can sometimes lead to damaged property or even items that need to be replaced.
What happens if your guest slams their finger in the door or cuts their finger in the kitchen? Are you liable to cover their medical bill? Lodgify is happy to announce our new partnership with InsuraGuest, vacation rental insurance simplified.
InsuraGuest is a leading insurance company within the vacation rental industry offering coverage for property damage, theft, and primary no-fault accidental medical coverage for bodily injury.
Their system allows vacation rental professionals to submit claims quickly and receive fast payouts so that operations can get back to running smoothly.
You probably already have your standard homeowners insurance and may be wondering why you need any additional coverage.
Most homeowner insurance policies don’t actually cover any damages that occur when the home is rented for commercial use, and they only cover a guest’s injuries if it is the property’s fault.
This can leave property owners in a sticky situation when accidents occur because, let’s face it, if you are in the rental business long enough, an accident will eventually happen.
However, keep in mind that vacation rental insurance will not replace your standard insurance, but it will cover you for any accidents that happen in your rental.
With InsuraGuest, your property will be covered regardless if there is a confirmed reservation or not, so cleaning and maintenance accidents are covered too.
Plus, if you’re running a seasonal operation, you can also start and stop the coverage whenever you want so you are only paying when you need it.
How does InsuraGuest work?
Insurance can be a dry and complicated subject, so InsuraGuest has worked hard to make a simple solution that will offer you the protection you need but also gives you transparencyon how the process will work.
They’ve created a list of upfront payment amounts for common items in a vacation rental, so you know what to expect.
You can check their list of repair and replacement items and payouts here.
If an accident occurs, you just need to log in to your InsuraGuest account to submit a claim. Once in your account, just select the property, report the damage, add a photo or any evidence and then file the claim.
Since the amounts are already predetermined, most claims are paid out in 72 hours, so you can get back to your business as usual.
How much does it cost?
InsuraGuest offers two subscription plans, from $60 to $90 per month per property. The difference is in the coverage amount, with the $60 plan providing up to $10,000 in damage and the $90 plan covering up to $25,000.
You can either pay this price upfront or share the cost with your guest by adding an insurance fee to every booking.
If you want to get a better idea of what the share cost would look like, you can check out InsuraGuest’s estimator tool which will help you calculate what fee you should add to your reservations.
When can I get started?
You can get started immediately! Plus, you can easily integrate it into your Lodgify account. Just go to the InsuraGuest website to sign up and when asked for your PMS, enter Lodgify to get your coverage started right away.
If you need more information, you can read about our new Lodgify-Insuraguest integration here, or you can check out our Knowledge Base article for a more detailed explanation.
Ready to take more direct bookings?
No set up fees, no credit card details, no obligation. Try Lodgify free for 7 days.