How to Compare Different Short-Term Rental Insurance Providers 

Obtaining insurance for each short-term rental is one of your most important operating costs. Your premiums can pay for themselves each time your property suffers damage. But getting the most out of your policy starts with knowing how to compare short-term rental insurance companies effectively. 

Here is what you should keep in mind to determine which company offers the best coverage for your property — at the best price. 

Getting Started: Review the Website

Finding the right insurance company for your short-term rental business can feel overwhelming. While there are many companies in the industry, it may be a challenge to fight one that meets all of your unique needs. You can narrow your search by first reviewing each company’s online presence.

Look at the website for each insurer. You should find a wealth of information about the types of coverage they offer. In addition, each insurance provider’s website should prominently feature contact information and easy access to their customer service personnel.

Buying Your Policy: Consider In-Person or Online

When it comes to how to compare short-term rental insurance companies, you’ll want to check for the methods each company provides for buying policies. Some companies only allow first-time customers to buy a policy in person. This can feel like a cumbersome process since you’ll have to take time out of your day to schedule a meeting with your insurance company’s representative.

Other companies provide an easier buying process for new and returning customers. The ability to start or update a policy on the insurer’s website can save time. 

Additionally, you’ll be able to read the details of your policy in a quick and easily digestible format. This ensures you’ll gain a better understanding of the terms of your policy. 

Claim Filing: Look for Speed and Simplicity

Choose an insurance provider that delivers a secure and efficient claims filing process. Check the SSL certificate for the insurance company’s website. You can conduct this check by looking for the padlock image in your browser’s address bar. The web address should also have an HTTPS protocol instead of an HTTP protocol. 

Once you know the insurer’s website offers a secure and private connection, look for a page that provides a claims filing form. Filing your claim digitally can significantly speed up the process. If you can obtain approval within a shorter time period, you’ll repair your property faster.

Customer Service: Get Answers When You Need Them

Even though an insurance company may list their contact information on their website, it’s still a good idea to reach out to them personally. Make sure their phone number, email address, or messaging service is working properly. When calling an insurance provider, pay attention to the time it takes to reach a live operator.

Before calling an insurer for the first time, have a list of questions ready. Asking a few questions can help you get more in-depth answers to your concerns. It can also give you the opportunity to evaluate the knowledge and helpfulness of the customer service team.

Complete Coverage: Get the Type of Protection You Need

When looking for coverage, getting enough insurance for property damage is essential, but that’s not the only protection your policy should offer. There are other threats your short-term rental property faces, and you’ll want protection for those incidences as well. 

Select a company that offers a broad range of protection. Liability protection is especially important for your short-term rental business. Without this type of coverage, a guest’s injuries could result in a lawsuit and the loss of your property. 

Keep in mind that accidents, guest conflicts, or practical jokes can all result in guests suffering injuries on your property. Liability coverage gives you the resources to pay for your guests’ medical care and your own legal fees.

Your insurance company might offer other types of protection in a standard policy, or they might provide supplemental coverage. Some extra coverage to consider includes protection against intentional damage, pet damage,smoke remediation, and other causes of damage.

Rates and Terms: Read the Fine Print

A key tip in understanding how to compare short-term rental insurance companies is to always compare the rates against the coverage. Use this comparison to determine the value each insurer offers to its customers. Ideally, you’ll want to obtain the most amount of coverage or the broadest range of coverage for the lowest premiums. 

It’s not uncommon to find similar offerings from different companies in the industry. Even subtle differences in costs or coverage can benefit your business over time. If you have trouble determining which company offers the best value, look back at the other factors that affect each company’s quality of service.

Extra Services: Get a Hand With Property Management

When it comes to managing your property, you’ll find that this can become a full-time job in itself. It involves marketing your property, vetting guests, keeping up with maintenance and repairs, and processing guest check-ins and check-outs. You’ll also have bookkeeping, accounting, and tax matters that need your consistent attention.

The better short-term rental insurance companies provide additional services to lighten your property management burden. For example, Safely makes their guest screening services available to complement their insurance coverage. Making use of guest screening reduces the risk of property damage and financial losses. 

Contact Safely to learn more about our easy-to-use guest screening services.

Policy Discounts: Look for Money-Saving Features

If you own a primary home, you might know that you can take action to lower your homeowner’s insurance. Similarly, there are things you can do to reduce the premiums you pay on your short-term rental insurance policy. You might be able to raise your deductible to offset this cost.

Additionally, ask your insurer about property updates that will positively impact your premiums. This might involve installing smart home security equipment, renovating with fireproof materials, or updating the exterior to combat storm damage. 

Ask each company about the discounts they offer to determine which company delivers the most coverage savings.

Discover Why Safely Is the Preferred Short-Term Rental Insurer

When you know how to compare short-term rental insurance companies, you can ensure your property has the best protection possible.

Safely provides guest screening services and short-term rental property insurance to help you protect your business. Whether you need your first policy or you’re looking for a new insurer, our team can help you create a policy that meets your needs. Contact us to learn more about our services and coverage options today.