Travel Insurance Options for the Consumer or Guest Host

August 20, 2024

Platform services like Airbnb, Home Away and VRBO haven’t just upended the traditional hotel experience, they have made destinations as variable as human curiosity. As a result, swaths of people have jumped on board by becoming “hosts”. All the while, those on the wanderlust side of the travel equation, are venturing out as much as possible.

At Robertson Ryan Insurance, we want to help you make the most informed decisions on how best to protect you, your family and your assets. Which is why we decided to explore both sides of the travel insurance market in this post.

First, for travel consumers, depending on what region you live in the US, August means different things to different people when it comes to their local weather. Some rejoice as they get hints of Autumnal-like changes, while others grumble (for the same exact reasons). Thankfully, regardless of where you live, it is now easier than ever to book yourself out of “seasonal blues”. Unfortunately, as we all know, booking in advance, comes with unanticipated risks. Which is why travel insurance coverages exist.

Some of the more common types of travel insurance include:

  • Trip Cancellation – If your trip is canceled for a covered reason, a policy will often reimburse airline tickets, hotel rooms, rental cars, tours, cruises and other prepaid, non-refundable expenses. Covered situations can include illness, injury, death of a family member or traveling companion, job loss, military deployment among other unexpected life events.
  • Baggage Loss – Provides coverage if your personal belongings are lost, stolen or damaged during the trip. Some insurers also offer baggage delay insurance, which would cover items you need to purchase in case your luggage is significantly delayed arriving to you on your trip.
  • Emergency Medical – Covers expenses related to medical crises, which can be very costly. Especially for foreign/international travel. Emergency medical assistance covers situations like, accidents require unusual recovery methods (think airlifts from a snow skiing or hiking accident), prolonged convalescence in a foreign hospital or air transport home due to a serious illness.

When choosing travel insurance, talk with your Robertson Ryan Insurance Agent.  Based on coverages you already maintain, such as homeowners, renters or medical policies, what makes sense for your specific trip and your finances will vary. There are additional endorsements and types of travel coverage which your agent can also address. Such as this example from one of our carriers.

For the entrepreneurial enthusiast, capitalizing on your properties’ destination can present primary or secondary income as a result of home-hosting innovations.  A whole new generation of travelers crave amenities hotels are unable to accommodate. Besides conventional reasons for travel, remote workers have embraced and expanded the desire for and benefits of these new hospitality offerings.

As enjoyable and lucrative as hosting can be, renting your property, to anyone let alone strangers, can be risky. As mentioned above, accidents happen.  Regardless of every precaution exercised by all parties. Without short-term rental insurance, your homeowners’ policy can potentially deny a claim if a guest gets injured or damages your property during their stay. Most homeowners’ policies don’t cover rentals that generate consistent income, because you’re technically using your home as a business.

Short-term rental insurance coverages vary by carrier. Here are common ones:

  • Property Insurance – short-term rental policies generally provide coverage if a guest damages a part of your home or your personal property during their stay.
  • Liability Insurance – short-term rental policies include liability insurance for you regarding your guest(s). This protects you financially if a guest gets injured during their stay. It also covers you if you get sued after a guest accidentally damages someone else’s property.
  • Theft or Burglary – short-term rental policies cover some portion of theft or burglary. If there is a break-in or a guest steals something during the stay, your policy will typically reimburse you.

When reevaluating and/or considering your options of fulfilling guest-host aspirations, check in with your Robertson Ryan Insurance Agent to discuss your exposures so you can be as safely covered as possible. They can help evaluate what is best for your needs, allowing you to focus on your guests.

Don’t have an agent yet, contact us! Let us help you do the things you enjoy!