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Vacation Rental by Owner, or VRBO, and AirBNB is the fastest growing rental segment in the U.S. right now.  Companies like VRBO and AirBNB came about primarily because of the high cost of owning a second home.  Many second homes are only used 2 – 3 months of the year.  VRBO and AirBNB allows the owner to rent out their property on a short term basis, much like you’d rent a hotel room.  There are websites that help facilitate the transaction between the owner and the renter.  http://www.vrbo.com/ and https://www.airbnb.com are websites that owners and renters can go to to lease out or rent a home.  We are able to assist you with your Short Term Rental insurance needs in Texas!

A major concern with renting out your property on a short term lease is, ‘how do I insure my home?’  I often find that the owners of these types of homes are insuring them incorrectly.  I’ve found VRBO’s and AirBNB’s insured as secondary residences, vacation homes and landlord policies.  The Beach House VRBOproblem with insuring your property as a secondary residence or vacation home is that these policies are written with the assumption that you are the person staying in the home and you aren’t using your property to generate income.  These policies also don’t have the appropriate type of liability and don’t cover ‘loss of rental income’.  In a worst case scenario, a claim may be denied altogether because of a ‘material misrepresentation’ by the insured.  Insureds have a duty to disclose the use of the property to the insurance company and a duty to read your policies on new business and renewals.

You may be asking, “Why can’t I insure this as a landord policy?  This type of policy includes loss of rent and the expectation that the property generates income”.  You would be correct in that statement, however, a typical landlord policy will have a clause that only long term lessees are allowed, at a minimum, a month to month renter.

It is extremely important that you get a vacation rental policy for your short-term rental property.  My office offers these policies at a low cost and a great value.  It’s important that you speak to a professional, who understands VRBO and AirBNB Insurance.  Please Contact Us today for a quote.

Call our office at 281-648-2828 for more information!


PS: Be sure to create your online Farmers account and download our mobile app for 24X7 access to your account, view your policy details, pay bills, view your auto insurance ID card, and more, all from your mobile device!

Click here for more info–>>>> Mobile App


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