Vacation Rental Insurance 101 - AirCover is NOT enough!
In this week's video, we're sharing the fundamentals of vacation rental insurance. You know, that thing you've heard you should have but you aren't really sure what type of coverage you'll need or where to start?
If you own or manage a short term rental and have been relying solely on Airbnb's AirCover or host protection programs from other 3rd party booking platforms then you'll definitely want to watch this video to learn the truth.
Even if you are already carrying insurance for your short term rental property, you still may want to tune in after hearing this stat: In all of the clients that we have onboarded in the past few years, over 70% of them were not holding the correct insurance before switching to our management. 70% of them were not properly covered! Can you believe that?
Part of the reason is because, up until pretty recently, many insurance companies didn't really have systems in place for short term rentals so there was a lot of conflicting - and often incorrect - information floating around, sometimes stemming from the insurance companies themselves.
No reason to panic, we'll guide you step by step.
We hope you find this information helpful and if you'd like to support our growing channel don't forget to watch the video in its entirety (it's less than 10 minutes, and packed with value!), then like, comment and subscribe!
Get in touch with our rockstar insurance broker:
www.ivesins.com/mikemauger
Connect with us:
IG @therockawayhouse - @arrivls
www.arrivls.com
Work with us:
kylee@arrivls.com
**Staying on the topic of liability and COA (covering our a$$, and assets) - all of the information that we will be sharing in the video is for general information purposes only and any action that you take is at your own risk. Please consult your attorney or a qualified insurance representative to decide on the best policy for you and your property.
Airbnb Insurance for Owners | Short Term Rental Insurance | Airbnb for Beginners
Пікірлер: 41
I am an insurance agent and I watch all of your videos to get help with my short term rentals and I must say you really did a great job. The one thing that I would add is that you do not want to call your insurance company to find out if a claim will be paid or call them if you might not actually make a claim until you're sure you're going to make a claim. The inquiries are a ding on your insurance and can actually raise your rates. Your advice about the ID doctor was spot on.
@sabrinavang8024
Жыл бұрын
Insurance companies are evil. Ding you for just calling them even if you dont submit an actual claim? But quick to collect premiums though-!
@positivevibrations5103
7 ай бұрын
@@sabrinavang8024 It's insane. What other service do you pay for and then get penalized for actually using the service you have been paying for! 😓 I get that they need to disincentivize people abusing it and it makes sense that people that use it more pay more but it is crazy.
Been looking for this info for months!
@kyleeandsteven
2 жыл бұрын
Glad you found it helpful!
Great video, thanks fore putting this out there. I do still have a question though, what if you don't own the home? What if you're doing the arbitrage method and you're renting a single family home from someone and you've negotiated an addendum to the lease agreement to allow you to sublet / air bnb. In this case, who needs to have the insurance? Is it me, or is it the home owner?
TRUTH...Needed this about a week ago. We acquired STR coverage with American Integrity and will add $1-$2 million umbrella liability through our H/O's coverage. We required flood as well through yet another carrier. Tons of caveats with insurance. TONS! Heed their warning. I am part of a large co-op of over 750 people and everyone is OVER simplifying their insurance coverage.
Thanks guys for the video. This is EXACTLY what I needed. Just like you said, it’s not the most sexy topic but it’s one of the most important.
@kyleeandsteven
2 жыл бұрын
So glad you found it helpful!
This is the second video I’ve watched, you all are bringing valuable content. New host and subscriber here! Thank you!
@kyleeandsteven
2 жыл бұрын
Thanks, Amari! Happy hosting! 😀
Very informative video
"Pound Sand" we say Kick Rocks in Michigan. Great video😁
Thank you!
Ive been looking for this info forever! You guys make awesome content and deserve much more of a following!
@kyleeandsteven
Жыл бұрын
Thanks so much, Brennen! Feel free to share our channel with others interested in STRs!
@brennenhrebeniuk9661
Жыл бұрын
@@kyleeandsteven i will only issue is I rarely find many people my age interested haha. Im 22 married last year planning to get my first aribnb started once I have the starting costs acquired which im estimating a max of 2 years meaning I should be able to get started by 2024
Is the landlord/STR coverage traditionally *in addition* to traditional homeowner’s insurance, or is it *in place* of homeowner’s insurance? Thank you!
I lost faith in aircover when my second guest put a hole in my bedroom wall, cracked a stud, repainted a door, and stained all of my linens and shower curtain (plus more). Aircover paid out $200 🙄 "Pound sand"... Steven, we're you a grunt in a past life? Going to your chanel now to look for a direct booking website tutorial.
@devonedwards5191
2 жыл бұрын
were* 🙄
Great video! Thank you :) Would you recommend this for arbitrage?
Subscribed
Great job with this new channel! Insurance is a VERY important topic. A few points to add: 1. USAA now has an STR rider on their policies. Might be worth exploring for someone that has access to their products 2. If you have multiple properties in your portfolio, consider what your “cumulative deductible” is on all of your portfolio (especially if your portfolio is in the same geographic region). Looking forward to your next video!
what kind of insurance do you use for 'PROPERTY MANAGERS ONLY' for those of us that do not own any properties just manage them? Thank you!! Great videos.
@kyleeandsteven
Жыл бұрын
Not an insurance agent so this is for general information purposes only 😊 but we would have general liability plus professional (e&o). You can give our guy a call, he can usually quote you very quickly. www.ivesins.com/MikeMauger
What is your annual premium and what is the deductible?
Really fantastic content! If I could recommend you all should try to improve your mic quality it was a bit hard to make out words sometimes and this is really excellent content that deserves good audio quality. Thank you.
@kyleeandsteven
7 ай бұрын
We have. This is one of our first videos from a year and a half ago. :)
@positivevibrations5103
7 ай бұрын
@@kyleeandsteven Nice!
Is the insurance company you listed serve Canadian Airbnb?
Does airbnb also cover you for 1 mil in liabilty
What the typical range of monthly cost if your hour is 4,000 square feet $800,000 dwelling coverage and $1,000,000 liability coverage?
@Palantir_Daily
Жыл бұрын
Call your insurance company
What happens if the homeowner “forgets” to add you as additionally insured on their policy??
@kyleeandsteven
Жыл бұрын
Contact the owner and have them ask their agent to add you to the policy. We get a notification from the insurance company when we're added so if we don't get notified then it's time to reach out to the owner to remind them.
Also- what do you think I should do about getting a cleaner - I would like to stay out of it - I live in Miami - they say I should contact turnover bnb but is there an arbnb cleaning company that possibly you could recommend?
@kyleeandsteven
Жыл бұрын
Not specifically in Miami but Turno is a good start!
Do you manage properties out of state? (NC)
@kyleeandsteven
10 ай бұрын
Not at the moment 😊
If you haven’t already, would love some information on direct booking. Thank you in advance. :)
@kyleeandsteven
Жыл бұрын
Full video on that topic coming out in 2 weeks!