Best Short-Term Rental Insurance Companies

As an Airbnb host, protecting your investment is crucial. With the right insurance, you can safeguard your property, mitigate potential risks, and ensure peace of mind for both you and your guests.

‍In this post, we will explore the top short-term rental insurance companies that cater to Airbnb hosts. We'll dive into their unique offerings and pros and cons to help you determine which provider best suits your needs.

‍The Best Short-Term rental Insurance Companies are:

1. Awning: Best for All-Inclusive Property Management
2. Proper Insurance: Best for High-Value Coverage
3. Obie: Best for Quick and Easy Quotes
4. Safely: Guest Verification and Security
5. Steadily: Best for Landlord-Centric Services

Awning: Best for All-Inclusive Property Management

Awning stands out as the best overall choice for short-term rental insurance, offering a robust range of coverage options tailored specifically for property owners. With competitive pricing and a focus on customer satisfaction, Awning makes it easy for landlords to secure the protection they need. Their online application process is straightforward, allowing users to obtain quotes and purchase policies quickly and efficiently.

Pros:

• Comprehensive coverage options
• Competitive pricing
• Excellent customer service
• Easy online application process

Cons:

• Additional costs for design and furnishing services
• Newer company with a shorter track record

Awning's policies are designed to cover a wide array of potential risks associated with short-term rentals, including property damage, liability claims, and loss of rental income. Their comprehensive coverage ensures that property owners are well-protected against common issues that can arise when renting out their homes to short-term guests.

Despite being a newer player in the market, Awning has rapidly built a reputation for excellent customer service. They offer personalized support to help landlords navigate the complexities of short-term rental insurance, making it a reliable choice for both new and experienced property owners. Additionally, Awning provides services nationwide, ensuring that property owners across the U.S. can benefit from their expertise​

How to Get Awning Insurance

To get Awning insurance, visit their website and navigate to the insurance section. You can fill out a form to receive a customized quote. The process is designed to be user-friendly, with clear instructions and support available if needed. Once you receive your quote, you can purchase the policy directly through the website.

Proper Insurance: Best for High-Value Coverage

Proper Insurance stands out for its extensive coverage tailored specifically to the needs of Airbnb and Vrbo hosts. They offer a commercial insurance policy that replaces traditional homeowners or landlord policies, ensuring coverage for a wide range of risks associated with short-term rentals. This includes protection against guest-caused damage, theft, vandalism, and liability.

Pros:

• Lost rental income insured
• No occupancy restrictions
• Exclusively endorsed by Vrbo
• Premises coverage extends beyond the home

Cons:

• Price increases if the host lives on the property
• Liability insurance bundled with commercial insurance
• Not on-demand coverage

Proper Insurance is endorsed by Vrbo as their preferred insurance provider, which speaks to their reputation and reliability in the industry. They offer unique coverages not commonly found in other policies, such as protection against squatters, bed bug infestations, and amenities liability for items like bicycles, kayaks, and hot tubs.

The company’s commitment to providing superior claims service and educational support through their agents makes them a standout choice. Proper Insurance’s policies are available nationwide, ensuring that property owners across the U.S. can benefit from their comprehensive protection.

Proper Insurance is generally affordable, but prices can vary. Costs depend on the rental’s size, construction, and the amount of personal property covered. It also matters how much reimbursement you want if you can’t rent out your property due to a covered claim. To know the exact cost for your property, get a quote from Proper Insurance’s website.

How to Get Proper Insurance

To get Proper Insurance, visit their website and fill out a form to receive a customized quote. The process is designed to be straightforward, with detailed information and support available if needed. Once you receive your quote, you can purchase the policy directly through the website.

Obie: Best for Quick and Easy Quotes

Obie is recognized as among the best choices for short-term rental insurance due to its streamlined process and affordability. Obie offers a simplified and quick online quoting system that allows property owners to find and purchase insurance in just a few minutes. Their policies cover a wide range of needs, including property and liability coverage, with customizable options for inflation guard, flooding, and emergencies.

Pros:

• Policyholders can save around 25% on average
• Available in all 50 states
• Quick and easy online quote and policy purchase
  

Cons:

• No 24/7 call center for claims or customer support
• Claims are processed by third-party providers
• Limited information about partner insurers

Obie partners with reputable carriers like Accelerant Specialty Insurance Company and American National Lloyds Insurance Company, ensuring robust financial stability with AM Best ratings of A- or higher. Although Obie does not handle claims directly, their platform provides a convenient and efficient way for landlords and real estate investors to secure necessary coverage.

Users appreciate Obie's transparency, affordable rates, and the ease of customizing their coverage. The platform allows for instant quotes and estimates, making the process hassle-free. Despite not having a 24/7 call center, Obie's focus on cost savings and efficiency makes it an attractive option for property owners.

The cost of an Obie insurance policy varies based on multiple factors specific to the property being insured. These factors include the property's location, size, age, and any additional coverage options chosen by the owner. Generally, Obie's insurance policies can range from $1,000 to $4,000 annually.

How to Get Obie Insurance

To get Obie insurance, visit their website and fill out a form to receive a customized quote. The process is designed to be straightforward, with clear instructions and support available if needed. Once you receive your quote, you can purchase the policy directly through the website.

Safely: Guest Verification and Security

Safely is a great choice for comprehensive vacation rental insurance, offering robust protection tailored to the unique risks of short-term rentals. Their policies include up to $1,000,000 in coverage for injury and property damage, and the claims process is designed to be quick and straightforward, with payouts typically completed within four business days.

Pros:

• Comprehensive coverage including up to $1,000,000 for injury and damage
• Includes guest screening services
• Pay-as-you-go model
• Quick claims process
  

Cons:

• Policy exclusions similar to typical homeowner’s insurance
• Cost varies significantly based on property specifics

Safely’s insurance covers a wide range of property types, including apartments, cabins, condos, cottages, duplexes, and townhouses. The pay-as-you-go model ensures that hosts only pay for coverage when their property is occupied, making it a flexible and cost-effective option. However, it's important to review policy terms for exclusions and limitations, such as weather damage and normal wear and tear.

A standout feature of Safely is its complimentary guest screening service, which helps identify potential risks before they materialize, reducing the likelihood of property damage or other issues. This service checks databases, court records, and existing reports to ensure guests are less likely to cause problems during their stay.

Safely also integrates seamlessly with leading property management systems and online travel agency platforms, making it a convenient option for property managers and homeowners who want to ensure their rental business is well-protected.

How to Get Safely Insurance

To get Safely insurance, visit their website and fill out an online form to receive a customized quote. The process is user-friendly, with clear instructions and support available if needed. Once you receive your quote, you can purchase the policy directly through the website.

Steadily: Best for Landlord-Centric Services

Steadily is recognized for its specialization in landlord insurance, providing coverage for both long-term and short-term rental properties. Established in 2020, Steadily has quickly become a notable player in the insurance industry, offering tailored policies to address the unique risks landlords face. Coverage options include dwelling, liability, personal property, loss of rents, and medical payments. Policyholders can select coverage limits up to $1 million, making it a robust option for protecting rental income and managing property risks.

Pros:

• Specializes in both long-term and short-term rental insurance
• Comprehensive coverage for a wide range of perils
• Policies available nationwide
• Customizable to local market needs
  

Cons:

• Higher premiums in certain markets
• Separate deductibles for specific types of damage

Steadily’s platform is known for its efficiency, offering fast and detailed online quotes. The company collaborates with multiple carriers to deliver comprehensive coverage, ensuring landlords can find policies that fit their needs. The claims process is straightforward, with options to file online or over the phone during business hours.

Additionally, Steadily's emphasis on landlord-specific needs, such as loss of rents and dwelling coverage, makes it a reliable choice for property owners seeking focused protection. Their responsive customer service and transparent policy details further enhance their reputation in the insurance market.

The cost of Steadily insurance for Airbnb properties generally falls between $2,000 and $3,000 annually. However, premiums can be higher in prime short-term rental markets like Florida and California, sometimes reaching up to $9,000 per year. These variations depend on factors such as the property's location, type, size, and condition.

How to Get Steadily Insurance

To get Steadily insurance, visit their website and fill out a form for a fast and detailed estimate. You can also call their customer service line for assistance. Once you receive your quote, you can purchase the policy directly through the website.

How To Choose The Right Insurance For Your Airbnb

Selecting the right insurance for your Airbnb involves considering several crucial factors. Start by evaluating the coverage options each provider offers, ensuring they protect against property damage, liability, loss of rental income, and specific risks like natural disasters. Assess the cost of premiums in relation to the coverage limits and deductibles to find a balance that fits your budget.

Additionally, consider the provider’s reputation, customer service quality, and claims process efficiency. Reading reviews and seeking recommendations from other hosts can provide valuable insights. Finally, check for any unique benefits, such as guest screening services or pay-as-you-go models, which can add significant value to your insurance plan. 

By thoroughly comparing these aspects, you can make an informed decision that best safeguards your rental property.