New Coverage Options for Vacation Rental Demand
Last updated on 03/28/2023
WARWICK, R.I., Sept. 14, 2021 -- InsureMyTrip announces new and exciting coverage options geared specifically for vacation home renters. This comes as demand for vacation rentals hits a fever pitch. According to Grand View Research, the global vacation rental market size is expected to reach $113.9 billion by 2027. (Source)
More and more Americans are looking to rent a "home away from home" as their work situation becomes more flexible, the economy is reopening, and vaccinations are increasing. A new show on Netflix: "The World's Most Amazing Vacation Rentals" is also contributing to the surge in vacation rental demand.
"Vacation home rentals are skyrocketing — and there is a high demand for exceptional travel insurance from travelers. We are proud to offer a solution for travelers renting a vacation home and offer coverage options to meet their specific needs," says Suzanne Morrow, vice president of business development for InsureMyTrip.
Vacation Rental Travel Insurance Coverage
InsureMyTrip now offers travel insurance geared specifically for vacation home renters (not available for New Hampshire and New York residents at this time). These comprehensive travel insurance plans include coverage to protect travelers in the event of unintentional and accidental damage to the vacation rental during a stay.
Accidental damage to the rental home may include broken lamps, windows and glass, damaged doors, electronics, stained bedding or linens, walls and furniture, lost keys, and rekeying costs.
Overview of plan highlights:
- Trip Cancellation
- Trip Interruption
- Travel Delay
- Vacation Rental Damage coverage, up to $1500
- Emergency Medical
- Emergency Medical Evacuation
InsureMyTrip also recommends a Cancel For Any Reason (CFAR) upgrade. This upgrade offers the most trip cancellation flexibility and is the only option available to cover fear of travel. Full terms of coverage will be listed in state-specific policy. If eligibility requirements are met, reimbursement is typically up to 70 percent of the insured prepaid non-refundable trip cost if all eligibility requirements are met (available in most states).
Note: coverages are governed by the specific plan certificate. Traditional travel insurance does not offer cancellation coverage for fear of travel, whether related to COVID-19 or not. Cancel For Any Reason is required.
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