Vacation rentals have increased significantly in the insurance housing space

4. October, 2019

A few years ago, nobody would have thought that vacation rentals would be trending as they are in 2019.  THD is finding more and more insurance adjusters and policyholders asking to be booked in these types of rentals.  Some examples of these types of properties are Airbnb’s and VRBO’s.

THD is willing to accommodate these alternative lodging options with the approval of the adjuster.  However, it is important to be aware of some of the challenges.

First, these reservations must be made sight unseen by the policyholder.   Unfortunately, a picture doesn’t always show the true condition of the property.  Once the reservation is made, the payments are primarily non-refundable for the entire stay.

The other piece that is important is that the stay may not be able to be extended.  These types of properties are meant to be short term, so the property owner may have reservations already made for other guests in future periods.

It is also important to note that these types of properties have a variety of fees built in and for each new extension reservation, those fees are charged again.  However, these types of properties can be a good for shorter term stays, and can be quick to reserve if they are available.

THD has a process to ensure that our adjusters and policyholders understand these challenges.  THD has lodging experts that handle only these types of placements.  It is important that everyone has a clear picture of some of the issues that can arise.  Let THD be your expert for all lodging solutions to ensure peace of mind.

 

 

 

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