The most disruptive change to happen in the travel industry is renting a place to stay from an individual rather than a hotel. With a little time invested online, it’s relatively easy to find traditional places to stay such as homes, cottages, and condos as well as unique lodgings, such as treehouses or yurts. So many vacationers choose to rent privately or from companies like Airbnb, VRBO and B&B associations for the affordability, flexibility and extra amenities.
If you’re a property owner who is looking to rent out all or part of your home, your family cottage, your condo, your vacant land or anything in between for profit and to meet this growing demand, know that there are risks to understand and criteria to be met.
Discuss with your insurance professional your intent before making any investment or performing any upgrade to the potential income generating rental.
Be aware that some online brokers of vacation rentals may offer insurance as a requirement to list your property with their service, but the policy may only cover minor damage and have limitations to liability.
Without the proper insurance in place, even a modest claim may result in financial hardship for the property owner.
If you’re considering getting into the vacation rental business, it’s an absolute must that you have a thorough conversation with an insurance professional well versed in this type of policy. Please reach out to us if we can help you: 1-800-679-2640 or email:
info@easyinsure.ca