STR Damage Insurance - Direct Bookings
Hey! I rent my home out for weekends about 5-7 times a year sometimes through AirBnb/VRBO, but some customers like to book direct and we can avoid fees and such of the third party. As such, I'm interested in a third party company that handles damage insurance and I can pay on a per booking basis. I have found a few (superhog, safely, proper?) and they appear to have decent coverage from what I see, but it sounds like reviews are mixed in terms of how customers feel about it considering they are not as well known as the booking companies. Does anybody have experience with any of these companies (or similar) and recommend a specific service? I'm mainly interested in damage insurance to cover accidental (or not) damage to contents of the property that could occur during a stay. Screening is nice, but in the end we do that already to some degree and don't do a real high volume, so that service isn't as valuable to us. Any recommendations? (This home is our primary residence and we do have an STR endorsement already on our homeowners policy)
Haven't used them myself, but I've heard plenty of good things about Safely and Waivo.
Some PMS's will offer damage insurance when booked through the PMS widget as well. I know Ownerrez and Hospitable both offer this, for an upcharge.
I just spoke with Waivo and I think it could be a good fit. They handle up to $5000 in damage coverage with no deductible. Seems like a good way to be covered for damages caused by guests for cases that would be most common. I reached out to Safely, but haven't been able to get a call back. I did get an email but it sounds like you HAVE to be using a PMS to use their service?? That could be wrong, but I can't get anybody on the phone to talk to and ask those questions (which is red flag number 1 for me...if you can't get the sales dept on the phone it's gonna be hard to get claims on the line. I tried reaching out to them 3 times over the last week without getting a hold of somebody). There is another company out of the UK called SuperHog. Goofy name, but it seems like the right kind of coverage and includes guest screening. My concerns with them is that they are based in the UK (not sure it would really matter, but all the agreement details you sign references UK law and such which makes me curious about compliance with US law and if something substantial goes wrong that involves court / legal proceedings) and there seems to be info about data security questions when looking at reviews online (that's not great) and the name is so goofy that it's going to be something I have to explain to customers is not a scam every time I point them their direction to do screening and that seems like a problem for me and being professional with customers, so that doesn't seem like a good fit for me. It does seem like a fairly small space in the market at the point.
several of my clients and friends have policies through proper. I dont know about it being your primary that you rent out sometimes however. Proper is a bit more expensive but offer coverages most "regular" insurance companies do not - they are STR specific
#4 All Forums Contributor
- Olympia, WA
Please use paragraphs @Jasen Bankson.
Safely is very popular with some folks on here.
#4 Short-Term & Vacation Rental Discussions Contributor
- Real Estate Consultant
- Ohio
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#4 Short-Term & Vacation Rental Discussions Contributor
- Real Estate Consultant
- Ohio
Safely is great and a favorite with STR hosts, but they can be hard to get a hold of when you need to get info or set up a policy. Making claims is quick and easy though. Waivo is another great one that is a sister company to Proper Insurance which is only for homeowners, not small content items that have been damaged. So, you have two great options to choose from.
Thanks for the feedback! I appreciate it. I think Waivo seems like the best fit for my situation. I still haven't had success reaching Safely and it sounds like they may only be catering to PMs based on an email I got from them in response to my interest.
Worrying about damage is majoring in minors: I've been renting vacation homes for 18 years, and can count on one hand items that have been damaged. It's the cost of doing business.
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