Following the line of security of our accommodations and our guests, we bring you some tips on the possibilities you have to insure your vacation home from possible damage from third parties or from possible unforeseen events, also from any situation that may occur to your guests during your stay. It will seem to you that it is something that does not happen, but if, according to Airbnb, there is a high percentage of accidents during vacations, that is why vacation rentals must have some measure of response to these eventualities.
In this article we want to show you some of the options you have to cover and insure your accommodation:
1.- Civil Liability Insurance: This insurance is mandatory in many autonomous communities, and consists of protecting travelers in case of damage that may occur during their stay. Basically it is necessary to have this insurance so that the injured party can be compensated by the contracted insurance company. Thus, it is quite clear that this insurance is not enough for your vacation rental. The most important aspects it covers are:
- Compensation for damages caused to third parties
- Defense, bond and legal protection of the insured
- Professional disability
2.- Ad platform insurance: Vacation rental ad websites such as Airbnb or Vrbo already offer the possibility of contracting insurance that protects the owner and covers a little more than the basic liability insurance.
In many of these pages, they give you the possibility of demanding bonds from the guests, which can cover any damage to your property during their stay. You also have the possibility of requesting deposits on amounts that can cover both damages and extension of days during the stay.
3.-Multi-risk insurance: Many experts recommend getting multi-risk insurance. It is the most popular, with the aim of protecting your home in every way; both material goods and the structure itself. This insurance is the most complete for your vacation rental, since it takes into account the risks taken when renting the home to tourists, as well as including the Civil Liability insurance coverage.
¿What does multi-risk insurance cover?
Usually, the following aspects are taken into account:
- Damage from fire, flood or explosion
- Claims and legal defense of third parties
- Theft from guests (both damages suffered by people and material goods)
- Electrical damage, water or any situation caused by atmospheric phenomena
- Rental defaults
- Loss or expenses for damage repair
In short, insuring your vacation home and your guests, will relieve you of any stress in the event of episodes of damage either caused by the guest or the guest. There is a premise that says “It is better to have insurance and not need it, than to need it and not have it.”
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