ST. PETERSBURG, Fla. July 17, 2019 — Over 60% of travelers are opting for Airbnb rentals over comparable hotels for their trips this summer, according to Clever Real Estate. As vacation rental sites continue to grow in popularity, many travelers are questioning how they can protect their rental investments. Travel insurance comparison site, Squaremouth, explains travel insurance coverage for vacation rentals.
Vacation rentals often have a strict cancellation policy, sometimes offering little to no reimbursement, regardless of the reason for cancellation. Fortunately for travelers, the cost of rentals, like those booked through Airbnb and VRBO, can be covered under a travel insurance policy. Covered expenses can include any associated deposits, expenses, and cancellation fees.
Covered Reasons for Cancelling
The most common covered reasons under Trip Cancellation include illness of a traveler, their traveling companion or their family member, or inclement weather preventing the trip.
In the event of a claim, the traveler will need to show proof of their rental and their out-of-pocket expenses. In most cases, an email confirmation from your rental will suffice if it includes what you paid, your lodging dates, and any penalties you would incur if you cancelled.
The Common Concerns Never Covered
Despite the benefits of choosing a rental property over other accommodations, some travelers may feel they are sacrificing the reliability that comes with an established hotel. Common concerns of travelers who choose a rental property are that the accommodations will be insufficient, different than advertised, or a scam altogether.
Unfortunately, these types of scenarios are not covered by travel insurance. Even the “catch all” Cancel For Any Reason policies can’t offer help in these situations, as they require a trip to be cancelled at least 2 days before reaching the destination.