STR News.

A new proposal suggests a national insurance umbrella for U.S. hazard risks, aiming for faster disaster payouts and more affordable insurance. It highlights pooled-risk programs and metric-driven payouts as key to managing escalating disaster losses.

Hazard insurance is becoming a major constraint on the U.S. housing market, impacting home sales, affordability, and supply. Rising disaster frequency and severity are straining the insurance system, leading to higher premiums and unavailability of coverage, threatening economic mobility.

Santa Barbara is tightening STR rules with a new permit program costing $3,334 and $2,897 annually. This aims to boost accountability, address noise/traffic complaints, and improve tax collection. Additional requirements include parking, insurance, and fire-risk zone restrictions.

Virginia regulators are investigating Airbnb for offering a host damage protection plan without an insurance license. This raises concerns for hosts in the state regarding the validity and recourse available through such plans.

Virginia's Bureau of Insurance has stated Airbnb lacks the necessary license to offer its "Host Damage Protection Plan." This raises questions about the legal standing and consumer protection offered by Airbnb's in-house insurance-like products.

Virginia regulators have declared Airbnb's host protection program to be illegal insurance. This ruling poses a significant compliance risk for hosts operating in the state, potentially impacting their ability to operate without proper licensing and insurance.