The Hidden Airbnb Insurance Rule That Could Cost You $30,000 (if you don't read fine print)
Summary
This video highlights the importance of understanding the 30-day vacancy rule in insurance policies for short-term rental properties. The hosts, Thanks for Visiting, explain that many insurance policies exclude coverage for certain risks like fire, vandalism, and water damage if a property is vacant for more than 30 days. They discuss why STR hosts are vulnerable due to seasonal lulls and gaps between bookings and provide actionable advice on notifying your agent, obtaining a vacancy rider, and conducting regular property checks. They recommend working with specialized short-term rental insurance providers such as Steadily to avoid costly coverage gaps.
More from Regulations & Compliance
Carson City, Nevada, is refining its short-term rental regulations. City supervisors are currently reviewing and modifying the local ordinance during a retreat. This review aims to address operational aspects, potentially impacting local hosts through new or revised rules, emphasizing compliance.
A 21-unit vacation rental in Dunedin, Florida, has been approved, signaling potential growth in the local short-term rental market. This approval could lead to increased accommodation options for tourists visiting the area. This news could also influence local regulations.
St. Louis aldermen have approved a short-term rental fee, though a legal battle over existing rules continues. This indicates a focus on regulating the STR market within the city. Hosts in St. Louis should be aware of these new fees, which may impact their profitability. Find out how this affects your STR business.
Curated by Learn STR by GoStudioM