OwnerRez and Safely are proud to announce a new partnership to provide homeowner's insurance (ie. dwelling, fire/wind insurance) for vacation rentals!
Most OwnerRez users know that we already offer a great damage protection product for vacation rentals which covers guest damage while the guest is at your property. Damage Protection is an extremely important and valuable product that has saved many homeowners and PMs a lot of tears!
But what about the structure of your vacation rental house itself? What if the house burns down while guests are there or the deck collapses? Will your primary homeowner's insurance (ie. dwelling or fire/wind insurance) cover the cost? What if your insurance carrier finds out that a third party guest was occupying the property when the damage happened or that you were operating it as a commercial business? Even if they cover the structure, what about the medical costs of the guest?
For these reasons and more, it is often very challenging to properly insure vacation rental property - both the physical structure and the liability. Most ordinary homeowners policies do not include commercial use, and will not cover claims arising from any rental operation. At the same time, commercial insurance often does not cover properties zoned as residential, as most houses are; or, if it does, is extremely expensive.
Safely now offers to OwnerRez clients the ability to purchase primary homeowner's insurance that comprehensively covers all damages, liability, and any incidents arising from a vacation rental operation.
- As the primary insurance, any covered incident will be fully resolved by Safely, without the involvement of any regular homeowner's insurance policy you may have, which might lead to cancellation of coverage.
- Safely covers not just traditional accidental damage by guests, but damage for any reason. Examples: total destruction by fire, vandalism, flood due to plumbing malfunction, structural failure of a deck.
- Safely coverage also includes injury and liability. For instance, if a deck collapses and guests are injured, their medical claims would be covered.
- Safely even includes liability or injury involving unofficial guests, like party attendees.
- Each individual booking is automatically issued its own Safely policy, so you are not paying for coverage when there are no guests renting the property.
By choosing Safely coverage for your rental property, you protect yourself from the potential of a denied major claim by conventional homeowners insurance, and also from excessive rates charged by commercial insurers.