Many travel vendors offer their guests the opportunity to purchase travel insurance, which will cover their costs in case of a travel mishap or cancellation. You can provide this too!
Although travel insurance does not provide any direct benefit to you, it still can be helpful. If a guest goes down with the flu the day before they're supposed to fly out to stay at your place and can't come, they probably aren't technically entitled to any refund - but they'll still be angry, and you might feel bad.
If they have travel insurance, though, they don't care - you keep the money they paid, and the insurance company pays them back. So everybody is better off. For this reason, some owners require their guests to purchase travel insurance, and OwnerRez offers you this option.
Note that travel insurance is a contract between the guest and the insurance company - you're just providing them the ability to buy it as a convenience. You aren't involved in making, receiving, or approving any claims, and the travel insurance won't be sending you any money.
Offering Travel Insurance
You can configure travel insurance for each of your properties in OwnerRez: for each property, you can specify if you want to offer it or not.
Set the option that you want for that property and then click the Save button. The options are as follows:
- Disabled - travel insurance will be turned off completely, and nothing is ever shown or offered to the guest
Enabled - an option to buy travel insurance will be shown on the quote. It won't be selected, but the guest can select it if they choose.
Selected - same as enabled, but the option is selected by default when the quote loads. The guest can deselect it if they choose.
Required - travel insurance is automatically added to the quote, and the guest cannot deselect or remove it
'Enabled' is typically the setting that most users want to use - this lets guests purchase the insurance, but doesn't force them to, and doesn't sneakily select a checkbox that they might not notice.
Travel insurance is always paid separately by the guest. Even if you set it as required, so that it shows on the quote, or the guest selects it during the quote acceptance process, it will not be paid for via your merchant account. The guest's billing info is passed securely to the travel insurance carrier for processing; they charge the guest's card and collect the money themselves.
There is nothing you need to do, as an OwnerRez user, to fulfill or take care of the travel insurance process. After the guest has selected and paid for travel insurance, they are sent policy information from the insurance carrier and OwnerRez with everything they need.
If they need to make a claim, that is handled by the insurance carrier directly. Any refunds for trip cancellation are sent by the insurance carrier.
You are not the insurance agent of record, and have no legal responsibility or liability for anything to do with travel insurance claims. If the guest contacts you about a claim, simply refer them to the contact information on their policy, or if necessary, to OwnerRez.
Purchasing Travel Insurance
If you have Enabled the travel insurance option, direct-booked guests will have it presented to them as part of the booking checkout process.
Guests who booked via a channel will also have the option presented to them as part of the process of signing your Rental Agreement, which we recommend that you have them do as described here.
Last, you can also go to the Insurance tab of the Booking and send them a link they can use to purchase it, if they're still eligible.
Travel Insurance Types
OwnerRez offers the ability to purchase two different types of travel insurance:
- Traditional travel insurance. This fully reimburses the cost of the booking, if a covered event occurs that forces the guest to cancel the trip. These are things like being hospitalized. This can be purchased by citizens of almost any country.
- Cancel For Any Reason (CFAR) insurance. This is what it sounds like - it pays out if the guest cancels the trip for any reason at all, even one that isn't covered. The catch is that it only pays out 60% of the costs if you don't have a covered reason. At the moment, this can be purchased only by U.S. citizens.
The guest is given the option to choose which type they wish to purchase.
Insurance Policy Details
- Overview of insurance program
- Covered reasons
- Schedule of benefits
- Sample certificate of coverage for traditional insurance (policy details)
- Sample certificate of coverage for CFAR insurance (policy details)
You can find answers to many common issues and questions here.