Proper Insurance

Commercial Homeowner’s Insurance For Short-Term Rentals Properties

Replace your homeowner’s or landlord policy with Proper Insurance®. One policy that covers both commercial and personal use of the short-term rental. Comprehensive coverage for building(s), contents, income, and liability.

If you’re renting out your home on Airbnb or another property rental site, it’s critical that you obtain adequate coverage before listing your home up for rent. With an increased number of states now regulating rentals, most property owners are now legally required to maintain business liability insurance if they rent out their home on a short-term basis. If you’re about to rent out your home or you’re currently doing so, find a vacation rental insurance company who can help ensure you stay compliant with current laws and keep you protected from property damage or liability issues.

25,000+ Satisfied Policyholders.

The Proper Insurance® policy replaces a homeowner’s (HO) or landlord (DP) policy.  It is written as a business policy, giving the short-term vacation rental owner comprehensive coverage for their building(s), contents, commercial business liability, and business income.  It also includes personal liability when the rental “doubles” as the owners primary residence.

The challenge was quadruple use or occupancy of the properties; as most vacation rental properties are used for commercial short-term rental use, personal use, at times unoccupied, and some have guests or tenants for over 30 days.   With trademarked endorsements, the Proper Policy covers you and your property for all four uses.  Think of it as a homeowner’s policy, a landlord policy, and a business policy all wrapped into one!

It’s all-inclusive insurance that was custom-penned with Lloyd’s of London for the unique risks of short-term vacation rental properties.  It’s the most comprehensive insurance available today for vacation rental property owners.  Available in all 50 states.

Proper Insurance® from Lloyd’s of London

Lloyd’s is the world’s specialist insurance and reinsurance market, bringing together an outstanding concentration of underwriting expertise and talent.  It is often the first to insure emerging, unusual and complex risks.

Around 80 syndicates are underwriting insurance at Lloyd’s, covering all classes of business.  Together they interact with thousands of brokers daily to create insurance solutions for businesses in over 200 countries and territories around the world.  Lloyd’s insures the majority of FTSE 100 and Dow Jones industrial average companies.

Lloyd’s success has been built on its reputation for paying all valid claims.  The claims service provided to policyholders remains a cornerstone of the market’s business.”

  • Lloyd’s enjoys strong financial security supported by excellent ratings.  Visit Lloyd’s for detailed information.
  • Proper Insurance® is a Coverholder at Lloyd’s. There are only 4,000 Coverholders in the world.

The Rule of 3 for Insuring Short-Term Rentals

The team at Proper Insurance® is a collaboration of individuals with 30+ years experience in niche insurance.  We have experts engaged at all levels of the vacation rental industry and understand the risks involved. The Proper vacation rental insurance policy was written with one thing in mind, YOU, the property owner.  What are the risks and exposure involved and how do you properly insure them?  We currently insure vacation homes, duplexes, townhouses, condos, cabins, apartments, and much more.

  1. Liability: The single biggest exposure you have as a vacation rental owner is liability.  When you open your door as the owner, you are also opening yourself up to liability risk.  This liability risk is there whether you are simply renting a downstairs apartment or your entire property.  What if a guest were to injure themselves while staying at your property?  What if you were found to be liable?  Maybe the shower was not thoroughly cleaned and a guest slipped on soap scum?  Or worse, the vacation rental caught fire and resulted in a guest’s death. The Proper Insurance policy automatically provides $1,000,000/$2,000,000 in commercial general liability.  You are covered.  And, when the vacation rental also “doubles” as your primary residence, 1,000,000 in personal liability is included in the policy.
  2. Building and Contents: The second biggest exposure you have as the vacation rental owner is the actual property itself (building and contents). What if a guest were to accidentally start a fire and burn your property down? Or steal/damage your contents?  The Proper Insurance® policy insures your building and contents as a business (commercial form) with replacement cost (new for old) on special form (all risk).  The reason Proper uses a commercial form is because there are no standard occupancy restrictions as in a homeowner’s policy.  This means at the time of a covered loss, the property can be occupied by you the owner, friends or family, paying guests, or even be vacant as we remove the vacancy clause.  It’s the only way for a vacation rental owner to properly insure their building and contents.
  3. Business Income: Another big exposure you have is lost rental income, or business income. You have worked extremely hard to turn your property into an income generating short-term vacation rental business.  What if a tree fell on your roof and you could no longer rent your property for the summer?  Or worse, you had a total loss on the property as a result of a fire or hurricane?  You need to protect the income your vacation rental generates.  The Proper Insurance® policy insures your vacation rental income as “actual loss sustained” with no time limit, what this means is you are only subject to the limit of insurance you choose for your insurance policy. Some owners only insure $10,000 while others elect to insure $250,000. It’s your choice as income varies significantly between owners.

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