If you are a proud commercial holiday property owner, you must protect your business venture from unforeseen eventualities. Your property may be at risk of many things, such as accidental damage, storms, or fire. In some instances, guests can get injured while on your property. And they may file a lawsuit to receive compensation for such travel woe. That is where vacation rental insurance comes in.
| CoverWallet | NEXT (Best) | Thimble | Hiscox | The Hartford | |
|---|---|---|---|---|---|
| Per occurrence limit | $1,000,000 | $1,000,000 | $1,000,000/$2,000,000 | $300,000/$1,000,000 | $1,000,000/$2,000,000 |
| Aggregate limit | $2,000,000 | $1,000,000/$2,000,000 | $1,000,000/$2,000,000 | $300,000/$2,000,000 | $1,000,000/$2,000,000 |
| Products and completed operations aggregate limit | $2,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |
| Advertising injury coverage aggregate limit | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |
| Tenant’s legal liability coverage limit | $100,000 | $100,000 | $5,000 | $100,000 | $1,000,000 |
| Waiver of subrogation included? | Yes | No | Included | Can be included | No |
| Hired/non-owned auto liability coverage included? | Yes | No | Excluded | Can be included | Can be included |
| Equipment breakdown floater included? | No | Yes | Yes | Can be included | Can be included |
| Can you get a certificate of insurance online? | Yes | Yes | Yes | Yes | Yes |
| Name additional insureds? | Yes | Yes | Yes | Yes | Yes |
| Deductible | $0 | $0 | $0 | $0 | $0 |
Accidents in your vacation rental property can occur anytime. General liability insurance ensures you are protected from devastating financial losses. This vacation rental liability insurance covers the following:
Bodily injury–A guest can get injured in your vacation rental property. This liability insurance for vacation rental property will cover all the medical costs
Property damage–Your guest’s property can get damaged. This insurance will cover the replacement and repair costs
Advertising injury–Competitors or customers can sue your business for illegal advertising and marketing practices. This holiday home rental insurance will cover the settlements and legal fees
Personal injury–A customer or any other person can accuse you of causing reputational harm or advertising injuries. This insurance will cover settlements and legal fees
Property damage coverage–Your guest may accidentally damage your property. Property damage coverage will cover all the costs of damages
Liquor liability coverage–Protects you if your vacation rental property serves alcohol and guests become injured or sick due to intoxication
Vacation rental insurance companies usually offer a $1 million per occurrence and $2 million aggregate limit in their general liability policy. You can request more coverage if your business profile is good.
General liability insurance isn’t only available as a long-term coverage. You can purchase this as a short term vacation rental insurance policy that lasts for hours, weeks, days, or months. Policy limits will still be the same. However, you can’t avail add-ons.
Public liability insurance works the same way as general liability insurance. This vacation rental insurance for owners covers bodily injuries and property damage sustained by clients and other third parties. What makes it different is that it rarely comes with add-ons.
The coverage limit for public liability insurance for vacation rental property is $1 million to $5 million. But your insurer can offer higher or lower limits depending on the policy you choose for your property.
Yes, insurance companies will not cover all events. Some may exclude intentional acts such as assault. Review your insurance carefully to understand its limitations.
Get all the best quotes from leading providers in a click of a button!
| CoverWallet | NEXT (Best) | Thimble | The Hartford | Hiscox | |
|---|---|---|---|---|---|
| Building coverage limit (minimum) | $50,000 | $320,000 | $25,000/$500,000 | $75,000 | $25,000 |
| Contents coverage limit (minimum) | $50,000 | $35,000 | $25,000/$500,000 | $75,000 | $15,000 |
| Outdoor signs | Excluded | $2,500 | Excluded | Excluded | Included |
| Accounts receivable | Excluded | Excluded | $5,000/$10,000 | Excluded | Included |
| Money and securities | Excluded | $2,500 | $1,000 | Excluded | Included |
| Lock and keys | Excluded | $2,500 | Excluded | Excluded | Included |
| Business interruption floater | Excluded | Included | Included | Excluded | Included |
| Equipment breakdown floater | Excluded | Included | Excluded | Excluded | Included |
| Inland marine insurance floater | Excluded | Excluded | $10,000 | Excluded | Excluded |
| Employee dishonesty floater | Excluded | $5,000 | $2,500 | Excluded | Excluded |
Commercial property insurance will cover any accidental damage to your rental property. Unforeseen risks such as fire or theft can leave your property damaged. Some of the covered perils in this vacation rental property insurance include:
Fire
Natural disasters
Theft
Vandalism
Water damage
Flood insurance–This add-on to commercial property insurance on vacation rental property covers some natural disasters such as floods or coastal surges. You can take flood insurance to offer comprehensive cover for your property
Equipment breakdown coverage–Covers vacation rental equipment breakdowns. It can cover items such as air conditioning units or water heaters
Equipment breakdown insurance–This vacation rental damage insurance add-on will cover the repair or replacement of stoves, lighting, HVAC, televisions, and other valuable objects in your holiday house that got lost or damaged due to electrical or mechanical breakdowns
The coverage limit of this vacation rental insurance policy depends on the value of your vacation rental property. Your provider will offer a limit similar to your rental property's value.
The commercial property policy of your packaged holiday house rental insurance policy can be canceled. You might face cancellation fees or not, depending on your choice of insurance company.
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| CoverWallet | NEXT (Best) | Thimble | Hiscox | The Hartford | |
|---|---|---|---|---|---|
| General liability aggregate limit | $2,000,000 | $1,000,000/$2,000,000 | $1,000,000/$2,000,000 | $300,000/$2,000,000 | $1,000,000/$2,000,000 |
| Commercial property coverage limit | $50,000 | $320,000 | $25,000/$500,000 | $75,000 | $75,000 |
| Optional policies can be added? | Yes | Yes | Yes | Yes | Yes |
| Name additional insureds for free? | Yes | Yes | Yes | Yes | Yes |
| BOP discount? | Yes | Yes | Yes | Yes | Yes |
A business owner's policy combines several coverages in one package. It offers small businesses more comprehensive coverage at an affordable price. By bundling multiple types of coverage into one policy, a BOP can help you save money and simplify your insurance coverage. This bundled insurance coverage can include the following:
General liability insurance
Commercial property insurance
Business interruption insurance
Customer property coverage–This allows you to reimburse the losses of clients and other third parties in case their property got lost or damaged while in your care, custody, and control
Umbrella insurance–Offers extra coverage above your standard liability insurance
This vacation rental insurance coverage offers a $1 million-$2 million general liability coverage and $25,000-$60,000 commercial property coverage.
Workers' compensation insurance covers your employees. Remember that work-related injuries or illnesses can occur at any time. It would be best to include this policy in your vacation rental home insurance package. Costs covered by workers compensation insurance are:
Medical bills
Rehabilitation expenses
Lost wages
Death benefits
Employers' liability insurance–This add-on w
Cyber liability insurance–This will cover your business from any financial losses due to data breaches or cyber-attacks
The coverage limit will depend on the number of employees you have hired in your vacation rental property. It will also depend on the benefits your employees will receive.
The workers' compensation policy of your vacation home insurance package only covers employees while they are working. If an accident happens off-duty, this policy might not offer coverage.
Vacation rental cancellation insurance isn’t usually included in the insurance package for commercial holiday properties. Instead, this is a component of travel insurance. Cancellation insurance can reimburse what the customer paid to the vacation rental property owner. Moreover, this can also cover the cost of tickets and other non-refundable expenses for the trip.
| Cost per Month | Cost per Year | Deductible | |
|---|---|---|---|
| General liability insurance | $48 | $576 | $0-$500 |
| Commercial property insurance | $74 | $888 | $1,000-$2,000 |
| Business owner’s policy | $110 | $1,320 | $1,500 |
| Workers compensation insurance | $115 | $1,380 | $2,000-$5,000 |
The average vacation rental insurance cost is $48 per month or $576 per year for a $1 million general liability insurance. Factors that affect the cost of premiums are claims history, business history, policy limits, deductibles, location, annual revenues, and number of employees. Here’s a table showing the cost of a $1 million general liability policy from the best vacation home insurance companies:
| Cost per Month | Cost per Year | Best for | |
|---|---|---|---|
| NEXT | $29 | $1,800 | Best overall; Fastest general liability insurance for vacation rentals |
| CoverWallet | $31 | $2,400 | Comparing vacation rental insurance quotes online |
| The Hartford | $33 | $3,000 | Workers compensation insurance for vacation rentals |
| Tivly | $36 | $2,400 | Comparing vacation rental insurance quotes over the phone |
| Thimble | $39 | $720 | Short-term vacation rental insurance |
| Hiscox | $41 | $3,600 | Vacation rental insurance with automatic renewal |
| State Farm | $44 | $2,400 | Vacation owners who want a physical interaction with a local agent |
| Nationwide | $49 | $2,400 | Vacation rental owners looking for usage-based products |
| USAA | $54 | $2,400 | Vacation rental owners who are part of the military |
| GEICO | $55 | $1,800 | Vacation rental owners who value convenience when obtaining insurance policies |
| Allstate | $57 | $1,800 | Vacation rental property owners who want to bundle their policies with Allstate for a discount |
Get all the best quotes from leading providers in a click of a button!
Many companies offer vacation rental insurance. Each provider has their stipulated terms and premiums. Here is a list of the best vacation rental insurance companies. Read some of the reviews below to know their pros, cons, and average rate for a $1 million general liability insurance.
Best overall
Issues an online proof of insurance instantly
Fastest general liability insurance for vacational rentals
Great customer service and reputation
Excellent rates
Outstanding value for money
Get a 10% discount if you buy two or more policies
Filing a claim can be a time-consuming process.
NEXT has been an insurance provider in the market for several years. This company majorly targets small businesses. Customers can easily apply for insurance policies online. This company’s commercial property damage protection for vacation rentals and general liability protection can be merged into a BOP. You can further customize by adding workers comp or commercial auto insurance.
Best for: Best overall; Fastest general liability insurance for vacation rentals
Average cost: $29 per month
Our rating: 10/10
Compare quotes online
Easy online policy management
24/7 customer support
Not an insurance company but an insurance broker
CoverWallet is an insurance company offering customers a user-friendly platform to purchase insurance policies. They offer the best deals on house rental insurance. You can get multiple insurance quotes and coverage options on their website.
Best for: Comparing vacation rental insurance quotes online
Average cost: $31 per month
Our rating: 10/10
Offers Great discounts to AARP members
Customizable policies
Renowned company for workers compensation insurance
Limited add-ons to general liability insurance
The Hartford has been in the insurance market for almost a century. They have a solid reputation in their insurance policies. This company has a friendly customer service team. They have also partnered with AARP to offer discounts to their members.
Best for: Workers compensation insurance for vacation rentals
Average cost: $33 per month
Our rating: 10/10
Comprehensive coverage options
Compare quotes over the phone
A partner of many reputable insurance companies
You ned to talk to an agent to get a quote
Tivly takes you to an insurance company that best fits your risk profile. You can request for quotes online. However, you’ll need to talk to an insurance agent to know what policies are actually available. Call now to compare quotes over the phone.
Best for: Comparing vacation rental insurance quotes over the phone
Average cost: $36 per month
Our rating: 9/10
On-demand policies
Numerous add-ons to general liability insurance
24/7 customer support
Might not offer comprehensive insurance policies
Thimble is a company that is well-known for offering on-demand policies. This company customizes your coverage options depending on the specific needs of your business. They have a mobile app to purchase and manage your policies conveniently.
Best for: Short-term vacation rental insurance
Average cost: $39 per month
Our rating: 9/10
Worldwide coverage
Instant online quotes
14-day money-back guarantee
Automatic policy renewal
Limited coverage in some states
Hiscox is an insurance company that offers customizable insurance policies for small businesses. Their policies are tailored for professional service businesses such as doctors or consultants. They also offer products for other businesses, such as vacation rental properties.
Best for: Vacation rental insurance with automatic renewal
Average cost: $41 per month
Our rating: 9/10
Great customer service
Quick to handle claims
Customizable options
You must complete the purchase of their policies via a local agent.
State Farm is a business, home, and auto insurance provider. This company is known for offering the best rates on their car insurance policies. You can also find State Farm vacation rental insurance at competitive prices.
Best for: Vacation owners who want a physical interaction with a local agent
Average cost: $44 per month
Our rating: 10/10
Provides usage-based products
Has A+ rating from AM Best and BBB
Comprehensive insurance products
Getting a quote online isn’t quick
Nationwide offers comprehensive car, home, and life insurance solutions. They offer multiple add-on coverage for customers looking for extra protection. This company offers discount opportunities for their clients. The Nationwide vacation rental insurance products are unique.
Best for: Vacation rental owners looking for usage-based products
Average cost: $49 per month
Our rating: 9/10
You can purchase insurance products directly
Multiple insurance products are available
User-friendly website
Limited to some states
GEICO is an insurance provider that offers multiple insurance products. They also offer vacation rental insurance. All their insurance products can be purchased directly from the company. This company offers a more streamlined process of purchasing policies and obtaining claims.
Best for: Vacation rental owners who value convenience when obtaining insurance policies
Average cost: $55 per month
Our rating: 9/10
Discounts available
Customizable options
Excellent customer support
Ideal for military members
USAA is a membership-based insurance provider providing products for military members and families. You can also get vacation rental insurance at an affordable rate. Inclusions in your tailored coverage can be general liability insurance, commercial property insurance, and commercial auto insurance.
Best for: Vacation rental owners who are part of the military
Average cost: $54 per month
Our rating: 10/10
Multiple coverage options
Fast claim processing
Discounts available
You might need to get in touch with an agent for a quote
Allstate is among the largest insurance providers in the USA. They offer customizable options for your vacation rental property. They have designed an easy and efficient platform, allowing 24/7 claims processing. This company also offers multiple discounts to help you save on your insurance premiums.
Best for: Vacation rental property owners who want to bundle their policies with Allstate for a discount
Average cost: $57 per month
Our rating: 10/10
1 / 5
Use anyone except Employers. Period. They are non-transparent and shameful. After I complained long enough to warrant a call from a supervisor, the supervisor called back from a PRIVATE NUMBER (no caller ID), left a message that they are not reversing their decision (without any communication with me), and failed to leave a phone number for me to call back. She was hiding! They also fact find via email and phone calls, which is terrific for speed and communication. However, after setting a precedence of email or phone calls, they send time sensitive information via email, without any heads up... they are hoping you miss it and forfeit via expiration. Evil policies. Go elsewhere.
1 / 5
This place is an absolute joke of a company and should be ashamed of the way they conduct business. I was hurt on the job at the end of July and it took them just shy of 7 weeks to issue out a paycheck to me. Yes the amount was back dated but still. Not many have the luxury of not receiving a paycheck for almost 2 months. To top it all off, the original adjuster marked me down for the wrong state which caused a problem from the get go, I've had 3 different adjusters now since each one can't seem to figure out the simplicity of my claim. All my paperwork which includes, my job, house, and drs visits all are from the same state and city but yet some how I have been filed under a completely different state 1500 miles away. They do not answer your phone calls or emails no matter how many you leave. I've had to escalate my frustrations to the supervisors of each of these individuals in order to even get some kind of response. I've had more communication and information given to me about my claim from the customer service representatives then the actual adjusters.......... please tell me how that works?! A serious overhaul needs to happen here in order to serve your clients the way they deserve to be taken care of. 10/10 do not recommend this company to a single soul on earth
1 / 5
I have never had the displeasure of working with a more incompetent and disrespectful person in my life. I’m an injured worker and the adjuster that was assigned to my case was named Carrie Furgeson. In the past 6 weeks that I’ve been injured and out of work I have only been able to get ahold of her twice, not for lack of trying. I have left countless voicemails, countless emails, and she ignores them all. When I am finally able to get ahold of her I’m greeted with terrible customer service. She is rude, she talks over me and I’m hardly able to get a word in edgewise. She spelled my name wrong on my documents even after I spelled it for her properly countless times, this caused a whole new issue with my bank. I have bill collectors from the hospital calling me demanding payment and Carrie Furgeson won’t do a single thing to help, or to get them paid. All of my documentation is in Colorado, my job is in Colorado, my address is in Colorado, all my Dr offices and appointments have been in Colorado and Carrie still managed to hold my claim because she wasn’t sure what state she needed to file it under. It’s been 6 weeks since my Injury and my company still hasn’t received the wage paperwork to fill out so they can get me my correct wages. When she’s not ignoring me she’s answering my questions with “I don’t know” well I don’t know how she got this job, because apparently she doesn’t know anything about it. She is a disgusting morose individual inside and out and I genuinely wish her the worst in all of her future endeavors. I highly recommend you don’t use this company. Please if you are a business owner and your looking into this company please don’t use them. I’m sure they have the cheapest payment and that’s why companies use them in the first place, but you will be doing your employees a grave disservice by forcing them to venture into this absolute dumpster fire of a company. I would rate 0/5 if possible but 1 was the lowest I was allowed.
5 / 5
Their general liability insurance purchase process is simply the best online experience I've ever had in my life!
5 / 5
As long as they cover your line of business, you're literally covered! best rates, best coverage, best online experience, best professionals, can't be happier that I chose them!
Not all those who wander are lost.
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