Frequently Asked Questions
When is the best time to take out Short Term Rental cover?
Immediately. If the property is being advertised for rent, it is best to arrange cover straight away.
Alternatively, if you have not previously rented out your property, you can start this Insurance at the beginning of a new tenancy.
What happens if the property is not professionally managed? Eg. Holiday let via Air BnB or Stayz?
Any property that is not professionally managed by a Real Estate Agent or Holiday Rental Agent can still be covered by our policy. In the event of a claim while the property is let via an online platform such as Air BnB, Stayz, HomeAway, etc the owner must be able to provide us with sufficient evidence on who the tenant(s) were at the time and show that the property was managed to an appropriate standard. The documentation required in the event of a claim includes:
- Proof of booking via your online platform
- Any previous cleaning invoice's or inspection checklists should you use a professional cleaner.
- Any feedback provided by previous tenants
- Inventory list of your contents items left at the property whilst let OR photo's of your contents items left at the property whilst let
It is a condition of any Insurance contract that you take all reasonable measures to prevent loss or damage occurring at your property. If you cannot provide sufficient evidence showing you have taken all reasonable measures to prevent a claim, then a claim may be denied on that basis.
What are the benefits of the Short Term Rental Insurance Policy?
The policy is designed to complement Landlords who Rent their property on short term contracts. The policy includes standard covers of Fire, Storm, Water damage (including flood) and more while also providing cover for malicious damage by the tenant. Additional covers automatically included in this policy are accidental damage (including accidental damage by tenant), as well as cover for loss of rent for existing bookings where the building becomes untenantable (as a result of an insured event) and as such the existing bookings cannot be honoured.
Is Accidental Damage to my contents also covered?
Yes, if contents cover is selected, Accidental Damage also applies to your contents.
Are there any excess' that apply?
Yes, the basic excess is shown on your policy schedule. For Short Term Rentals, the basic excess will be $500
unless an additional excess has been chosen.
Certain insured events will have an additional excess that applies on top of the basic excess. This can be found in the policy wording.
When can loss of rent be claimed?
When you have selected Loss of Rent cover, Loss of Rent can be claimed when there are existing bookings that cannot be honoured due to damage to the property. The damage to the property must be a claimable insured event under this policy for Loss of Rent to be covered.