Backed by Lloyd’s of London, new policy offers comprehensive property coverage, lost income replacement and $1 million in liability coverage
AUSTIN, Texas, Aug. 28, 2018 – HomeAway® today announced a collaboration with Proper Insurance®, the nation's leading insurer of vacation rental properties, to offer a comprehensive home insurance policy for those who rent vacation homes or second homes to guests.
To create the policy, Proper Insurance worked with Lloyd’s of London, the world’s leading insurance market, to develop a full, replacement homeowners insurance policy covering personal use of the home, the activity of renting to guests and times when the home is unoccupied.
The policy carries a general $1 million liability coverage, with an additional $1 million in coverage if the home is the owner’s primary residence. Replacement cost coverage for the building, contents and personal property is included in the policy, and compensation is not limited on theft or damage caused by a guest.
Coverage extends beyond the premises, in case a guest is injured on surrounding property, such as a boat dock, or in a small watercraft, pool or hot tub. Property managers are also covered by the policy, both with liability and protection of their commissions on bookings.
“It is critical for vacation home owners to do their due diligence when it comes to insuring their property,” said Jeff Hurst, HomeAway chief commercial officer. “A comprehensive insurance policy is essential to ensuring the property is appropriately covered, so an owner can focus on what they do best—providing amazing experiences for the families renting their home.”
In addition, Proper Insurance compensates homeowners for lost rental revenue when a property is being repaired from a covered insurance loss, such as a fire. For more information on vacation rental insurance, or to receive a five-minute online quote, visit www.proper.insure/homeaway or call 888-631-6680.
In May 2019, the name of Expedia Group’s alternative accommodations business changed from HomeAway to Vrbo.
About HomeAway HomeAway, based in Austin, Texas, is a leading online marketplace for the vacation rental industry, with sites representing more than 2 million unique places to stay in 190 countries, and is a part of the Expedia Group family of brands. For more information about HomeAway, please visit www.homeaway.com.
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