As the global vacation rental market is growing at a fast pace, the industry is looking for more ways to get effective insurance coverage for both hosts and guests, as traditional homeowners policies do not cover all types of incidents that may happen on a short-term rental property.

The global vacation rental market is projected to reach nearly $63 billion from 2020 to 2024, with a year-over-year growth rate for 2020 estimated at 5.51%. In 2019, vacation rental revenues are expected to reach $57.669 billion, from an estimated 297.17 million total vacation rental users worldwide. The entire vacation rental market is expected to topple the hotel industry by 2020 (

Faced with growing demand, more insurance providers are now offering short-term rental insurance policies aimed at protecting the property owners but not the guests. Companies like InsuraGuest are focused on protecting the guest. More specifically, its insurance covers property damage and theft of goods, as well as liability in case guests suffer accidental injuries that require medical attention while on the property.

While not typically mandatory, short-term rental insurance should be a necessity for both property owners and guests. With this type of insurance, hosts don’t risk incurring significant losses in damaged property and stolen goods, while guests are protected in case of accidentally damaging the property, suffering an injury or having their luggage stolen. The key is choosing the right type of coverage and carefully documenting any kind of incident that occurs on the premises.

As a vacation rental owner, here are three essential steps to take when there is an incident on your property that involves your guests:

Step 1: Collect Statements

To understand what happened, try and get a statement from your guest. Ideally, get a recording on your phone of them clarifying when and where the incident happened. They might admit fault, as in, “I drank too much alcohol and I fell and broke my leg.”

Step 2: Get Witnesses’ Data

If there are witnesses, get their names, phone numbers, and other contact information. Make sure this information is accurate. Sometimes, the injured party and the party that actually rented your space are not the same person. Contact your short-term rental insurance provider as soon as possible. They will ask for all the documentation mentioned and contact the claimant or guest, saving you a lot of trouble.

Step 3: Know Your State’s Statute of Limitations for Injury

A person has a certain period to sue you for damages after sustaining an injury on your property, which depends on the state. In Maine, guests have six years from the date of injury to file a claim. It’s four years in Florida and three years in New York (

Consider a Specialized Guest Protection Policy

Regrettably, it’s not enough to call a limited endorsement to a landlord or homeowner policy short-term rental insurance. Traditional traveler’s insurance doesn’t cover a number of things that can happen inside hotels or other travel properties, putting both the traveler and the property owner at risk. The best way to make sure you’re safe is by purchasing a specialized guest protection policy such as the one offered by InsuraGuest Inc.

The company’s proprietary InsurTech software platform delivers a specialized insurance policy that acts as the first line of defense for the properties and the guests for both vacation rental properties and hotels. It covers each guest from the time of check-in until their departure, and provides coverage for a wide range of incidents, such as accidental damage to rooms, lost or stolen items, medical expenses, death or dismemberment (

With this specialized insurance product that can easily integrate with most properties’ management systems, InsuraGuest has excellent prospects on the global vacation rental market. The company currently provides coast-to-coast coverage in the U.S. and is in the process of obtaining licenses to sell insurance in every state. InsuraGuest is also working to expand the scope of its products and InsurTech platform to Europe and Asia, two markets that are significantly larger than the U.S. market and will provide the company with access to a combined demographics of 6.5 billion hotel nights stayed worldwide and more than double its vacation rental opportunities.

About InsuraGuest. Inc.

InsuraGuest Technologies Inc. (TSX.V: ISGI) is a software company that utilizes its proprietary insurtech (insurance + technology) platform to deliver digital insurance to its customers.  Its first product, InsuraGuest Hospitality, delivers custom Hospitality Liability coverages to hotels and vacation rentals.  InsuraGuest coverages are purchased by the hotels and vacation rental properties, which can address covered claims from guests and their room occupants during their stay.

For more information, visit the company’s website at