Best Insurance Company for Airbnb & VRBO Owners in Cleveland

If you own an Airbnb or VRBO property in Cleveland, it's important to have the right insurance to protect against potential risks and liabilities.

Regular homeowner's insurance usually doesn't cover short-term rentals. Here are some top insurance options to consider.

Top Insurance Providers for Airbnb & VRBO in Cleveland

Running an Airbnb or VRBO is a business, so you need special insurance. This policy covers risks like guest damages, theft, and lost rental income.

Standard homeowner policies typically exclude these types of coverage, leaving you vulnerable to significant financial losses.

1. Proper Insurance

Proper Insurance is widely recognized as the leading provider of comprehensive insurance for Airbnb hosts.

They offer tailored policies that cover a wide range of risks specific to short-term rentals. 

Some of the standout features of Proper Insurance include:

• No limit on damage caused by guests: Unlike other policies that may have sub-limits, Proper Insurance covers all damages up to the policy limit.
• Comprehensive liability protection: This includes coverage for bodily injury and property damage claims made by guests.
• Unique coverages: Proper Insurance includes coverage for bed bugs, fleas, and squatter protection, which are often excluded in other policies.

Proper Insurance has been consistently ranked as the best by multiple publications such as Investopedia and Bob Vila.

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2. Wexford Insurance

Wexford Insurance specializes in short-term rental insurance in Cleveland. They provide a variety of coverage options to ensure your property is fully protected.

 Their policy features include:

• Comprehensive Building Coverage: Covers replacement costs for both the building and its contents.
• Damage and Theft Protection: Insurance for damages caused by renters and theft.
• Loss of Rental Income: Coverage for lost income due to insured events.

Wexford Insurance works with multiple insurance companies to provide affordable and quality insurance tailored to the needs of short-term rental owners 

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3. Cleveland Insurance Brokers

Cleveland Insurance Brokers offer specialized short-term rental insurance designed to meet the needs of Airbnb and VRBO property owners. 

Their policies are tailored to provide comprehensive coverage for:

• Property Damage: Covers damages to the building and its contents.
• Liability Protection: Ensures protection against claims made by guests.
• Loss of Income: Covers lost rental income due to covered events.

They are a boutique brokerage that prides itself on serving innovative and creative individuals in Ohio, Michigan, and Delaware

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4. Allstate

Allstate offers the Host Advantage program, which allows Airbnb hosts to add short-term rental coverage to their existing homeowners policy. This makes it a convenient option for those who already have insurance with Allstate.

Key features of Allstate's Host Advantage program include:

• Affordability: The program is designed to be an affordable addition to existing policies.
• Ease of use: Allstate’s mobile and online platforms make it easy to manage your policy and file claims.
• Comprehensive coverage: Offers protection against damages caused by guests, theft, and liability claims.
  

Allstate is particularly favored for its robust customer service and ease of policy management through its mobile app

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5. CBIZ

CBIZ is another strong contender for short-term rental insurance. They have been providing tailored insurance policies for vacation rental properties since 2002.

Their policies are designed to meet the specific needs of Airbnb and VRBO hosts, with features like:

• Replacement cost coverage: Ensures that buildings and contents are insured at their replacement cost.
• Loss of rental income coverage: Covers loss of income if your property becomes unrentable due to an insured event.
• Liability coverage: Extensive liability protection, including coverage for amenities like pools, hot tubs, and small watercraft.

CBIZ is known for its comprehensive coverage options and has a strong reputation in the vacation rental insurance market

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6. American Modern

American Modern is well-known for offering insurance solutions that cater specifically to the needs of landlords, including those managing short-term rental properties.

Their insurance offerings include:

• Specialized Property Coverage: Tailored to protect against risks associated with short-term rentals, including vandalism and accidental damage.
• Liability Coverage: Protects against claims of bodily injury or property damage that occur on your property.
• Loss of Rental Income: Coverage for lost income if the rental property is uninhabitable due to a covered loss.

American Modern is praised for their flexibility in coverage and their ability to tailor policies to the unique needs of each property owner 

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7. American Family Insurance

American Family Insurance offers a comprehensive approach to insuring short-term rental properties.

Their insurance policies can be customized to include:

• Property Protection: Covers the physical structure of your home and its contents from damage or theft.
• Liability Coverage: Provides protection if a guest is injured on your property and you are found legally responsible.
• Loss of Use: Coverage for additional living expenses or lost rental income if your property is uninhabitable after a covered loss.

American Family Insurance is noted for their customer-focused service and competitive pricing, making them a strong option for Airbnb and VRBO owners 

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Conclusion

Insuring your short-term rental in Cleveland is crucial for protecting your investment and ensuring guest safety. The right insurance gives you peace of mind, covering a range of risks. Whether you value comprehensive coverage, affordability, or customer service, there's an insurance company for you.

Remember, each policy is different, so discuss your situation with insurance representatives to understand the coverage. This helps you make an informed choice that matches your rental business goals.

Protect your property, guests, and business by choosing the right insurance.

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