- Global vacation rental market is expected to topple the hotel industry in 2020 and reach $63 billion by 2024
- Growing market triggered an increase in demand for short-term rental insurance coverage
- As conventional property insurance doesn’t cover all damage, vacation rental owners need to look for specialized protection policies to safeguard their properties and keep their guests safe
- InsuraGuest’s specialized policy covers a wide range of incidents, including accidental damage to rooms, lost or stolen items, medical expenses, death or dismemberment
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…
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