Vacations are wonderful, aren’t they? They give us a break from the day-to-day. We get to explore new sights, spend time in new environments, and relax without the worries of the typical everyday life.
Vacation rentals make trips even better, since they offer the home-away-from-home vibe. You often have the luxuries of a home (a kitchen, separate bedrooms, privacy, roominess, etc.) without having to go into work every day (unless you’re traveling for business, but still it gives you more room to work). Vacation rentals also often have extra amenities that you may not have at home like a pool table, an upgraded appliance, a hot tub, or something else.
Of course, when you book a vacation, the last thing you want to do is cancel it or have something go wrong while you’re on vacation. It down right stinks when you have to cancel a trip or deal with a problem while away but thankfully, travel insurance can ease the burden in many situations. While it can’t fix the medical issue or rewind time to avoid something from happening, it can help save you money.
Travel Insurance Usually Covers These Things
When it comes to choosing travel insurance, it’s incredibly important to know exactly what the policy covers that you’re buying into because not all policies are the same. While policies vary, most travel insurance policies cover three situations; these relate to trip cancelations, trips being cut short, or not being able to stay in your rental because it’s uninhabitable. When the issue relates to an emergency, medical issue (illness or injury), or a natural disaster, it’s typically covered. For example, say the rental has become uninhabitable because of a flood or a fire, if the owner doesn’t reimburse you, then you should get coverage from your insurance company. Keep in mind, if the property is vandalized or burglarized, it can also be considered uninhabitable.
Another example of a situation you would probably be covered for under most travel insurance policies is in the case that you cancel your trip because you become ill or injured or you have to go home early because of a family emergency (this could potentially include emergencies at home, such as a loved one who became deathly sick). Remember you may need evidence to support your claim. For example if you have to cancel due to illness or injury, you’ll probably need to provide a note from a medical professional as proof. Take note, if you are on vacation somewhere where you don’t have in-network health insurance, you may find that your travel insurance can also offer coverage to help with medical bills. It’s worth looking into to find out if your policy provides this. If you’re traveling by train or plane, it’s also important to mention that most travel insurance policies also provide coverage if your luggage is delayed (a set number of hours) or lost. There may also be additional items that are covered; it’s best to check over your policy so you know exactly what’s included.
Adding Accident Damage Insurance Can Offer Additional Protection
A lot of travel insurance standard policies may not offer accident damage coverage. But, when you’re renting a vacation home, worth who knows how much, you may desire some type of coverage to protect against accidents. You may be able to talk to your homeowner’s insurance or rental insurance agent to find out if you can add coverage to your policy to protect you while you’re away. The other option is finding a travel insurance policy that offers the option to add accident damage insurance to the policy. This type of insurance typically covers anything broken or damaged by an accident unless it relates to a party (especially one that isn’t approved). Obviously, if something is intentionally damaged, it isn’t covered by the accident damage policy. When it comes to parties, the only way you might have some coverage is if it’s an approved event, but even then the damage might not be covered and, in most cases, you’ll be required to get event insurance before the day of anyway (which can offer the coverage needed).
Some Insurance Policies Offer This Additional Feature
Keep in mind, some travel insurance policies also include another feature, the option for 24-hour help. You might call them to help you find a recommended doctor’s office nearby or to get help with concierge services to help with any planning for while you’re away like setting up reservations for an activity.
Overall, travel insurance can provide peace of mind, and really, isn’t that what vacation is all about? You can relax knowing that you have coverage if the worst should happen. While it can’t prevent those worst-case scenarios, it can help protect your money and ease the burden.
At PMI, we don’t sell insurance, but we do offer expert property management services. Whether you rent a property that is managed by us or you choose us to manage your rental property, you can trust us to deliver professionalism and excellency. We help keep properties well-maintained and guests happy.
