In all aspects of our lives, we protect the things that are important to us. We purchase insurance on our homes, cars, health, and more in case of unforeseen circumstances. These policies help us feel more secure. So, why would your rental properties be any different? Novice vacation rental managers may be wondering, “What is travel insurance and why is it important?” Making travel insurance an option can benefit you and your guests. Read on for three tips regarding travel insurance!
Q4Launch offers a wide variety of services for vacation rental managers. We can help take your vacation rental business to the next level, from marketing and website design to revenue management! View our Vacation Rental Services to learn more.
What Is Travel Insurance and Why Is It Important? Q4Launch’s Tips & Insight
What Is Travel Insurance?
Travel insurance is a way to protect your vacation rental income and your guests’ vacation investment against unforeseen circumstances. It’s especially important for guests who are more likely to need to cancel at the last minute due to work, natural disasters, illnesses, injury, and more.
Offering travel insurance is more important now more than ever, as people navigate travel and lodging amid COVID-19.
Give Your Guests Peace of Mind
Travel insurance is a great way to give your guests peace of mind at the time of booking. Most travelers rent a vacation home for at least three to four nights, which is a hefty investment. According to Champion Traveler, a vacation rental home can cost anywhere from $190 to $630 per night for a whole-house rental. What if your guest needs to cancel? There are a variety of reasons someone may need to cancel their reservation. By having travel insurance, you protect your vacation rental income and your guests’ vacation investment while maintaining a positive relationship between the property manager and the guest.
At Q4Launch, we want your vacation rentals to stand out from the competitors. Offering optional travel protection for your renters is one way to make the choice to book with you as easy as possible. One of our favorite programs for travel insurance is Master Cancel.
Get Commission Discounts & Favorable Listings
Most property managers choose to list their homes with online travel agencies (OTAs). As a property manager, you can qualify for commission discounts and favorable listing placement with OTAs when you adopt flexible cancellation terms and conditions. So, simply having the option for your guests to purchase travel insurance increases your revenue, which makes it easier to expand your rental properties!
Market Your Rental Properties with Q4Launch
Now that you know what travel insurance is and why it’s important, start offering it to your customers. Not sure where to begin? Contact the team at Q4Launch! Our expert team of marketers can direct you to the best rental insurance programs and give you further guidance on all facets of vacation rental marketing!