Travel Industry Sees Explosive Growth in Vacation Rental Market; Renters Urged by Travel Insured International to Take Precautions

The travel industry sees explosive growth in the vacation rental market. Radius Global Market Research cites $85 billion in 2010 revenues, and Vacation Home Rentals reports 13.1% market growth in 2011. Travel Insured International® advises renters to insure home stays just as they would a tour or cruise.

  • Share on TwitterShare on FacebookShare on Google+Share on LinkedInEmail a friend

Use Caution and Travel Insurance with Vacation Home Rentals

Obtain the written terms...Remember that all trip insurance claims require documentation to be correctly resolved.

East Hartford, CT (PRWEB) July 29, 2011

Travel industry research has revealed a sharp rise in the vacation home rental market. The company Vacation Home Rentals recently projected a 13.1 percent increase in its 2011 rental business, and the 2010 Radius Global Market Research survey revealed an $85-billion market in U.S. and European vacation rentals.

Travel Insured International®, the leading independently-owned provider of travel coverage, warns that risks necessitating trip insurance do not decrease with a vacation home rental compared to other types of trips such as cruises, resort hotel stays, or guided tours. Travel accidents and illness, weather-related travel or destination disruptions, and natural disasters are all still part of the vacation risk potential when the vacation destination is a rental home. And with most vacation rentals requiring full prepayments prior to arrival, including taxes, security and cleaning fees, the loss of a complete vacation's cost is very possible if not covered by travel insurance.

Tips for Vacation Home Renters

Travel Insured International® offers vacation home renters these tips to protect them from problems that can spoil their vacation:

  • Strongly consider using a travel industry professional experienced in vacation home rentals who can recommend and book the properties you are looking for.
  • Make sure your rental home owner or a rental manager is nearby to attend to any problems. Talk to them before deciding to rent.
  • Ask your travel professional if the rental price is negotiable, especially if you can stay longer. Sometimes an owner who wants to fill a rental calendar week will be flexible on price, or offer last-minute specials.
  • Ask about towels, bed linens, cleaning and cooking utensils, and other necessities in the house.
  • Remember the difference between "waterfront" and "water view," which is often a partial side view.
  • Confirm the home contains the exact items you want: DVD, stereo, BBQ grill, WiFi or other priorities.
  • Use MapQuest or other mapping devices to pinpoint the exact rental location. Learn the public transportation available or private transportation required and plan ahead accordingly.
  • Pay only with a credit card. Obtain the written terms and conditions of rental, including security deposit, cleaning fees, taxes, etc., along with booking confirmations and payment receipts. Remember that all trip insurance claims require documentation to be correctly resolved!
  • Always inspect a home thoroughly upon arrival to immediately report any existing damage, stains etc. that might otherwise be made your responsibility. Make sure entertainment units work properly.

Vacation Rentals Need Travel Insurance

Travel Insured International® warns vacation renters that their prepaid trip investment is vulnerable to the same potential trip cancellation or delay risks with a home rental as with a cruise, tour or hotel resort stay. Trip Cancellation coverage in a comprehensive policy, such as a Worldwide Trip Protector from Travel Insured, can provide protection against an unforeseen accident or illness before or during travel, or against an airline or other common carrier delay due to weather.
Whether they are seeking a home away from home, more living space for their vacationing family or friends, more affordable travel costs or other advantages, travelers are embracing vacation rental homes in greater numbers as an alternative to hotel rooms, organized tours or ship cruises. The comforts of a rental home, however, do not mean the elimination of vacation risks, and Travel Insured International® urges vacation home renters to take the necessary precautions to relax and enjoy their vacation stay.

About Travel Insured International®

Travel Insured International®, based in E. Hartford, CT, was founded in 1994 by the foresight of insurance industry executive Peter Gehris when he acquired the travel protection division of the Travelers Insurance Company. Coverage is underwritten by Arch Insurance Company (a Missouri corporation, NAIC #11150) with executive offices located in Jersey City, NJ. Arch Insurance is rated A (“Excellent”) for financial strength by the insurance rating service A.M. Best. Not all insurance products or coverage is available in all jurisdictions. Coverage is subject to actual policy language

Travel Insured International®
52-S Oakland Ave.
E. Hartford, CT 06128-0568
Contact: John Stone
Media Relations Manager
jstone(at)travelinsured(dot)com

###


Contact