With over seven million listings worldwide between them, it’s no secret that Airbnb and VRBO are serious challengers to traditional hotel chains who now have to vie with the sharing economy companies for travelers. Yet despite being around since 2008 for Airbnb and 1995 for VRBO, property owners listing their homes on these sites have risks that many carriers are still unwilling to cover, making it difficult for brokers to find coverage for their short-term rental clients.
“Insurance is traditionally really slow to adapt to new and emerging markets,” said Darren Pettyjohn, who has sold insurance for multiple carriers in roles at CBIZ, Trade Risk Guaranty, and Disability Specialists Inc. before co-founding Proper Insurance. “It’s very archaic and so with the growth of Airbnb and VRBO, there were gaps in traditional insurance coverage.”
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