MGA sees surge in mid-summer short-term rental inquiries

TORONTO, ON, JUNE 1, 2022 /insPRESS/ – With the lifting of COVID restrictions, the summer of 2022 ushers in a new glimmer of optimism and hope. Many aspiring students and adventurous tourists are flocking to different parts of Canada to make up for lost time over the past couple of years.

CHES Special Risk has seen an increase in short-term rental insurance over the past month for vacation homes, Airbnb as well as student rentals. As summer approaches, homeowners prepare to put their property on the market, which exposes them to unique risks.

“In today’s ever-changing business environment, short-term rentals are no longer a new concept. Homeowners supplement their income by renting out part of their home, while students, travelers and short-term rental seekers find a low-cost stay using online rental apps like Airbnb and Vrbo, and we’re ready to help them with our specialist solutions,” mentioned Gary Hirst, President and CEO of management, CHES Special Risk.

Having the right insurance is essential!

Short-term rentals present unique risks, which unwary landlords assume, expecting their standard homeowners insurance policy to cover them. “In reality, regular homeowners insurance and insurance provided through websites such as Airbnb can have unforeseen gaps and gaps in coverage, exposing owners to all kinds of financial liabilities. Therefore, it is important as MGA to raise awareness that condo and homeowners insurance policies are often not designed to cover commercial use, leaving homeowners vulnerable,” added Hirst.

Protect homeowners with the right insurance from CHES!

CHES Special Risk is a market leader in demand-driven insurance for emerging markets, such as short-term rentals. CHES specialist underwriters are experts in customizing insurance policies to meet the demands of changing business environments.

CHES Special Risks Short Term Rental insurance covers:

  • Named Perils Form with Various Limitations and Exclusions
  • Building owners as well as tenants only content packages
  • Liability limits up to $5,000,000
  • Loss of rental income
  • Multiple properties in one font with cost savings
  • International students included
  • Multi-room units considered

“At CHES Special Risk, we can also offer a comprehensive buildings and contents package, which includes fixtures and fittings, liability, loss of rental income cover and assistance with criminal records services and credit reference check,” added Gary Hirst.

Contact the expert team of underwriters to learn more about our CHES Special Risk short-term rental product offering.

ABOUT CHES Special Risks Inc.

CHES Special Risk Inc. was established as a managing general agent and wholesale broker in 2004, in response to broker demand in an increasingly tough market, beginning with a particular specialty in the entertainment industry and hospitality, later becoming a fully accredited Lloyd’s cover holder in 2009. CHES Special Risk and Sister Companies are a fully independent MGA offering ‘A’ rated capacity in both hard to place classes and standard lines and support their retail brokers in growing and developing their businesses.

Additional information regarding CHES Special Risk can be found at: http://www.CHESspecialrisk.ca.

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If you would like more information on this subject, call us at 416-452-7850 or email [email protected]

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