CBIZ Vacation Rental Insurance Review For Hosts

Buying a short-term rental property is an expensive investment, and renting it out to guests can create additional liability in case of injuries and accidents. That’s why it’s important to protect both your property and yourself with the best Airbnb rental insurance available in the market.

In this article, we will review the CBIZ Vacation Rental Insurance to evaluate whether it’s a good option for landlords or not. We’ll look at the CBIZ products and coverage, the details of the vacation rental insurance, and the quality of the customer service. We’ll also consider the pricing and the benefits which come with insuring your second home with CBIZ. Last but not least, we’ll check what customers think about CBIZ and what other top choices for Airbnb hosts are.

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CBIZ Company Overview

CBIZ Vacation Rental Insurance was founded in 2002 as a division of CBIZ Insurance Services, Inc. as the first insurance broker to develop and provide specific policies to cover the needs of vacation rental properties and their owners. The company headquarters are located in Kansas City, MO.

Currently, CBIZ is the largest short-term rental insurance company in the US market. The policies replace the homeowners and landlord insurance by providing comprehensive coverage. This makes CBIZ different from other vacation rental insurance companies whose policies usually complement the homeowners insurance.

CBIZ Vacation Rental Insurance operates in all 50 US states and does not impose any occupancy restrictions. It can work with properties listed on Airbnb, Vrbo, and other platforms.

CBIZ Insurance Products and Coverage

CBIZ Vacation Rental Insurance offers truly comprehensive coverage in terms of rental types, property types, markets, and services.

CBIZ Rental Types Coverage

Although it’s referred to a vacation rental insurance, CBIZ has policies to cover the needs of the following rental properties:

• Short-term rentals: Also known as vacation rentals, Airbnb rentals, or executive housing, these are properties that are rented out for fewer than 6 months at a time and have multiple guests throughout the year.
• Long-term rentals: CBIZ provides landlord insurance or dwelling insurance for residential listings rented out for 6 months or more at a time.
• Vacant properties: CBIZ protects residential properties that are currently vacant because of being repaired or being between tenants.
• Second homes: CBIZ insures properties that operate as second homes, meaning that they are neither primary residences nor rentals. The owners stay there only part of the time.

CBIZ Property Types Coverage

CBIZ works with all types of residential properties. These include but are not limited to single-family homes, townhouses, condos, apartments, cabins, and others. Small multi-family properties with up to 4 units are also eligible. No minimum occupancy is required.

CBIZ Market Coverage

CBIZ insures vacation rentals, as well as other residential property types, across the entire US market, in all 50 states. This includes all the best cities to buy a rental property.

CBIZ Vacation Rental Insurance

The vacation rental insurance provided by CBIZ covers:

Commercial general liability: The general liability covered by CBIZ Vacation Rental Insurance includes:

• $2 million in general aggregate
• $1 million per occurrence
• $1 million per personal/advertising injury
• $5,000 for medical payments
• Legal fees related to host defense
• Property managers

Property: The short-term rental property coverage includes:

• Replacement cost for the building and its contents including furniture and fixtures as well as the area 100 feet outside the home
• Property damages caused by guests and natural disasters
• Sewer and drains backup
• Additional structures

Business income: The business income coverage includes:

• Loss of rental income
• Loss of use and extra expenses

Amenities: CBIZ protects vacation rental home amenities including:

• Swimming pools
• Hot tubs
• Docks
• Non-motorized watercraft
• Canoes, kayaks, and paddle boats
• Bicycles, exercise equipment, and others

Bed bug cleanup and removal: CBIZ covers $17,500 with no deductible in bed bug infestation problems.

CBIZ Customer Service

CBIZ Vacation Rental Insurance aims to provide excellent customer service. Property owners can file claims 24/7 by phone and email. They urge Airbnb hosts to submit claims as soon as possible to facilitate and speed up the insurance claim resolution process.

CBIZ Vacation Rental Insurance Pricing

The CBIZ website does not provide an estimate of the price of their vacation rental insurance.

The company explains that the cost of the insurance policy depends on many factors including:

• Available amenities like swimming pools, hot hubs, decks, canoes, kayaks, etc.
• Activities and experiences offered with the short-term rental
• Safety inspections and required immediate repairs afterwards
• Safety considerations such as smoke alarms, carbon monoxide detectors, fire extinguishers, handrails, porch railings, and other safety features. Installing and maintaining comprehensive working safety equipment leads to reduced rates.

Overall, Airbnb hosts can expect the price of their CBIZ vacation rental insurance to exceed the cost of a homeowners insurance, but this is because of the specific needs of short-term rentals and the more comprehensive coverage.

To get a quote, vacation rental property owners can submit an online form on the CBIZ Vacation Rental Insurance website or call 855-945-5221.

CBIZ Vacation Rental Insurance Benefits

Compared to other short-term rental insurance providers, CBIZ offers a few important advantages:

• AA+ Financial Strength Rating from A.M. Best
• Comprehensive policy coverage bringing general liability, property, and contents together
• Full coverage for vacation rentals
• No need for homeowners insurance or landlord insurance
• Nationwide market coverage
• Comprehensive residential property type coverage
• High-value property coverage
• Ability to combine all property types into one policy
• Coverage of both short-term and long-term rentals as well as vacant properties and second homes
• Coverage of different ownership types including individuals, LLCs, corporations, estates, and others
• No minimum occupancy requirement

CBIZ Reviews

There are no online reviews of CBIZ Vacation Rental Insurance on third-party websites. This is rather unusual for a large and experienced insurance provider with nationwide coverage like CBIZ. We recommend that short-term rental property investors connect with other owners through in-person meetups or online real estate forums to ask for their experiences with CBIZ before opting in.

CBIZ Competitors

Before deciding whether to work with CBIZ Vacation Rental Insurance, Airbnb hosts should consider other alternatives. It’s important to compare the coverage and the cost of the best insurance companies for Airbnb hosts before one of them.

The top competitors of CBIZ include:

Obie

Our Obie Insurance review shows that this is one of the best rental property insurance providers including both short-term and long-term rental properties. Similar to CBIZ, Obie has nationwide coverage and works with different types of residential properties.

One of the major benefits of Obie is that they customize the policy coverage based on the specific needs of each property and each real estate investor. The price of insurance depends on the exact policy coverage and can vary widely. Nevertheless, Airbnb hosts are sure that they pay just for the coverage that they require.

Allstate

The Allstate HostAdvantage home-sharing insurance was designed to meet the needs of short-term rentals too. It’s available in all 50 US states and applies to various property types. It works in addition to the homeowners insurance.

Allstate provides up to $10,000 per rental period in personal property damage during a guest stay. The insurance also protects hosts against thefts that happen while the property is rented out. An additional perk of the Allstate HostAdvantage insurance is access to discounted cleaning services by Merry Maids.

The cost of the insurance policy depends on the market, the property size, and the property condition in addition to the amount of coverage requested. Limited coverage is available for about $50.

Proper Insurance

Proper focuses on the provision of Airbnb and short-term rental insurances, covering all 50 states. Compared to other CBIZ alternatives, Proper Insurance is very comprehensive.

Proper protects against property entrustment, pet and animal liability, bed bugs, squatters, off-premise amenities damage, liquor liability, and rental income loss. The price of vacation rental insurance usually ranges between $1,500 and $3,500, based on the property size, the location, and the business specifications. Airbnb hosts can get quotes in 3 minutes.

Safely

As a CBIZ competitor, Safely specializes in vacation rental insurance provision. It protects both individual Airbnb listings and portfolios of short-term rental properties. The company operates across the nation.

The Safely insurance covers pet damage, intentional acts, theft, bodily injury, and all guest-caused damages. This includes up to $1 million in structural damage to the property and $10,000 in damage to its contents. In general, the price of the Safely insurance varies from $1,000 to $4,000 per year, depending on the market, the property size, and the property age.

American Family Insurance

American Family provides temporary and short-term rental insurance that can be added to an existing policy. In this way, the insurance offers coverage for properties that are temporarily rented out as vacation rentals, for up to 62 days per year. This makes the insurance a good option for snowbirds but not for full-time real estate investors.

The American Family insurance protects against property damage, theft, and liability. The average price is around $2,000 per year, which is less than what other vacation rental insurance companies charge. However, it also protects only about two months per year.

Takeaway

Our review of the CBIZ Vacation Rental Insurance shows that this is a good option for Airbnb hosts looking for comprehensive policy coverage. However, the lack of information on the pricing structure and the absence of online reviews make it impossible to confidently recommend this insurance. Meanwhile, Obie is the best CBIZ alternative that provides customizable policy coverage to meet the individual needs of any property and any investor. They adjust the cost according to the coverage so that hosts don’t pay more than what’s needed.