August 13, 2015 2:09 am
Vacation rentals often have a strict cancellation policy, sometimes offering little to no reimbursement, regardless of the reason for cancellation. Fortunately for travelers, the cost of rentals can be covered under a travel insurance policy, including any associated deposits, expenses and cancellation fees. The standard trip cancellation reasons still apply to travelers insuring a rental property. Common covered reasons include illness of a traveler, their family member, or weather preventing the trip. In the event of a claim, the traveler will need to show proof of their rental and their out-of-pocket expenses.
"In most cases, your email confirmation from your rental will suffice if it includes what you paid, your lodging dates, and any penalties you would incur if you cancelled," says Squaremouth Zero Complaint Manager Brandi Morse. Morse also says that the traveler must formally cancel their stay. “The first step of the claim would be to cancel with the owner of the rental property.”
Despite the benefits of choosing a rental property over other accommodations, travelers may feel they are sacrificing the reliability that comes with an established hotel.
"A common concern of travelers who choose a rental property is that the accommodations will be insufficient, different than were advertised, or the rental is a scam altogether," says Squaremouth Director of Marketing Megan Singh.
Unfortunately, these concerns are never covered reasons to cancel or interrupt a trip under a standard travel insurance policy. Even the catch-all 'cancel for any reason' policies can't offer help in these situations, as they require a trip to be cancelled days before reaching the destination.
"Situations that come down to fear or fraud typically aren't going to be covered under a travel insurance policy," Singh explains. "If that is a traveler's primary concern, it may not be worth the price of the policy."
Published with permission from RISMedia.