MGA Witnesses Increase in Short Term Rental Applications Amidst Incoming Summer

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

CHES Special Risk has seen an increase in Short Term Rental Insurance in the past month from Vacations homes, Airbnb as well as student rentals. With summer approaching, Property owners are getting ready to put their property out in the market resulting in exposure to unique risks.

“In today’s ever-changing corporate environment, Short-term rentals are no longer a novel concept. Property owners supplement their income by renting out a portion 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 are ready to help them with our specialized solutions”, mentioned Gary Hirst, President & CEO, CHES Special Risk.

Having the right Insurance is critical!

Short-term rentals, pose unique risks, which unwary Property owners take on, expecting that their standard homeowner’s policy will cover them. “In reality, both regular homeowners’ insurance and insurance provided through internet sites such as Airbnb may have unanticipated coverage gaps and holes, exposing property owners to all kind of financial liabilities. As a result, it is important as an MGA to raise awareness that condo and homeowners’ insurance policies are not often designed to cover business use, leaving owners susceptible.”, added Hirst.

Protect Property Owners 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. Specialized underwriters at CHES are experts at putting together customized insurance policies to meet the demands of changing corporate environments.

CHES Special Risk’ Short Term Rental insurance covers:

Named perils form with various limitations and exclusions
Building owners as well as tenant contents only packages
Liability limits up to $5,000,000
Loss of rental income
Multiple properties in one policy with costs 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 coverage, and support with Criminal Record and Credit Referencing Check services”, added Gary Hirst.

Connect with the expert team of underwriters to learn more about our Short-Term Rental product offering by CHES Special Risk.

ABOUT CHES Special Risk Inc.

CHES Special Risk Inc. was established as a Managing General Agent and Wholesale broker in 2004, in response to broker demand to a hardening marketplace, commencing with a particular specialty in the entertainment and hospitality business, later becoming a fully accredited Lloyd’s cover holder in 2009. CHES Special Risk and Sister Companies are a fully Independent MGA delivering “A” rated capacity both in the hard to place, and standard lines classes 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 about this topic, please call us at 416-452-7850 or email Gary.Hirst@CHESspecialrisk.ca