Two years ago we experienced something that we had never anticipated as owners of an Airbnb property: a devastating fire ravaged our rental home, leaving it unusable for almost 12 months.
After the fire department extinguished the flames and the dust had settled, we learned that a faulty water heater was the culprit. Thankfully no one was injured, but we agonized over what would happen to our business. We found some reassurance in knowing that we had purchased the proper insurance coverage.
But our relief was short-lived.
We learned the hard way what a “non-admitted insurance company” really is. Basically, because our insurer was located in London, and our claim representative in another state, critical aspects of our claim were repeatedly denied. Every resource we utilized resulted in failure. This is a problem most short-term rental property owners don’t realize they have. Until it’s too late. Entrusting these companies with potentially millions of dollars for our businesses is like having large savings accounts in a bank that has no FDIC insurance--and very little supervision by regulators.
We knew there had to be a cleaner, more practical way. So we put the rubber to the pavement, conducted the research, and located a domestic partner willing to support a policy that catered specifically to the short-term rental industry.
Vacation Insurance For Owners (VIFO) was created by owners - for owners. We invite you to insure your property with VIFO and join a community of fellow property owners, sharing in a peace of mind in knowing that they have an insurance partner that understands your industry.