Nationwide Short-term Rental Insurance Review [2024]

Protect your vacation rental property with Nationwide's short-term rental insurance. This review will provide valuable insights to help you make an informed decision.

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From accidental property damage to liability issues, the risks can be significant to short-term rentals. Traditional insurance policies often don’t cover their specific needs, leaving a gap in protection.

Imagine facing a situation where your property is damaged by a guest or you’re confronted with a liability claim. Without the right insurance, you could be facing substantial financial losses, not to mention the stress and potential impact on your business reputation.

Nationwide’s short-term rental insurance is designed to fill this gap.

But is it the right one for you? In this article, we’ll delve into how Nationwide’s insurance policy stands out.

Let’s explore the intricacies of Nationwide’s short-term rental insurance and how it can be a game-changer for your rental property.

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What is Nationwide Insurance?

Nationwide Insurance, established in 1926, is one of the oldest and most respected insurance companies in the United States. 

As a Fortune 100 company headquartered in Columbus, Ohio, Nationwide has built a reputation for offering a wide range of insurance and financial services. These services encompass:

  • Auto
  • Business
  • Homeowners
  • Farm
  • Life insurance
  • Public and private sector retirement plans
  • Annuities
  • Mutual funds
  • Pet
  • Motorcycle
  • Boat insurance

In the realm of short-term rental insurance, Nationwide stands out by offering customizable options. 

Policyholders have the choice of either adding a rider to their existing Nationwide homeowners policy or opting for a separate business liability policy, catering to the diverse needs of short-term rental property owners.

The company’s strong and stable reputation is further solidified by its A+ ratings from both AM Best and Standard & Poor’s. 

Nationwide’s approach to short-term rental insurance is designed to provide peace of mind to property owners. 

By offering flexible options like riders to homeowners policies or standalone business liability policies, Nationwide caters to the unique demands of the short-term rental market. 

Nationwide Insurance Key Features

Discounted Premiums

Nationwide’s broad range of coverage options is further enhanced by its multi-policy discount approach. 

Policyholders who bundle their auto, home, life, and other types of insurance with Nationwide can enjoy significant savings. 

The company also offers standard savings options, including discounts for bundled policies and for maintaining a claims-free record. 

Additionally, Nationwide provides incentives for those who invest in their property’s safety and efficiency, such as upgrading roofing, plumbing, or HVAC systems. These discounts not only make insurance more affordable but also encourage property maintenance and upgrades.

Available In-Person Help

Nationwide’s large network of agents ensures that policyholders have access to in-person help when needed. This personal touch is complemented by the convenience of a 24/7 telephone number for claims filing, ensuring that assistance is always just a call away. 

This blend of personal and round-the-clock support is particularly beneficial if you need immediate assistance or guidance.

Get Your Vacation Rental Policy as a Rider

Understanding the diverse needs of short-term rental owners, Nationwide offers the flexibility to add a vacation rental policy as a rider on an existing homeowners or condo insurance policy. 

Alternatively, you can opt for a stand-alone commercial or business liability policy. This flexibility allows property owners to tailor their insurance coverage to their specific needs and circumstances.

Customizable

Nationwide’s commitment to customization allows policyholders to tailor their policies to fit their unique requirements, ensuring that each short-term rental property is adequately protected. 

Get a Quote in 5 Minutes

The process of obtaining a quote is streamlined and efficient. You can receive an online home insurance quote in just five minutes, although it’s important to note that this service may not be available in all areas.

Nationwide Coverage

Nationwide Insurance’s basic policy covers a wide range of essential protections, ensuring policyholders are well-guarded against various risks.

Note: A lot of insurance companies charge extra for these coverages or do not offer them at all. 

Ordinance or Law Insurance

This covers extra costs to update a home to current building codes after a loss. It’s important when you’re facing unexpected expenses from changing regulations.

Loss of Use

Loss of use covers extra living costs if you can’t stay in your home during repairs. This compensates for lost rental income.

Credit Card Coverage

The credit card coverage protects policyholders against unauthorized transactions or fraud on their credit cards and bank accounts, including incidents involving forged or counterfeit money or checks. 

It’s an added layer of financial security in today’s digital and transaction-heavy environment.

Dwelling Protection

This covers losses to the structure of the property, including wall-to-wall carpeting and built-in appliances. It ensures that the physical integrity of the property is safeguarded against a variety of risks.

Personal Liability Coverage

In the event of an accident where someone else sustains damage on the policyholder’s property, Nationwide’s personal liability insurance coverage steps in. 

It covers losses that the policyholder is held responsible for, providing essential protection in litigious situations.

Medical Payments to Others

This addresses medical and funeral expenses in cases where someone is injured on the policyholder’s property. 

It’s an important aspect of homeowner’s insurance, offering protection against the financial implications of accidents occurring on the property.

Alternatives

Navigating the short-term rental market requires more than just a keen eye for prime locations and stellar guest experiences; it demands robust insurance coverage to protect your investment. 

This article explores three leading insurance alternatives designed for short-term rental hosts, offering comprehensive solutions that cater to the unique demands of this dynamic market.

Proper Insurance

Proper Insurance - best insurance for vacation rentals

For Airbnb or VRBO hosts in search of premium insurance coverage, Proper Insurance should be on your radar. Supported by the prestigious Lloyds of London and endorsed by Airbnb and VRBO, Proper Insurance specializes in short-term rentals. With over 50,000 policies crafted for properties across all 50 states, their expertise in this sector is extensive.

Proper Insurance stands out for its commitment to customizing policies to fit the specific needs of your rental property, whether it’s a vacation home, townhouse, condo, duplex, cabin, cottage, or apartment. Their comprehensive coverage includes host liability, amenity liability (for items like bikes and hot tubs), theft, vandalism, and even issues like bed bugs and squatters.

Offering arguably the most detailed policy in the market, Proper Insurance ensures your short-term rental is well-protected. For those interested, a free quote is just a few clicks away on their website.

Learn more in our in-depth review.

CBIZ

CBIZ vacation rental home page

CBIZ has established itself as a key player in vacation rental property insurance since 2002. Known as the largest insurer of short-term vacation rental properties in the United States, their reach and experience cover all 50 states. 

CBIZ differentiates itself by partnering with top-rated carriers to provide a wide range of property insurance coverages, each tailored to the specific challenges of owning a vacation rental property.

With over two decades in the field, CBIZ’s deep understanding of the market ensures that they offer more than just insurance; they provide peace of mind through clear communication and personalized customer service. By choosing CBIZ, you’re opting for a company that prioritizes protecting both your property and your income.

To learn more about CBIZ’s services, visit their website at CBIZ Vacation Rental Insurance.

Allstate

Allstate HostAdvantage is a popular choice among Airbnb and Vrbo property owners and managers. As a well-established insurance company, Allstate offers an extension of coverage to homeowners who want to include their short-term rentals. This option is a solid alternative for those looking for comprehensive coverage.

Allstate HostAdvantage highlights Allstate’s ability to adapt to the needs of the short-term rental market, offering a solution that combines reliability with coverage tailored for rental properties. For an in-depth analysis of what Allstate HostAdvantage has to offer, here’s our full review.

Conclusion

Nationwide Insurance offers a comprehensive and adaptable homeowners policy, ideal for both traditional homeowners and short-term rental proprietors. 

With its extensive coverage, including unique features like ordinance or law insurance and credit card fraud protection, Nationwide stands out in the market. However, choosing the right insurance provider depends on your individual needs and circumstances.

This homeowner insurance is ideal for those seeking comprehensive coverage, including protections that other insurers often charge extra for.

Nationwide Insurance Pros

  • Comprehensive basic policy with extensive coverage options
  • Discounts for bundled policies and property upgrades
  • Flexible policy options with riders or standalone policies
  • Fast online quote process

Nationwide Insurance Cons

  • No 24/7 customer service hours for sales and support
  • Lower customer satisfaction compared to some competitors, with below-average customer service ratings

Nationwide Insurance is a strong contender if you’re looking for thorough and flexible insurance coverage. If you want to explore your options, check out our list of the best vacation rental insurance providers and find a policy that best fits your needs.

Get a comprehensive vacation rental insurance quote in 3 minutes.

Get a quote

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