If you have paid for a condo rental before departure, and have a signed rental agreement, you may be eligible for trip cancellation or interruption insurance that will reimburse you for those expenses in the event your trip needs to be cancelled or cut short due to unforeseen circumstances.
For people who had difficulty getting coverage for their condo rental in the past, we have some good news, as we now have a plan that allows coverage for your condo rentals even if you are renting from a private individual. Previously there was a restriction that required the condo to be rented from a rental agency or from a company in order to qualify for coverage. Now that condo rentals from individuals is allowed, we can offer coverage to many many more people than before.
Just remember a couple things about insuring a condo rental:
- It must be paid in full before your departure and not refundable.
- You need to have receipts showing the amount of the unrecoverable costs.
- A rental agreement showing terms and conditions.
- The claim must result for unforeseen circumstances, typically a medical emergency, a death in the family etc. Each policy wording outlines the specific circumstances covered, make sure to discuss that with your broker and read your policy as soon as possible.