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What is travel insurance?
Travel insurance is a type of insurance coverage that provides financial protection against unexpected events or emergencies that may occur during your travels, such as trip cancellations, medical emergencies, lost baggage, or other unforeseen circumstances.
What are the main types of travel insurance?
- The main categories of travel insurance are typically based on the type of coverage they provide. Here are the main categories of travel insurance:
- Trip cancellation/interruption insurance: This covers expenses incurred if you need to cancel or interrupt your trip due to covered reasons such as illness, injury, death, natural disasters, or other unforeseen events.
- Medical insurance: This provides coverage for medical expenses incurred while traveling. It can include emergency medical treatment, hospital stays, doctor’s visits, medications, and medical evacuations.
- Baggage and personal belongings insurance: This type of travel insurance protects against loss, damage, or theft of your luggage, personal belongings, and valuables during your trip.
- Travel delay insurance: This covers additional expenses incurred due to unexpected delays, such as flight cancellations, missed connections, or severe weather conditions.
- Emergency evacuation insurance: This category assists with the cost of emergency evacuations, particularly in remote or medically inadequate areas.
- Accidental death and dismemberment insurance: This provides financial compensation in the event of accidental death, loss of limbs, or permanent disabilities resulting from accidents that occur during your trip.
How much does travel insurance cost?
The cost of travel insurance varies depending on several factors, including your destination, the length of your trip, your age, the coverage options you choose, and any pre-existing medical conditions. It is advisable to compare quotes from different insurance providers to find the best coverage at a competitive price.
Where can you buy travel insurance?
Travel insurance can be purchased from various sources, providing flexibility and options for travelers. Here are some common places where you can buy travel insurance:
- Insurance companies: Many insurance companies offer travel insurance policies. You can directly contact insurance providers to inquire about their offerings, receive quotes, and purchase a policy. These companies may have online platforms or local offices where you can access their services.
- Travel agencies: Travel agencies often offer travel insurance as part of their services. When booking your trip through a travel agency, they can provide you with options for travel insurance coverage and facilitate the purchase on your behalf.
- Online travel booking platforms: Online travel booking platforms, such as Expedia, Travelocity, or Kayak, often provide the option to purchase travel insurance during the booking process. These platforms may partner with insurance providers to offer a range of policies that you can select from.
- Credit card companies: Some credit card companies offer travel insurance as a benefit to their cardholders. If you have a credit card with travel-related perks, review the terms and benefits associated with your card to see if travel insurance coverage is included and how to access it.
- Comparison websites: There are online comparison websites that allow you to compare different travel insurance policies from multiple providers. These platforms provide a convenient way to review coverage options, prices, and customer reviews, helping you make an informed decision.
- Specialized travel insurance providers: There are companies that specialize in travel insurance, offering a wide range of policies tailored to different types of travelers and trips. These specialized providers may have additional coverage options or unique features that cater to specific needs, such as adventure travel or long-term travel.
With the rise of vacation rental platforms like Airbnb, travelers are increasingly seeking ways to protect their trips from unforeseen events. This is where Airbnb travel insurance comes into play.
Let’s take a detailed look at what Airbnb travel insurance is, its importance, who offers it, and whether you should consider purchasing it.
Read also: The Best Travel Insurance Companies of 2024
What is Airbnb travel insurance?
Airbnb travel insurance is designed to cover unexpected events that may affect your travel plans when booking accommodations through Airbnb. This type of insurance can cover a range of incidents, including trip cancellations, interruptions, medical emergencies, and even lost luggage. Essentially, it acts as a safety net, ensuring that travelers can recover some of their costs if their travel plans are disrupted by covered events.
Should you get Airbnb travel insurance?
The decision to purchase Airbnb travel insurance largely depends on your personal risk tolerance and the nature of your trip. If you are planning a costly vacation, or traveling to a location with volatile weather or political climates, travel insurance can be particularly valuable. It offers peace of mind by mitigating financial losses due to last-minute cancellations or medical emergencies.
Here are some scenarios where Airbnb travel insurance can be beneficial:
- High investment trips: If you’re spending a significant amount on your Airbnb bookings, flights, and other travel arrangements, insurance can protect that investment.
- International travel: For trips abroad, where unexpected medical costs and trip delays are more problematic, travel insurance is highly advisable.
- Traveling in uncertain times: During periods of global uncertainty, such as the COVID-19 pandemic, having travel insurance means you’re more likely to recoup costs if plans change unexpectedly.
Navigator Tip
One crucial tip for travelers considering Airbnb travel insurance is to purchase the insurance policy shortly after booking your trip. Many travel insurance policies offer the most comprehensive coverage options, including a “Cancel For Any Reason” benefit, only if the insurance is purchased within a specific time frame after making the initial trip deposit—often within 10 to 21 days.
Buying your insurance early not only maximizes the coverage available but also ensures that you’re protected right from the start of your trip planning. This early purchase is particularly important for trips planned during peak travel seasons or to areas prone to natural disasters, as it secures your investment against a broader range of potential disruptions.
Who offers Airbnb travel insurance?
Airbnb guests residing in the US have the option to purchase travel insurance and assistance services either at the time of checkout or after their booking is confirmed.
However, there are many third-party providers that offer policies for Airbnb customers as well. One reputable provider in this market is Squaremouth. Squaremouth is known for its transparent approach to selling travel insurance, providing a platform where travelers can compare policies from various insurers to find the best fit for their needs.
When choosing a policy, it’s important to read the fine print and understand what is and isn’t covered. Not all travel insurance policies are created equal, and coverage can vary significantly between providers.
Why consider Squaremouth for your Airbnb travel insurance?
Squaremouth stands out for several reasons:
- Comparison shopping: Squaremouth allows travelers to compare different travel insurance policies from top-rated insurers side by side.
- Customer reviews: The platform offers customer reviews and ratings for each policy, helping you make an informed decision based on other travelers’ experiences.
- Comprehensive coverage options: From trip cancellation to medical emergencies, Squaremouth offers a range of coverage options that cater to various travel needs.
Several insurance companies offer travel insurance policies that are suitable for Airbnb stays, including:
Tin Leg
Tin Leg offers travel insurance that is suitable for Airbnb stays, featuring comprehensive coverage options. Their policies typically include benefits such as trip cancellation, interruption, emergency medical coverage, and baggage loss or delay.
Seven Corners
Seven Corners offers various travel insurance plans that can be tailored to include coverage for stays at rental properties like those booked through Airbnb. Their plans often cover medical expenses, trip cancellation, and interruptions.
Yes, several credit cards offer travel insurance benefits that can be useful when booking an Airbnb stay. These benefits typically include trip cancellation and interruption insurance, travel accident insurance, baggage delay insurance, and sometimes even emergency medical and evacuation coverage. Here are a few key points to consider if you’re thinking of using a credit card’s travel insurance for your Airbnb booking:
Key features of credit card travel insurance
- Trip cancellation and interruption Insurance: This coverage can reimburse you for non-refundable travel expenses, including Airbnb stays, if your trip is canceled or cut short due to covered reasons such as sickness, severe weather, or other qualifying unforeseen events.
- Baggage delay insurance: If your bags are delayed, this insurance may cover the cost of essential items until your luggage arrives.
- Travel accident insurance: Provides coverage for accidental death or dismemberment that occurs while traveling.
- Emergency medical and evacuation: Some premium credit cards offer this coverage, which can be crucial, especially for international travel. It covers emergency medical expenses and, if necessary, medical evacuation.
Considerations when using credit card travel insurance for Airbnb
Coverage limits: Credit card travel insurance often has lower coverage limits and more exclusions compared to standalone travel insurance policies. It’s essential to review the terms and benefits to ensure they meet your needs.
Eligibility requirements: To activate these insurance benefits, you typically need to pay for a significant portion of your travel expenses with the credit card that offers the coverage. Ensure that your Airbnb booking is eligible.
Specific coverage details: The specifics of what is covered can vary greatly from one credit card to another. For example, some cards may exclude certain types of travel disruptions or reasons for cancellations that standalone travel insurance might cover.
Popular credit cards offering travel insurance
Chase Sapphire Reserve®
Offers extensive travel insurance benefits, including trip cancellation and interruption insurance, baggage delay insurance, and emergency medical coverage.
- Best for: Luxury Travel
- Annual Fee: $550
- Regular APR: 21.74% - 28.74% (Variable)
- Reward Rate: 1X - 10X
- Recommended Credit: 740-850
Chase Sapphire Reserve®
60,000 Bonus Points
Offer Details:
60,000 Bonus points after $4,000 in purchases in the first 3 months from account opening.
Why we like it
Get up to $900 in Chase Travel value. Earn 60,000 bonus points after $4,000 in purchases in your first 3 months from account opening. That’s worth $900 when redeemed through Chase Travel.
Reward details
- 10x total points on hotels and car rentals when you purchase travel through Chase Travel℠.
- 5x total points on flights through Chase Travel℠.
- 3x points on other travel and dining.
- 1x points per $1 spent on all other purchases.
Pros & Cons
PROS
Get up to $900 in Chase TravelSM value. Earn 60,000 bonus points after $4,000 in purchases in your first 3 months from account opening. That’s worth $900 when redeemed through Chase Travel.
The points are worth 1.5 cents a piece when used directly on Chase’s Ultimate Rewards Portal, offering a simple but high value use for your points.
Automatic $300 annual travel credit each account anniversary year
Plenty of excellent transfer partners allow points to be maximized
Some excellent partnerships with Doordash and Lyft add to its value.
Priority Pass membership allows access to over 1,300+ airport lounges and restaurants.
CONS
No complimentary elite hotel status, like that offered by the Amex Platinum.
You won’t earn points on travel purchases until the $300 credit is used.
It’s subject to Chase’s 5/24 rule. So if you’ve opened five cards in the last two years, you’re most likely not going to be accepted.
The Platinum Card® from American Express
This luxury travel credit card offers a hefty welcome bonus, and an annual fee that more than pays for itself thanks to its plentiful perks. The card includes trip cancellation and interruption insurance, as well as travel accident insurance, with generous coverage limits.
- Best for: Luxury Perks
- Annual Fee: $695
- Pay Over Time APR
- Reward Rate: 5X
- Recommended Credit: 670-850
The Platinum Card® from American Express
80,000 Membership Rewards® Points
Offer Details:
80,000 Membership Rewards® Points after you spend $8,000 on purchases in your first 6 months of card membership
Why we like it
The Amex Platinum was once the sole dominating force in the luxury credit card space. While it now faces some stiff competition, it still offers unbeatable perks like unprecedented airport lounge access, elite status at Hilton and Marriott, and some outstanding statement credits making the mammoth $695 worth it for some.
Reward details
5X Membership Rewards® Points for flights booked directly with airlines or with American Express Travel up to $500,000 on these purchases per calendar year.
5X Membership Rewards® Points on prepaid hotels booked with American Express Travel.
Pros & Cons
Pros
Earn 80,000 Membership Rewards® Points after you spend $8,000 on eligible purchases on your new Card in your first 6 months of Card Membership.
Earn 5X Membership Rewards® Points for flights booked directly with airlines or with American Express Travel up to $500,000 on these purchases per calendar year and earn 5X Membership Rewards® Points on prepaid hotels booked with American Express Travel.
$200 Hotel Credit: Get up to $200 back in statement credits each year on prepaid Fine Hotels + Resorts® or The Hotel Collection bookings through American Express Travel using your Platinum Card®. The Hotel Collection requires a minimum two-night stay.
$240 Digital Entertainment Credit: Get up to $20 back in statement credits each month on eligible purchases made with your Platinum Card® on one or more of the following: Disney+, a Disney Bundle, ESPN+, Hulu, The New York Times, Peacock, and The Wall Street Journal. Enrollment required.
The American Express Global Lounge Collection® can provide an escape at the airport. With complimentary access to more than 1,400 airport lounges across 140 countries and counting, you have more airport lounge options than any other credit card issuer on the market. As of 03/2023.
$155 Walmart+ Credit: Save on eligible delivery fees, shipping, and more with a Walmart+ membership. Use your Platinum Card® to pay for a monthly Walmart+ membership and get up to $12.95 plus applicable taxes back on one membership (excluding Plus Ups) each month.
$200 Airline Fee Credit: Select one qualifying airline and then receive up to $200 in statement credits per calendar year when incidental fees are charged by the airline to your Platinum Card®.
$200 Uber Cash: Platinum Card® Members can get out and about and explore their local area with $15 in Uber Cash for US rides each month, plus a bonus $20 in December. That can be up to $200 in annual Uber savings. Simply download the Uber app and add your Platinum Card® to your Uber account to get started. Available to Basic Card Member only. Effective 11/8/2024, an Amex Card must be selected as the payment method for your Uber or Uber Eats transaction to redeem the Amex Uber Cash benefit.
$199 CLEAR® Plus Credit: CLEAR® Plus helps to get you to your gate faster at 50+ airports nationwide and get up to $199 back per calendar year on your Membership (subject to auto-renewal) when you use your Card. CLEARLanes are available at 100+ airports, stadiums, and entertainment venues.
Receive either a $120 statement credit every 4 years for a Global Entry application fee or a statement credit up to $85 every 4.5 years for a TSA PreCheck® (through a TSA official enrollment provider) application fee, when charged to your Platinum Card®. Card Members approved for Global Entry will also receive access to TSA PreCheck at no additional cost.
Shop Saks with Platinum: Get up to $100 in statement credits annually for purchases in Saks Fifth Avenue stores or at saks.com on your Platinum Card®. That’s up to $50 in statement credits semi-annually. Enrollment required.
Unlock access to exclusive reservations and special dining experiences with Global Dining Access by Resy when you add your Platinum Card® to your Resy profile.
Cons
The $695 annual fee is brutally high. Too high for many that can’t, or don’t want to take full advantage of its benefits.
Points-earning rates are low unless spending directly on flights or with the Amex Portal.
Some of the benefits, like travel credits, are more limited and are harder to use than competing cards’ offerings.
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For just a $95 annual fee, the Capital One Venture Rewards Credit Card gives you one of the loudest bangs for your buck. It also provides travel accident insurance and lost luggage reimbursement, among other benefits.
- Best for: Travelers who want to keep it simple
- Annual Fee: $95
- Regular APR: 19.99% - 29.49% variable
- Reward Rate: 2X-5X
- Recommended Credit: 660-850
Capital One Venture Rewards Credit Card
75,000 Bonus Miles
Offer Details:
75,000 bonus miles after you spend $4,000 on purchases in your first 3 months of account opening.
Why we like it
The Capital One Venture is an excellent go-to card for any traveler, thanks to its easy to navigate 2 miles per dollar on every purchase. With no bonus categories to consider, a reasonable $95 annual fee, and a strong intro offer worth at least $1,000 in travel rewards, Alec Baldwin might be onto something.
Reward details
5 Miles per dollar on hotels, vacation rentals, and rental cars booked through Capital One Travel
2 Miles per dollar on every purchase, every day
Pros & Cons
Pros
The Capital One Venture’s current intro bonus is worth $1,000 when spent on Capital One’s (recently revamped) travel portal or you can use your miles to cover your recent purchases.
A steady 2 miles per dollar on all purchases makes earning simple and lucrative. You’ll also grab 5 miles per dollar when booking through Capital One’s travel portal.
Its $95 annual fee is almost negligible, especially if the intro bonus is achieved.
Flexible miles allow for a wide array of redemption options.
You can enjoy two free visits to a Capital One Lounge each year.
Cons
Capital One lacks US-based airline and hotel transfer partners.
Not many major perks beyond its miles value.
by your friends at The Daily Navigator
