Either myself (age 72) or my daughter (age 43) are renting a house in another State and paying for the full cost of the rental for our family. The other family members will be staying for free. What’s the correct way to buy a trip cancellation plan?
The correct way to insure a rental property when one person is paying for it is to insure the full prepaid non-refundable cost on the person paying for it. The price is partly based on the person’s age. The rental agreement / lease must show that same person’s name on it. If your daughter prepays the rental and her name is the only one listed on the rental agreement / lease, her insurance will cost less than yours because she’s younger.
The Trip Cost that each person pays should be insured under their name(s). In this example, the daughter rents the property and pays the full cost. None of the other family members are paying any money for the property.
If other family members were flying to the destination, they could insure their airfare under a policy that covers that family group.
To recap, there’s no reason to insure any amount of the rental property under those individuals not paying for it.
I hope this makes sense. If you want the right travel insurance advice, call us at 1-888-407-3854 and we’ll help you figure it all out.
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I hope this makes sense. If you want the right travel insurance advice, call us at 1-888-407-3854 and we'll help you figure it all out.
Now, a word from our sponsor: TripInsuranceStore.com (Travel Forums' Most Recommended Travel Insurance Website)
- Save your time & money with 9 pre-screened companies (you don't need 100+ travel or cruise insurance plans).
- You get personalized service at 1-888-407-3854. Or email us.
- Do you want a relationship with your travel insurance supplier? If so, you'll fit right in. If you'd rather not get to know us, you'll still find everything you need to get the right travel insurance plan.
- Get side-by-side plan & price comparisons
- You get our exclusive Smile of Satisfaction Money Back Guarantee
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