When we launched Slice, we believed we designed the easiest insurance process ever. Well, it turns out we’re not as smart as we thought! One point of confusion is which of the 4 Property Types should be selected when signing-up for coverage.
There are 4 options - Entire Home, Partial Home, Entire Apartment/Condo and Partial Apartment/Condo.
Our description of these property types (you might think of these as “rental configurations”) is below. Please remember that our coverage applies only to short-term rentals acquired through “homeshare” providers such as Airbnb, HomeAway and VRBO.
If any part of your home or condo is rented on a long-term basis and covered by a “landlord’s policy”, you don’t need Slice for short-term rentals at that same property. But we’re happy to serve you anyway!
Since we’re using the words “short-term rental”, we should probably define them. We consider short-term rentals to be any rental between 1 and 45 days. With Slice homeshare insurance book as many short-term rental policies as needed.
The Entire Home option is designed for customers who own the home and rent the entire property to Guests. The rule-of-thumb is this: if you own the house and you don’t occupy it during the rental, choose Entire Home, even if you rent it out in smaller sections - for example, renting the basement to one Guest and the upper floors to another.
As the title suggests, this Property Type should be selected if you only rent part of your home through a homeshare platform on a short-term basis and you occupy the home during that rental. A great example is renting a basement apartment or a single room to a Guest while you remain at home.
Although we use the term “Apartment/Condo”, this Property Type can also be chosen for houses in certain circumstances, which does create some confusion.
First, the easy part: If you live in an apartment or a condominium unit and rent the entire space on a short-term basis, please choose this Property Type. For condos, it doesn’t matter if the unit is apartment style, townhouse style, co-op or strata, all condos qualify.
When would a house qualify for Apartment/Condo Property Type? If you live in a house, but you lease that house and are a tenant instead of an owner, you would choose Entire Apartment/Condo as the Property Type for short-term rentals of the entire home, even if it’s rented in multiple sections.
All of the same standards of Entire Apartment/Condo apply here with the simple rule-of-thumb that this Property Type is to be chosen if you occupy the apartment or condo unit during the short-term rental.
So Many Property Types!
We’ve learned that there are many different and customized properties out there and it’s not always easy to determine which Property Type to choose. Our Customer Support team is available to provide guidance. If you have something different, like a guest house or a semi-detached triplex divided into six units, please contact us!
We hope this helps guide you through our process. We are working continually to simplify that process, so please stay connected for updates and changes. Happy renting!