Despite the growing tenant base in the United States, only a minority of renters maintain renters insurance. This indicates an opportunity for property insurers to access an untapped customer base. In order to captivate a tenant’s attention, insurers must understand why tenants do not carry this insurance and then communicate the benefits of this coverage. Most notably, tenants need to understand the importance of coverage for personal contents, temporary housing, and liability.

Short-term rentals are the new wave for travel-enthusiasts. They’ve offered more options for people interested in experiencing the true feel of new places and they offer a much larger range of prices that make travel accessible to a broader audience. However, in the wake of COVID-19, the travel industry has been hit hard by new safety concerns. Short-term rental landlords are struggling to find ways to make ends meet and optimize their rentals within the current vacation lull to hopefully survive the summer.

The coronavirus pandemic has affected nearly every industry on earth. The hospitality industry was perhaps the hardest hit as unnecessary travel was the very first thing to go, and is still highly discouraged in an attempt to contain the outbreak. Guest numbers dropped fast for property managers and a complete lack of room occupation ensued, causing hospitality companies to let go of a huge percentage of their staff. However, hospitality goes beyond just the hotel industry these days as many travelers prefer the comforts and privacy of short-term rentals.

Coronavirus has completely altered the world’s landscape and along with it, every industry. However, travel and hospitality were among the first industries to be hit hard by the virus as travel rates plummeted and the first steps towards lock-down began. Non-essential travel plans were immediately suspended as people hunkered down in their homes to wait out the pandemic.

The housing market has a huge impact on the economic health of every region in the United States. As COVID-19 continues to affect every industry in its own way, the housing market is expected to experience a significant decline in sales. Low mortgage rates and low housing inventory may be the only things that keep home prices steady. The rental market, however, is experiencing huge shifts. Many renters have been laid off and are refusing to pay their landlords. Some states, like Georgia, have banned all vacation rentals, freeing up many for displaced homeowners.