Industry Spotlight: Proper Insurance
Proper Insurance®, the nation’s leading insurer of short-term rental properties, is now offering a premium discount to policyholders that maintain a noise/decibel monitoring system. With those that have NoiseAware, Proper found these properties to be a favorable insurance risk.
For the purposes of this Spotlight we thought it best to have a quick Q&A with the Co-Founder of Proper, Darren Pettyjohn, to see how this came to light.
NoiseAware: For those who aren’t familiar with Proper, would you please give them a quick overview on Proper?
Darren: Proper offers a comprehensive insurance policy for short-term rental property owners, but it’s different in two ways. The first is that it’s written as a commercial package policy, and second, it’s written to entirely replace the owner’s current coverage. What that means, is the owner buys our Lloyd’s policy and then cancels their current homeowner’s or landlord insurance. It provides property and liability coverage for both the personal use and short-term rental, or commercial use of the owner’s property.
NoiseAware: How long has Proper offered this policy, and how have short-term rental owners responded to it?
Darren: Proper started in 2014, and the response has been incredible. We now insure properties coast to coast in the U.S. with word of mouth being our biggest ally. Pre-2014, there were only a few options for owners and no carrier had quite perfected it, meaning there were always gaps in coverage somewhere. These gaps in coverage still exist today within the large domestic carriers and most niche programs as well. We had one goal when we partnered with Lloyd’s: to create the most comprehensive insurance policy for short-term rental owners. And we did it.
NoiseAware: Please explain how the noise/decibel monitoring discount came to be?
Darren: Insurance underwriters, including Proper, offer discounts for many reasons, with some traditional ones being; the age of your home, claims history, your roof type, and even burglary alarm systems.
As you’re aware, with the help of NoiseAware, data shows that a noise/decibel monitoring system could prevent a potential property damage claim from a party, or negate a liability claim in the making. However there is more than just data. There is also a human element to insurance underwriting, and Proper believes humans that own a short-term rental and act to have a noise monitoring system are simply a favorable risk. As time passes and more actuarial data comes in, we will see if our belief is correct, but that’s insurance, a calculated gamble.
NoiseAware is excited to be working in partnership with Proper to show a correlation in noise monitoring to property and liability insurance claims. If you have questions regarding your current insurance coverage or would like a free quote, make sure and reach out to Proper today!
Talk to an expert: 888-631-6680
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