George Meshkov
*This article is sponsored content from Generali*
More than a year into the pandemic and with millions of U.S. residents receiving COVID-19 vaccinations every day, many of us can’t help but ask, “Are we there yet?” The proverbial light at the end of the tunnel is finally in sight but still seems just out of reach. How can the vacation rental industry maintain optimism about the months ahead? A recent survey from Generali Global Assistance suggests the summer travel season could bring a lot to look forward to, including opportunities for vacation rentals.
Watch for our webinar on Thursday, April 29th for a full recap of our 2021 Vacation Rental Booking and Travel Behavior Barometer.
Summer Travel is Still Popular, Reconnecting Remains Key
According to our survey results, most travelers booking trips and planning to stay at a vacation rental in 2021 and 2022 are planning spring and summer trips, sometime between April and September. While 2020 witnessed a rising interest in the “flexcation,” where workers and families with flexible schedules booked extended stays for remote school and work, a stunning 93% of our survey respondents reported leisure travel intentions for this year and next. Although schools are reopening and workers are slowing returning to the office either full or part time, we don’t expect flexcations to disappear entirely. Yet, these results suggest travelers are seeking more traditional vacations that allow them to relax and reconnect, a trend that aligns with late 2020 and early 2021 studies revealing visits with family and friends as the most popular reason for taking a trip this year. Behind the spring and summer travel seasons, the October-December holiday season was the next most popular travel period of our study, further indicating an interest in spending quality, meaningful leisure time with loved ones.
Opportunities for Vacation Rentals
Rising vaccination rates are good news for travel in general, but recent guidance from the CDC suggests it will probably be a while before international travel resumes in large numbers. An unsurprising 83% of our survey respondents indicated they would be traveling domestically in 2021-2022, with only about one in three planning an international trip. While bad news for airlines, travelers staying relatively close to home and within driving distance can bring positive outcomes for vacation rentals, as we experienced last year, depending on the location. Our study showed vacation rentals lagged behind hotels by only 4% as our respondents’ number two lodging choice for their upcoming trips (57% staying in a vacation rental vs. 61% staying in hotels).
So how can vacation rental companies make the most of the current domestic travel trend before travelers feel good enough to go abroad? We discovered a few motivating factors that could sway guests toward booking a vacation rental. As you might expect, the most popular reasons for choosing a vacation rental were comfort, privacy and more space. The more vacation rental managers are able to feature these assets in their listings, the more guests you stand to attract. Booking conditions also played a factor, with many travelers valuing flexible cancellation policies, discounted rates, and positive reviews when comparing their vacation rental options. Respondents were nearly evenly split in their booking method, with about a third of respondents booking directly, a third through online travel agencies, and a third through a host booking site.
Keeping Travel Insurance In Mind
COVID-19 is keeping travel insurance top of mind for travelers, despite more relaxed cancellation policies than in pre-pandemic days. When asked about the likelihood of purchasing travel insurance within the context of the pandemic, 64% of respondents stated they were more likely to purchase coverage for their next trip, with only 7% of travelers being more unlikely to do so.
This trend is unsurprising. In addition to helping travelers protect their vacation investments, travel insurance offers an important layer of assistance and added security for traveler health and well-being. From Trip Cancellation and Trip Interruption coverage if a traveler is sick with COVID-19 to in-trip telemedicine access and emergency evacuations by helicopter, there are plenty of good reasons for getting travel insurance coverage before going away from home and gathering with family and friends.
Watch for our webinar on Thursday, April 29th for a full recap of our 2021 Vacation Rental Booking and Travel Behavior Barometer.
Why Work with Generali Global Assistance?
Offer travel insurance your guests can count on with assistance services from our network of providers, never outsourced. When you partner with Generali, you’re working with an industry leader backed by one of the world’s largest insurers. Offering travel insurance plans with region-specific coverages and protection against accidental damage to your rentals, our vacation rental insurance programs easily integrate with top software platforms and have helped property management companies earn more revenue and improve guest satisfaction for 30 years. Our success is built on our reputation for assisting travelers in the most difficult of circumstances and delivering vacation rental protection solutions designed to meet your needs.
Travel Protection Plans are administered by Customized Services Administrators, Inc., CA Lic. No. 821931, located in San Diego, CA and doing business as CSA Travel Protection and Insurance Services and Generali Global Assistance & Insurance Services. Plans are available to residents of the U.S. but may not be available in all jurisdictions. Benefits and services are described on a general basis; certain conditions and exclusions apply. Travel Retailers may not be licensed to sell insurance in all states, and are not authorized to answer technical questions about the benefits, exclusions, and conditions of this insurance and cannot evaluate the adequacy of your existing insurance. This plan provides insurance coverage for your trip that applies only during the covered trip. You may have coverage from other sources that provides you with similar benefits, but may be subject to different restrictions depending upon your other coverages. You may wish to compare the terms of this plan with your existing life, health, home, and automobile policies. The purchase of this plan is not required in order to purchase any other travel product or service offered to you by your travel retailers. Travel retailers receive payment from CSA related to the offer of travel insurance. If you have any questions about your current coverage, call your insurer, insurance agent, or broker. This notice provides general information on CSA’s products and services only. The information contained herein is not part of an insurance policy and may not be used to modify any insurance policy that might be issued. In the event the actual policy forms are inconsistent with any information provided herein, the language of the policy forms shall govern.
Travel insurance coverages are underwritten by: Generali U.S. Branch, New York, NY; NAIC # 11231. Generali US Branch operates under the following names: Generali Assicurazioni Generali S.P.A. (U.S. Branch) in California, Assicurazioni Generali – U.S. Branch in Colorado, Generali U.S. Branch DBA The General Insurance Company of Trieste & Venice in Oregon, and The General Insurance Company of Trieste and Venice – U.S. Branch in Virginia. Generali US Branch is admitted or licensed to do business in all states and the District of Columbia.
