New York City and Orlando have been competing for years for the title of the “most visited travel destination” in the United States. Orlando currently has a 3 million visitor advantage or at least based upon the city’s own counting methodology.

At issue is the fact that Orlando counts visitors traveling as far away as Kissimmee and Davenport in Polk, Lake and Osceola counties and New York City only counts travellers in a much narrower geographic area.

Vacation Rentals in Central Florida

Polk, Lake and Osceola counties are huge vacation home rental destination markets in Central Florida.

The biggest difference when comparing New York and Orlando is the fact that vacation rentals are a fraction of NYC’s lodging accomodations.  The Central Florida lodging market is significantly different. The economic impact of vacation homes in Osceola County alone was over $1 billion with over 1.24 million visitors staying in rental homes. This study was conducted a few years ago, so these numbers could be much higher now.

The number of vacation rentals in Central Florida provide a unique option for travellers that most destinations cannot offer in terms of market size and scope. Vacation rentals help keep Orlando in the top spot. The number and variety of theme parks and attraction guests in the region simply could not be served without the capabilities and conveniences that vacation home rentals offer the Central Florida area.

Moreover, if you add in the tourists staying in vacation rentals in Lake and Polk County, this would potentially account for over 3 million extra tourists. Thus, vacation home rentals potentially provide the edge for Orlando or more technically Central Florida, as America’s top vacation destination.

1) Tremendous casualty losses all over the United States, but partly due to losses in the Midwest.  For example, states like Arkansas and Missouri had more losses in 2008 than any on record.

2) It has been a very soft market for several years for premiums as insurance companies continued cutting prices to win market share. This was good for homeowners and investors, but profit margins on recently underwritten policies have now dried up.  All insurers now recognize they must price accordingly based on risk demands and let the business go where it may.  Insurers will fall back on reserves and tried and true business lines that they’ve developed in the past. All insurers have generally trimmed their business projections drastically.

However, the quality of your Orlando vacation home management and the actions you take as a prudent vacation home owner do matter. These actions include:

1) Street appeal/appearance does matter to the insurer.  Insurance companies have definitely been known to not renew if the appearance of the exterior and the interior is not up to par.  Larger insurers do worry about this aspect, especially with the state of the local vacation home rental market. Small firms are hired in all areas that inspect insured properties regularly to decrease losses and take them off the books.

2) Updating your vacation home can be expensive and some owners may try to avoid, but losses do occur from defective features, lack of saftey items and other various factors on a frequent basis. These updates can save an owner significantly on premiums if they make the insurance agent aware when these improvements to the home are done for renewal considerations.

3) Community associations are helpful if they have legal “teeth” in terms of owner accountability.  As they say, it’s the bad apple that ruins a whole bunch and causes others to lose interest in the state of their vacation home. Insurers take into account that home fires and other catastrophes do spread because of physical proximity and the likelihood that you are affected by someone else’s negligence.

If you are looking for additional insurance news visit HERE a great source of information for professional managers and vacation home management companies.

As always, consult an insurance expert/professional who is licensed in the state of Florida and specifically familiar with vacation homes and vacation home management in the Orlando area.

If you are visiting Orlando Florida and looking for a vacation villa rental, there is great news. There is a huge oversupply of Orlando luxury vacation homes for rent. This means deals to be had abound for your Orlando vacation. For about the price of a mid-market hotel room, you can rent a fully equipped vacation villa home with your own private pool and do as much self-catering in a full kitchen as you like.  This would certainly help you cut down on your dining and entertainment bills. Thousands of homes were built over the last ten years, and now many owners need to rent them. On any single night in Orlando, many of these homes sit empty.

Occupancies Dropping

In Orlando, the hotel industry will be the first to tell you their occupancies plunged in September 2008 over 2007, with room revenues dropping by as much 20-25%.

Many Owners Need to Rent

Many vacation homeowners are now feeling the pinch of the housing crisis, and many of the speculators who bought now need to generate additional income to the pay the mortgage.

What does this mean to you, the renter?

1. Shop around. There are thousands of Orlando villas and hundreds of vacation home rental management companies. Make sure you rent a good home, get a great deal and stay in a great location for your Orlando vacation.
2. Always pay by credit card.
   

   Orlando Vacation Homes - Great Deals for Renters!