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.

When we do rate/critique vacation home subdivisions, we are completely independent and unbiased. We have no vested interest in either renting you a home or promoting one community over another.

We have placed vacation home subdivision and community ratings on our blog to help guide you through the maze of different vacation home communities in the area. Our efforts are based on an evaluation of the common areas and general upkeep of the grounds, amenities and community club. Obviously the quality of an individual vacation home from a maintenance and cleanliness standpoint will be home specific.

If you see a community that is not rated, email us at economist@orlando-vacationhomerental.com and we will make every effort to rate the community.

CLICK ON A COMMUNITY BELOW – See them all on the right hand ——>

Kissimmee Area

#1 Windsor Hills Resort Vacation Homes

#2 Emerald Island Resort

Disney responded by rolling out a new “buy 4 days/nights, get 3 free” promotion. This is strong evidence of the weakness coming into 2009, and the theme park market will need to perform some heavy discounting in the new year to stay on par with last year.

Disney Earnings Impact Orlando Vacation Villa Homes

Presumably area hotels must do the same to bring in their market share of tourist dollars. Vacation home rates will almost assuredly follow suit because staying in a home is an upgrade from the regular hotel stay, and that consumers may not be in the financial mood to take advantage of that upgraded experience. The dollar has also appreciated making foreign exchange rates less attractive for international travelers. Although air travel pricing has been sluggish to drop, gasoline pricing has been cooperative for the consumer lately. We suspect that regional drive-to traffic may need to replace lost international traffic in 2009 if Orlando vacation homes to rent are to keep pace with last year’s figures. In that light, vacation home marketers must do a better job of highlighting the advantages of a vacation home over a hotel stay and then delivering on that Orlando vacation promise.

Good Vacation Home Management

So you own a vacation home? Join about 40,000 other owners in the Orlando, Kissimmee, Disney, Clermont or Davenport area.

What Homeowners should demand from their management company:

1. The option to opt out of the management contract at any time if you are not happy with the company.
2. The ability to rent out your home at least 65% of the year.
3. A quarterly quality assurance and inspection report with photos and scores for all aspects of your home from the AC system to pool.
4. Assurance that holiday home home repairs are completed at cost, and that a detailed report is provided of work completed
5. All capital projects are bid out in writing to at least three bidders for items such as roof repair, ac replacement, pool resurfacing etc.
6. Minor repairs are billed at a rate no higher than $35 an hour.
7. You can login-in to your account 24 hours a day to view all bookings, maintenance and account details.
8. They are licensed and insured, and can provide all documentation
9. They provide resumes of their key staff
10. They respond quickly and professionally to your requests and answer their phones by the third ring 24/7