MyKey Global Accommodations is committed to providing professionally managed and vetted furnished accommodations so your can stay in comfort and with confidence. We believe that commitment extends beyond just where you lay your head each night, however. We’re here to help make every facet of traveling, relocating or otherwise engaging in the furnished accommodation experience easy, stress-free and enjoyable.

It’s inevitable. Extreme weather events are occurring more and more frequently. Up to 60% of locations across North America, Europe, East Asia and parts of South America would likely see a three fold increase in various extreme events. Fires, tornadoes and floods can have extreme impacts on your safety and piece of mind. Because of this, it’s important to be prepared.

MyKey Global Accommodation recommends that once a disaster strikes, if you home is damaged, file your claim right away. If you do this, you are more likely to settle your claim quickly. The sooner your claim is settled, the faster you can get your life back to normal.

Here are things MyKey wants you to know about weather related insurance claims:

FEMA only pays for temporary living expenses if a home is destroyed in a storm that is declared a disaster by the federal government and if grants are made available. Claims need to be made through the homeowner’s primary insurance company.

When Hurricane Sandy happened in 2012, for instance, FEMA determined that there was enough damage to make an “individual assistance” declaration and therefore provide grants to homeowners to help them with temporary living costs such as finding food and shelter.

The National Flood Insurance Program is administered by a group of insurance companies that were selected by FEMA to manage the program. By the time a storm approaches, it’s already too late to buy flood insurance. Talk to your insurer about adding this optional insurance to your policy if you are concerned about flooding due to natural disasters.

FEMA may step in with grants in the event of flooding due to natural causes. Those grants don’t pay for repairs or to make the home livable again, but will help with temporary food and shelter.

One storm can be categorized as multiple events requiring separate deductibles (especially if it is considered very severe). Before a storm strikes, we recommend you getting familiar with your coverage.

If the damage is not severe, it may be best to wait on filing a claim. Using a hail storm as an example, waiting may avoid the risk of having another hail storm pound a new roof and then have to start the process all over again.

It’s important to know that there is a 30-day waiting period for flood insurance to kick in. If you have just endured a storm, you should also know that flood insurance is something that you have to purchase separately from your regular home insurance policy.

Disaster relief can take a long time. When a storm hits, almost every homeowner affected files insurance claims immediately following the event. Insurance adjusters are inundated with claims, phone calls and questions.

Disaster Adjusters can change frequently. Because of this, it’s necessary to document everything. Companies may send in large teams of adjusters to deal with the high volume of claims.

If you need a separate policy to cover flooding, especially if you live in a flood-prone area, you may or may not be required to have hurricane coverage in certain areas of the country.

If a tornado takes out your porch, and then another tornado carries off some of the roofing the next day, you may have to pay a separate deductible for each strike.

Be Prepared
Severe weather is unpredictable and can strike at any time. Being prepared and knowing how your home insurance policy works in the event your property is damaged by a hurricane, tornado, hailstorm or similar disaster will help you navigate the claims process more quickly and with less friction.

Do you have a need to find immediate housing due to weather-related damage to your home or a home fire? MyKey is the leader in insurance housing, providing vetted options regardless of the length of your need. Whether you need a hotel, furnished apartment or custom housing solution, we can help you. Fill out an inquiry or book immediately at MyKey.com.

MyKey Global Accommodations is committed to providing professionally managed and vetted furnished accommodations so you can stay in comfort and with confidence. We believe that commitment extends beyond just where you lay your head each night, however. We’re here to help make every facet of traveling, relocating or otherwise engaging in the furnished accommodation experience easy, stress-free and enjoyable.

The Rise of Non-Traditional Tenants

MyKey Global Accommodations recognizes the growing importance of corporate housing for many consumers. These tenants and the industry as a whole continue to grow and develop. With the evolution of temporary accommodations, corporate relocations, and business travel, furnished apartments will increasingly move toward the forefront.

Interesting Fact: 71% of millennials expressed desire to work internationally. This has led to temporary relocations becoming more prominent.

Reasons People Are Interested In Furnished Apartments

1. Emergency stays due to severe weather or emergencies that displace individuals and families for more than 30 days.
2. Travelers with children who would rather stay in a furnished apartment than a hotel to save on food, have more space, and feel more at home.
3. Seasonal travelers, for instance during ski or surf season, are looking for convenient places to live while enjoying their hobby.
Customers who stay in furnished apartments self-book 69% of the time. These individuals are focused on not only meeting specific lodging needs but also on leisure opportunities in the area. These include choosing a location near great shopping and entertainment, close to cultural centers for site-seeing, and near a gym.

Demand for Furnished Housing

Because of the emergence of the global marketplace, the best employee for a role may not even be located in the same country or even the same continent. Surveys show there will be a 50% increase in overseas assignments. The data also indicates that overseas assignments have increased by 25% over the past decade.

Demand for furnished housing is partly fueled by companies sending their employees out of town for an extended period of time. Many residential renters don’t want to deal with buying furniture and are showing interest in furnished housing. The global corporate housing market generated $36.2 billion in revenue last year. Part of the growth is attributed to residential, rather than corporate, rentals. However, corporate providers often offer lower daily rates and more spacious apartments.

Average rents have increased by 6.3% since 2015. A reason for this may be that while supply has increased to an all-time high of around 67,000 properties, spurred by an increase in residential construction of luxury apartments, this increase hasn’t kept up with the demand for corporate housing. Today, corporate housing equates to a full 20% of the temporary accommodation market.

How Laws and Regulations have Changed

Vacation rental law changes like “primary residence” laws and hotel taxes are changing the holiday rental industry. These laws, passed in different cities all over the world are in response to a variety of problems arising from vacationers such as trashed homes and high turnovers that lower property values. Corporate housing is far better positioned to manage the demands of lawmakers and homeowners associations due to the high quality of properties, stricter rules and more responsible clients.

Employers are feeling the pressure to comply with health and safety regulations, and ensure their employees are safe while traveling. This is a major driving reason as to why MyKey only offers vetted hotels and furnished accommodations. In addition, employers need to know that employees can be located and evacuated quickly if necessary in a temporary apartment. Many companies believe that serviced apartments provide long term flexibility and security to fill the gap between the convenience and safety of a short stay.

The Types of Furnished Apartments that Consumers Want

Two trends that are emerging in the market are focused on lifestyle and community. The quality of the experience for guests includes a move toward luxury, which is being driven by the growth at the top end.

Other trends include new offerings and technologies to cater to different demographics. These options include servicing millennial families, providing wellness facility options and virtual assistants such as Alexa and Google Home, and greater focus on eco-design and operations.

The increased demand for social and communal spaces gives way to a new type of furnished apartment. It’s the new way to socialize and entertain, rather than the old extended stay-pitch of “doing everything in your own private apartment.”