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Factors Affecting Insurance Costs
Several factors influence the cost of boutique hotel insurance, including the hotel's location, size, age, and the types of services offered. Additionally, the claims history and the level of coverage selected can significantly impact premiums. For instance, a hotel located in an area prone to natural disasters may face higher insurance costs due to increased risk.
According to recent industry data, boutique hotel insurance premiums can range from $1,000 to $10,000 annually, depending on these variables1. It's crucial to carefully assess your hotel's specific risks and needs to determine the appropriate coverage levels.