Airbnb

Insurance for Airbnb Hosts—Make Sure You’re Covered

By 31st May 2016 August 24th, 2016 No Comments

Bottle of red wine on the floor

Ever left an excitable puppy at home? Or a teenager? Or a teenager with an excitable puppy? Imagine what might happen—smashed windows, red wine everywhere, water pouring down through the bathroom floor. At least you know your teenager. You don’t always have this luxury with short term renters, so it’s best to make sure that your insurance is up to scratch. Insurance for Airbnb hosts is vital, so make sure you know your stuff.

Insurance for Airbnb hosts, by Airbnb

Airbnb offers some coverage through their Host Guarantee, which theoretically covers you for £600,000 worth of damage. But their guarantee falls short in a few crucial ways. Firstly, Airbnb doesn’t cover cash, valuables or pets, so if a guest stole money from you, damaged a precious ornament or laptop, or injured your pet, they wouldn’t pay out. (Whether you should leave money, laptops, or pets in a home that you’re letting out is a different matter…)

Airbnb’s guarantee doesn’t cover damage to communal areas, either. So if a guest damaged a common entrance hall or a bike shed then you would be held liable for that damage. Both your finances and your reputation with your neighbours will take a hit. In addition, Airbnb doesn’t offer personal liability insurance. The upshot of this is that if your guest raised a claim against you for harming them in some way, or if they harmed themselves in your home, then you would be held liable for any damage, and have to pay out for any claims that they make.

What to consider when looking for insurance?

There are upsides to Airbnb’s Host Guarantee—for one thing, it’s by far the easiest option when considering insurance for Airbnb. It applies to every booking you make, and it doesn’t cost you a penny. However, it doesn’t cover certain key areas that that ought to be covered. It’s certainly best to invest in your own insurance policy that covers you for any eventuality. It’s tempting to think that because you already have homeowner’s insurance, you should be covered. It’s not always that simple—you might find that regular homeowner’s insurance doesn’t cover damage caused by guests, or worse, that letting out your home invalidates your insurance. You could find yourself in trouble if you fail to disclose who caused the damage you’re claiming for. You might find that you have to purchase host insurance as a separate product, but it’s certainly best to do so if only for peace of mind.

It’s one product in a growing field, but we like Admiral’s host insurance because it’s simple and effective. If you need to make a claim, they liaise with your guests to sort the issue out, and if you already have their homeowner’s insurance, you can add their host insurance to your current package without having to go through the hassle of signing up with a new provider.

Ever left an excitable puppy at home? Or a teenager? Or a teenager with an excitable puppy? Imagine what might happen—smashed windows, red wine everywhere, water pouring down through the bathroom floor. At least you know your teenager. You don’t always have this luxury with short term renters, so it’s best to make sure that your insurance is up to scratch. Insurance for Airbnb hosts is vital, so make sure you know your stuff.

Insurance for Airbnb hosts, by Airbnb

Airbnb offers some coverage through their Host Guarantee, which theoretically covers you for £600,000 worth of damage. But their guarantee falls short in a few crucial ways. Firstly, Airbnb doesn’t cover cash, valuables or pets, so if a guest stole money from you, damaged a precious ornament or laptop, or injured your pet, they wouldn’t pay out. (Whether you should leave money, laptops, or pets in a home that you’re letting out is a different matter…)

Airbnb’s guarantee doesn’t cover damage to communal areas, either. So if a guest damaged a common entrance hall or a bike shed then you would be held liable for that damage. Both your finances and your reputation with your neighbours will take a hit. In addition, Airbnb doesn’t offer personal liability insurance. The upshot of this is that if your guest raised a claim against you for harming them in some way, or if they harmed themselves in your home, then you would be held liable for any damage, and have to pay out for any claims that they make.

What to consider when looking for insurance?

There are upsides to Airbnb’s Host Guarantee—for one thing, it’s by far the easiest option when considering insurance for Airbnb. It applies to every booking you make, and it doesn’t cost you a penny. However, it doesn’t cover certain key areas that that ought to be covered. It’s certainly best to invest in your own insurance policy that covers you for any eventuality. It’s tempting to think that because you already have homeowner’s insurance, you should be covered. It’s not always that simple—you might find that regular homeowner’s insurance doesn’t cover damage caused by guests, or worse, that letting out your home invalidates your insurance. You could find yourself in trouble if you fail to disclose who caused the damage you’re claiming for. You might find that you have to purchase host insurance as a separate product, but it’s certainly best to do so if only for peace of mind.

It’s one product in a growing field, but we like Admiral’s host insurance because it’s simple and effective. If you need to make a claim, they liaise with your guests to sort the issue out, and if you already have their homeowner’s insurance, you can add their host insurance to your current package without having to go through the hassle of signing up with a new provider.