Post by deborah on Sept 23, 2015 6:07:36 GMT
Insurance for short-term rentals?
I'm sure this question comes up all the time, but the search function doesn't seem to be working for me so I can't search the archives. I'm curious to know what other hosts have in place insurance-wise. Our Airbnb suite is in our home, which we own. We have standard homeowners' insurance, but nothing to cover our Airbnb suite specifically. I asked our insurance broker about potential coverage for a short-term rental suite when we were kicking around the idea of becoming hosts and he made it sound as though it would be difficult and expensive to get coverage as it's largely considered a "boutique" insurance market. So I'm wondering, between my homeowner's insurance and the Airbnb host guarantee, am I pretty much covered for any significant damage to my property caused by guests? What about liability? Do requirements differ by country, state/province etc.? Do I have to go through a local insurer or is it like travel insurance where I can get it from anywhere? Obviously, I'm clueless. What do other hosts do?
Reply
I don't know that it's difficult through the major carriers but it can be expensive - they consider it a business policy and I don't think their underwriters have figured it out yet. We secured a policy through CBIZ specifically for the short term rental - provides both property and liability coverage. AirBnBs coverage, while better than nothing, has a lot of gaps and exceptions...I decided not to rely on it and sleep well at night.
Reply
I'm actually in conversation with CBIZ now. Because we rent a bedroom and guests have access to the rest of our home, there are concerns about what would happen in the case of a robbery. My current homeowners insurance has given different answers - once, specifically stated that they do not cover short term rentals then saying they were covered up to a number of guests and length of stay.
Reply
Peers ( found at www.peers.org )has inexpensive insurance you can add on to your existing policy.
Deborah
Main options for insurance for short term rentals:
CBIZ in the USA at www.cbiz.com/
www.peers.org in USA
NRMA at www.nrma.com.au/ in Australia
I'm sure this question comes up all the time, but the search function doesn't seem to be working for me so I can't search the archives. I'm curious to know what other hosts have in place insurance-wise. Our Airbnb suite is in our home, which we own. We have standard homeowners' insurance, but nothing to cover our Airbnb suite specifically. I asked our insurance broker about potential coverage for a short-term rental suite when we were kicking around the idea of becoming hosts and he made it sound as though it would be difficult and expensive to get coverage as it's largely considered a "boutique" insurance market. So I'm wondering, between my homeowner's insurance and the Airbnb host guarantee, am I pretty much covered for any significant damage to my property caused by guests? What about liability? Do requirements differ by country, state/province etc.? Do I have to go through a local insurer or is it like travel insurance where I can get it from anywhere? Obviously, I'm clueless. What do other hosts do?
Reply
I don't know that it's difficult through the major carriers but it can be expensive - they consider it a business policy and I don't think their underwriters have figured it out yet. We secured a policy through CBIZ specifically for the short term rental - provides both property and liability coverage. AirBnBs coverage, while better than nothing, has a lot of gaps and exceptions...I decided not to rely on it and sleep well at night.
Reply
I'm actually in conversation with CBIZ now. Because we rent a bedroom and guests have access to the rest of our home, there are concerns about what would happen in the case of a robbery. My current homeowners insurance has given different answers - once, specifically stated that they do not cover short term rentals then saying they were covered up to a number of guests and length of stay.
Reply
Peers ( found at www.peers.org )has inexpensive insurance you can add on to your existing policy.
Deborah
Main options for insurance for short term rentals:
CBIZ in the USA at www.cbiz.com/
www.peers.org in USA
NRMA at www.nrma.com.au/ in Australia
