Post by High Priestess on May 27, 2016 14:44:31 GMT
Jeannette shared in April 2015
www.airbnb.com/groups/content/content-154444
Host insurance: CBIZ vs. Peers
Hi all,
Has anyone done an indepth look at one vs. the other? Both are available to U.S. hosts.
Peers seems to be a simple extra $36 a month.
For this you get what seems to be $1 million protection against:
• Personal injury lawsuits from a guest
• Property damage lawsuits from a guest
• Lost income as a result of major damage to your home, by your guest
CBIZ Homeaway Assure seems to be in my case $25 a month more than I am paying now, but you have to buy a whole, new house policy from them vs. a rider:
Written as a commercial/business policy with no standard occupancy restrictions
Replacement cost coverage for your building(s) and your contents including theft
Coverage for damage to your building and contents caused by a guest
Actual loss of income coverage with no time limit
$1M/$2M commercial/business liability coverage in the event of a guests injury or death
$1M/$2M commercial/business liability coverage extended to your amenities (pools, hot tubs, bicycles & more)
No vacancy clause and no animal exclusion
Wondering how to compare the two ...
19 comments•1 like
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Nic and Rach
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Evelyn
Evelyn11 months ago
I have CBIZ, my home insurance will not cover anything once they know I'm an Airbnb host. I felt the one insurance company was better than something with a rider.
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Jeannette
Jeannette11 months ago
THANKS. very helpful to know.
Reply Like 2 replies Delete
Evelyn
Evelyn11 months ago
Remember the insurance companies job is to decline your claims.
Evelyn
Evelyn11 months ago
I believe VRBO endorses CBIZ. And I also don't think Airbnb's insurance is enough.
Ed & Hugh
Ed & Hugh11 months ago
Why is the Airbnb insurance not enough (on top of any homeowner's insurance)? Are there things that Peers covers that Airbnb does not? Is there potential, if you have multiple underwriters, that they point the finger saying it's the other one that's responsible?
Reply Like 3 replies•1 like Delete
Jeannette
Jeannette11 months ago
1. Your homeowner's insurance doesn't cover guests. 2. AirBNB makes you approach your insurance company first before kicking in.
Jeannette
Jeannette11 months ago
www.tnooz.com/article/homeaway-thinks-1m-airbnb-host-guarantee-is-as-empty-as-a-vacant-apartment/ The above points to various loopholes in the AirBNB policy, including the fact you need to try to collect from the guest first, that you don't have liability coverage (is this true?) and then you have to go to your homeowner's policy. After all this is exhausted, you might get some help from AirBNB.
Fleur, Dan and kids
Fleur, Dan and kids11 months ago
Yeah the big one is injury of a guest. Took me 5 phone calls to find someone who would cover me here in Australia.
Lula and Larry
Lula and Larry11 months ago
Great information. Please if anybody has more experience with both insurers, let us know. I am in the process of changing/adding insurance. I did not like dealing with CBIZ in NJ (they have designated areas) as they took forever for them to reply to my inquiry; but I am willing to give it another try.
Reply Like 2 replies•1 like Delete
Jeannette
Jeannette11 months ago
If Peers is more responsive, that would worth the extra $10 a month, in my case.
Evelyn
Evelyn11 months ago
I'm in NY and I had a great person dealing with my account.
Nic and Rach
Nic and Rach11 months ago
I will be interested as well, I wish that there are hosts in the group that has experienced filing a claim with either CBIZ or Peers and how was the process ??
if there are any..I would be interested to know. We currently have the umbrella policy with State Farm.
Reply Like Delete
Jeannette
Jeannette11 months ago
from this link: bottomlinepersonal.com/rent-home-even-room-extra-cash/
EW AIRBNB INSURANCE—IS IT ENOUGH?
Homeowner’s insurance often does not cover claims related to paying guests. Airbnb recently addressed this concern—starting January 2015, the company began providing $1 million in liability insurance at no extra charge to protect property owners should a guest be injured or killed. That’s in addition to the $1 million in coverage it already supplies for property theft and/or damage stemming from rentals.
Airbnb’s million-dollar liability and theft/damage coverage greatly reduces insurance concerns, but…
The liability component of Airbnb’s coverage is new and untested. If you want to be certain that you are well-covered—or if you rent out your home through a service other than Airbnb—consider purchasing coverage designed specifically for properties that are rented out on a short-term basis. Providers include CBIZ Insurance Services (CBIZ.com) and Peers Marketplace (Peers.org).
Cash and securities are not covered by Airbnb’s million-dollar theft insurance. Coverage for jewelry, collectibles, artwork and certain other high-end items is limited. Airbnb’s coverage also does not protect property owners from losses due to identity theft if a guest gets hold of, say, credit card account information, Social
Security numbers or other sensitive information.
There have been reports of homeowner’s insurance companies threatening to cancel the coverage of homes that are rented out. Ask your insurer if renting out your property through Airbnb will affect your coverage—and get the answer in writing.
Reply Like 1 like Delete
Jeannette
Jeannette11 months ago
This blog entry says you can get Peers coverage for just months needed:
sharetraveler.com/peers-offers-insurance-airbnb-users/
Reply Like 1 like Delete
Jeannette
Jeannette11 months ago
This forum discussion notes a good rate from Lloyd's of London, as well as other details about loss of STR rental income:
community.homeaway.com/thread/19891
Reply Like 1 like Delete
Jeannette
Jeannette11 months ago
A discussion of having an insurance broker find out what to get, and compare apples to apples:
community.homeaway.com/thread/47944
Reply Like 1 like Delete
Jeannette
Jeannette11 months ago
Folks who ended up with CBIZ after a fair amount of research:
community.homeaway.com/thread/2124
Reply Like 1 like Delete
Ed & Hugh
Ed & Hugh11 months ago
What if you don't accept guests that don't show proof of Traveler's Insurance? Any thoughts on that?
Reply Like 5 replies Delete
Evelyn
Evelyn11 months ago
I think it's harder for guest to get traveler's insurance. And will that cover if they slip on your staircase, or break something? I don't know enough.
Ed & Hugh
Ed & Hugh11 months ago
Traveler's insurance is easy to get, and not very expensive. It covers injury while traveling as well as damage to their items. It doesn't cover the host, but Airbnb's additional coverage should kick in if your homeowners doesn't for any liability (unless you pushed them down the stairs on purpose).
Jeannette
Jeannette11 months ago
Is it in effect if they charge their AirBNB on an appropriate credit card? Say Citibank Gold Visa.
Ed & Hugh
Ed & Hugh11 months ago
They would have to check with their credit card provider. Airbnb recommends that all travelers get traveler's insurance. We usually get it when we travel. It's easy to get through TravelGuard or other providers. It will be in our listing that it's recommended, and in the info they get if they inquire.
Fleur, Dan and kids
Fleur, Dan and kids11 months ago
The issue would be people traveling within their own country. I wouldn't get it for travel in Australia but as soon as I leave the country I buy it. Domestic people wouldn't be covered
Jeannette
Jeannette11 months ago
I don't see how a guest's ow NM insurance helps say a host whose property is trashed.
Reply Like 6 replies Delete
Ed & Hugh
Ed & Hugh11 months ago
Airbnb is supposed to cover that. I did check with my homeowners insurance. If a guest trashes the house, I'm covered, including loss of income. Airbnb would be supplemental to that. I'm still not seeing the need for 3 policies (homeowners, Airbnb, Peers). It seems like two is enough?
Jeannette
Jeannette11 months ago
Are you sure?
So many homeowner's insurances do not cover commercial uses of the property such as short-term rentals. Also, who is going to pick up guest liability? Not AirBNB, and almost certainly not homeowner's insurance.
Ed & Hugh
Ed & Hugh11 months ago
I'm not sure what kind of guest liability you mean. If they trash my house, my insurance company says I'm covered. Airbnb says they will cover it if my insurance doesn't. While a 3rd policy might be a good idea, I'm thinking that the two existing coverages should be OK. Neither policy covers guests belongings, but that's what traveler's insurance is for. Their traveler's insurance can also cover things like cancellation fees or other losses.
Evelyn
Evelyn11 months ago
@ Ed & Hugh - I only have CBIZ. Yes, Airbnb states they will cover you but I also host with other sites and on my own.
Jeannette
Jeannette11 months ago
Liability means -- when they fall down and hurt themselves. Or file a lawsuit based on your negligence or similar. That's where you are at risk. According to what I get from the links above. And I highly doubt a residence being used commercially for STR is covered under a regular homeowner's policy. Over and over, the links I added said this is not offered by State Farm, Allstate or (fill in the blank) other insurers.
Jeannette
Jeannette11 months ago
A link above says that AirBNB does cover injury; another says it doesn't. Also, to repeat: Cash and securities are not covered by Airbnb’s million-dollar theft insurance. Coverage for jewelry, collectibles, artwork and certain other high-end items is limited. Airbnb’s coverage also does not protect property owners from losses due to identity theft if a guest gets hold of, say, credit card account information, Social Security numbers or other sensitive information.
Jeannette
Jeannette11 months ago
OK here is the AirBNB policy, it seems to indicate on first look that they want you to contact your insurer, and when that comes up negatory, they ought to step in (although as noted in many articles, this assumption is somewhat untested): www.airbnb.com/host-protection-insurance
Reply Like 1 reply Delete
Ed & Hugh
Ed & Hugh11 months ago
Yes, it's very clear that this is secondary insurance, which is generally what you want. There's no reason to have duplicate insurance....what you need is the extra insurance that will cover things your homeowners policy won't. There's another thread in the groups where someone trashed a house. Airbnb's policy has already paid a significant amount, although not all the damages have been totaled up yet. It seems they do step in if necessary.
Jeannette
Jeannette11 months ago
Now the devil is in this detail: AirBNB will force you to approach your insurer, and YOU MAY LOSE your existing insurance over the undisclosed detail that you run a commercial enterprise in your home: number hidden)/your-money/airbnb-offers-homeowner-liability-coverage-but-hosts-still-have-risks.html
Reply Like 2 replies Delete
Ed & Hugh
Ed & Hugh11 months ago
I've already contacted my insurance company about my intent to rent out a room, so they can't say it was undisclosed. The Peers policy looks good, and we may get it. I'm just a little worried about bringing in more fingers for a finger pointing battle. We could be looking a potential fight between my homeowners policy, Airbnb's policy, Peers policy, the guests traveler's insurance policy, perhaps even the guests medical insurance and my medical insurance depending on the issue. If they start pointing fingers at each other, it could be tied up for years. All I know is that the lawyers and insurance companies are the ones making the money. : )
Jeannette
Jeannette11 months ago
Good points.
Jeannette
Jeannette11 months ago
Closing paragraph of NY Times link above:
"When a serious injury or death occurs at a host’s home and the host’s homeowner’s policy denies the claim because of the commercial activity the host was engaged in, will Airbnb be there when the lawsuits start flying? We’re about to find out. And it will be a telling test of just how much the company has truly grown up."
Reply Like Delete
Evelyn
Evelyn11 months ago
@ Jeanette you're rocking it getting all this info. There was an article about a guests damage to a common area of a building. There was water damage and Airbnb didn't cover the repairs, etc. The host ended up having to pay the building. Sorry can't find the article. I prefer to know my insurance covers me to wonder if I'm covered.
Reply Like Delete
Jeannette
Jeannette11 months ago
Yeah. (& thanks for your kind words) I want to treat my AirBNB business as a business. I would love to just kinda sorta let this slide, and let my homeowners + the host guarantee cover me, but if it means losing homeowners due to a lie of omission, that's pretty bad.
Reply Like 1 reply Delete
Evelyn
Evelyn11 months ago
Last year was my year to treat my Airbnb business as a business. I opened a LLC, a checking account, a credit card just for Airbnb stuff and changed the insurance to CBIZ. And I'm still dealing with stuff. I forgot to drop my regular home insurance and had double insurance for a year. Which meant my escrow payment on my mortgage when up this year. Thankfully the home insurance is giving me a refund. So the lesson, even when you think you're done. You're not! Don't forget to inform your home insurance of your new policy and drop them like they're hot.
Rebecca
Rebecca11 months ago
sorry, I read through all of this, but can someone summarize this for me? Basically, sounds like there are unknowns so what is recommended? I have reached out to my insurance company to find out my coverage, but if they say "we can keep you, but guests and/or guest damage is not covered," what is the recommended course?
Reply Like 2 replies Delete
Evelyn
Evelyn11 months ago
It will be a personal decision which you need to discuss with your agent/accountant or lawyer. Will you be covered by your home insurance company if they find out you're doing a business from your home?
Fleur, Dan and kids
Fleur, Dan and kids11 months ago
Do everything possible to cover yourself. I've put in hard wired smoke detectors, ensured pool fencing is compliant, slip mat for shower etc. do a really good risk assessment of your property to try to cover potential risks. Accidents can still happen but there are things you can do to mitigate it. Get a friend to come look at potential issues as sometimes we can't see them ourselves. Rebecca make sure 'everything' is secure and out of harms way and guests can't access things you don't want them to.
Scott & Sherryn
Scott & Sherryn11 months ago
We pay a lot for our insurance, 5 to 6% of our annual turnover, we would be devastated to lose our property because we relied on Airbnb's 1 million dollars in liability and had to pay out 1 and a 1/2 or more. Also just remember Airbnb's liability is underwritten by an insurance company so the are going to do their best to get out of paying also.
Reply Like 2 likes Delete
Deborah
www.airbnb.com/groups/content/content-154444
Host insurance: CBIZ vs. Peers
Hi all,
Has anyone done an indepth look at one vs. the other? Both are available to U.S. hosts.
Peers seems to be a simple extra $36 a month.
For this you get what seems to be $1 million protection against:
• Personal injury lawsuits from a guest
• Property damage lawsuits from a guest
• Lost income as a result of major damage to your home, by your guest
CBIZ Homeaway Assure seems to be in my case $25 a month more than I am paying now, but you have to buy a whole, new house policy from them vs. a rider:
Written as a commercial/business policy with no standard occupancy restrictions
Replacement cost coverage for your building(s) and your contents including theft
Coverage for damage to your building and contents caused by a guest
Actual loss of income coverage with no time limit
$1M/$2M commercial/business liability coverage in the event of a guests injury or death
$1M/$2M commercial/business liability coverage extended to your amenities (pools, hot tubs, bicycles & more)
No vacancy clause and no animal exclusion
Wondering how to compare the two ...
19 comments•1 like
Follow
Like
Nic and Rach
Delete
Hide
Evelyn
Evelyn11 months ago
I have CBIZ, my home insurance will not cover anything once they know I'm an Airbnb host. I felt the one insurance company was better than something with a rider.
Reply Like 2 likes Delete
Jeannette
Jeannette11 months ago
THANKS. very helpful to know.
Reply Like 2 replies Delete
Evelyn
Evelyn11 months ago
Remember the insurance companies job is to decline your claims.
Evelyn
Evelyn11 months ago
I believe VRBO endorses CBIZ. And I also don't think Airbnb's insurance is enough.
Ed & Hugh
Ed & Hugh11 months ago
Why is the Airbnb insurance not enough (on top of any homeowner's insurance)? Are there things that Peers covers that Airbnb does not? Is there potential, if you have multiple underwriters, that they point the finger saying it's the other one that's responsible?
Reply Like 3 replies•1 like Delete
Jeannette
Jeannette11 months ago
1. Your homeowner's insurance doesn't cover guests. 2. AirBNB makes you approach your insurance company first before kicking in.
Jeannette
Jeannette11 months ago
www.tnooz.com/article/homeaway-thinks-1m-airbnb-host-guarantee-is-as-empty-as-a-vacant-apartment/ The above points to various loopholes in the AirBNB policy, including the fact you need to try to collect from the guest first, that you don't have liability coverage (is this true?) and then you have to go to your homeowner's policy. After all this is exhausted, you might get some help from AirBNB.
Fleur, Dan and kids
Fleur, Dan and kids11 months ago
Yeah the big one is injury of a guest. Took me 5 phone calls to find someone who would cover me here in Australia.
Lula and Larry
Lula and Larry11 months ago
Great information. Please if anybody has more experience with both insurers, let us know. I am in the process of changing/adding insurance. I did not like dealing with CBIZ in NJ (they have designated areas) as they took forever for them to reply to my inquiry; but I am willing to give it another try.
Reply Like 2 replies•1 like Delete
Jeannette
Jeannette11 months ago
If Peers is more responsive, that would worth the extra $10 a month, in my case.
Evelyn
Evelyn11 months ago
I'm in NY and I had a great person dealing with my account.
Nic and Rach
Nic and Rach11 months ago
I will be interested as well, I wish that there are hosts in the group that has experienced filing a claim with either CBIZ or Peers and how was the process ??
if there are any..I would be interested to know. We currently have the umbrella policy with State Farm.
Reply Like Delete
Jeannette
Jeannette11 months ago
from this link: bottomlinepersonal.com/rent-home-even-room-extra-cash/
EW AIRBNB INSURANCE—IS IT ENOUGH?
Homeowner’s insurance often does not cover claims related to paying guests. Airbnb recently addressed this concern—starting January 2015, the company began providing $1 million in liability insurance at no extra charge to protect property owners should a guest be injured or killed. That’s in addition to the $1 million in coverage it already supplies for property theft and/or damage stemming from rentals.
Airbnb’s million-dollar liability and theft/damage coverage greatly reduces insurance concerns, but…
The liability component of Airbnb’s coverage is new and untested. If you want to be certain that you are well-covered—or if you rent out your home through a service other than Airbnb—consider purchasing coverage designed specifically for properties that are rented out on a short-term basis. Providers include CBIZ Insurance Services (CBIZ.com) and Peers Marketplace (Peers.org).
Cash and securities are not covered by Airbnb’s million-dollar theft insurance. Coverage for jewelry, collectibles, artwork and certain other high-end items is limited. Airbnb’s coverage also does not protect property owners from losses due to identity theft if a guest gets hold of, say, credit card account information, Social
Security numbers or other sensitive information.
There have been reports of homeowner’s insurance companies threatening to cancel the coverage of homes that are rented out. Ask your insurer if renting out your property through Airbnb will affect your coverage—and get the answer in writing.
Reply Like 1 like Delete
Jeannette
Jeannette11 months ago
This blog entry says you can get Peers coverage for just months needed:
sharetraveler.com/peers-offers-insurance-airbnb-users/
Reply Like 1 like Delete
Jeannette
Jeannette11 months ago
This forum discussion notes a good rate from Lloyd's of London, as well as other details about loss of STR rental income:
community.homeaway.com/thread/19891
Reply Like 1 like Delete
Jeannette
Jeannette11 months ago
A discussion of having an insurance broker find out what to get, and compare apples to apples:
community.homeaway.com/thread/47944
Reply Like 1 like Delete
Jeannette
Jeannette11 months ago
Folks who ended up with CBIZ after a fair amount of research:
community.homeaway.com/thread/2124
Reply Like 1 like Delete
Ed & Hugh
Ed & Hugh11 months ago
What if you don't accept guests that don't show proof of Traveler's Insurance? Any thoughts on that?
Reply Like 5 replies Delete
Evelyn
Evelyn11 months ago
I think it's harder for guest to get traveler's insurance. And will that cover if they slip on your staircase, or break something? I don't know enough.
Ed & Hugh
Ed & Hugh11 months ago
Traveler's insurance is easy to get, and not very expensive. It covers injury while traveling as well as damage to their items. It doesn't cover the host, but Airbnb's additional coverage should kick in if your homeowners doesn't for any liability (unless you pushed them down the stairs on purpose).
Jeannette
Jeannette11 months ago
Is it in effect if they charge their AirBNB on an appropriate credit card? Say Citibank Gold Visa.
Ed & Hugh
Ed & Hugh11 months ago
They would have to check with their credit card provider. Airbnb recommends that all travelers get traveler's insurance. We usually get it when we travel. It's easy to get through TravelGuard or other providers. It will be in our listing that it's recommended, and in the info they get if they inquire.
Fleur, Dan and kids
Fleur, Dan and kids11 months ago
The issue would be people traveling within their own country. I wouldn't get it for travel in Australia but as soon as I leave the country I buy it. Domestic people wouldn't be covered
Jeannette
Jeannette11 months ago
I don't see how a guest's ow NM insurance helps say a host whose property is trashed.
Reply Like 6 replies Delete
Ed & Hugh
Ed & Hugh11 months ago
Airbnb is supposed to cover that. I did check with my homeowners insurance. If a guest trashes the house, I'm covered, including loss of income. Airbnb would be supplemental to that. I'm still not seeing the need for 3 policies (homeowners, Airbnb, Peers). It seems like two is enough?
Jeannette
Jeannette11 months ago
Are you sure?
So many homeowner's insurances do not cover commercial uses of the property such as short-term rentals. Also, who is going to pick up guest liability? Not AirBNB, and almost certainly not homeowner's insurance.Ed & Hugh
Ed & Hugh11 months ago
I'm not sure what kind of guest liability you mean. If they trash my house, my insurance company says I'm covered. Airbnb says they will cover it if my insurance doesn't. While a 3rd policy might be a good idea, I'm thinking that the two existing coverages should be OK. Neither policy covers guests belongings, but that's what traveler's insurance is for. Their traveler's insurance can also cover things like cancellation fees or other losses.
Evelyn
Evelyn11 months ago
@ Ed & Hugh - I only have CBIZ. Yes, Airbnb states they will cover you but I also host with other sites and on my own.
Jeannette
Jeannette11 months ago
Liability means -- when they fall down and hurt themselves. Or file a lawsuit based on your negligence or similar. That's where you are at risk. According to what I get from the links above. And I highly doubt a residence being used commercially for STR is covered under a regular homeowner's policy. Over and over, the links I added said this is not offered by State Farm, Allstate or (fill in the blank) other insurers.
Jeannette
Jeannette11 months ago
A link above says that AirBNB does cover injury; another says it doesn't. Also, to repeat: Cash and securities are not covered by Airbnb’s million-dollar theft insurance. Coverage for jewelry, collectibles, artwork and certain other high-end items is limited. Airbnb’s coverage also does not protect property owners from losses due to identity theft if a guest gets hold of, say, credit card account information, Social Security numbers or other sensitive information.
Jeannette
Jeannette11 months ago
OK here is the AirBNB policy, it seems to indicate on first look that they want you to contact your insurer, and when that comes up negatory, they ought to step in (although as noted in many articles, this assumption is somewhat untested): www.airbnb.com/host-protection-insurance
Reply Like 1 reply Delete
Ed & Hugh
Ed & Hugh11 months ago
Yes, it's very clear that this is secondary insurance, which is generally what you want. There's no reason to have duplicate insurance....what you need is the extra insurance that will cover things your homeowners policy won't. There's another thread in the groups where someone trashed a house. Airbnb's policy has already paid a significant amount, although not all the damages have been totaled up yet. It seems they do step in if necessary.
Jeannette
Jeannette11 months ago
Now the devil is in this detail: AirBNB will force you to approach your insurer, and YOU MAY LOSE your existing insurance over the undisclosed detail that you run a commercial enterprise in your home: number hidden)/your-money/airbnb-offers-homeowner-liability-coverage-but-hosts-still-have-risks.html
Reply Like 2 replies Delete
Ed & Hugh
Ed & Hugh11 months ago
I've already contacted my insurance company about my intent to rent out a room, so they can't say it was undisclosed. The Peers policy looks good, and we may get it. I'm just a little worried about bringing in more fingers for a finger pointing battle. We could be looking a potential fight between my homeowners policy, Airbnb's policy, Peers policy, the guests traveler's insurance policy, perhaps even the guests medical insurance and my medical insurance depending on the issue. If they start pointing fingers at each other, it could be tied up for years. All I know is that the lawyers and insurance companies are the ones making the money. : )
Jeannette
Jeannette11 months ago
Good points.
Jeannette
Jeannette11 months ago
Closing paragraph of NY Times link above:
"When a serious injury or death occurs at a host’s home and the host’s homeowner’s policy denies the claim because of the commercial activity the host was engaged in, will Airbnb be there when the lawsuits start flying? We’re about to find out. And it will be a telling test of just how much the company has truly grown up."
Reply Like Delete
Evelyn
Evelyn11 months ago
@ Jeanette you're rocking it getting all this info. There was an article about a guests damage to a common area of a building. There was water damage and Airbnb didn't cover the repairs, etc. The host ended up having to pay the building. Sorry can't find the article. I prefer to know my insurance covers me to wonder if I'm covered.
Reply Like Delete
Jeannette
Jeannette11 months ago
Yeah. (& thanks for your kind words) I want to treat my AirBNB business as a business. I would love to just kinda sorta let this slide, and let my homeowners + the host guarantee cover me, but if it means losing homeowners due to a lie of omission, that's pretty bad.
Reply Like 1 reply Delete
Evelyn
Evelyn11 months ago
Last year was my year to treat my Airbnb business as a business. I opened a LLC, a checking account, a credit card just for Airbnb stuff and changed the insurance to CBIZ. And I'm still dealing with stuff. I forgot to drop my regular home insurance and had double insurance for a year. Which meant my escrow payment on my mortgage when up this year. Thankfully the home insurance is giving me a refund. So the lesson, even when you think you're done. You're not! Don't forget to inform your home insurance of your new policy and drop them like they're hot.
Rebecca
Rebecca11 months ago
sorry, I read through all of this, but can someone summarize this for me? Basically, sounds like there are unknowns so what is recommended? I have reached out to my insurance company to find out my coverage, but if they say "we can keep you, but guests and/or guest damage is not covered," what is the recommended course?
Reply Like 2 replies Delete
Evelyn
Evelyn11 months ago
It will be a personal decision which you need to discuss with your agent/accountant or lawyer. Will you be covered by your home insurance company if they find out you're doing a business from your home?
Fleur, Dan and kids
Fleur, Dan and kids11 months ago
Do everything possible to cover yourself. I've put in hard wired smoke detectors, ensured pool fencing is compliant, slip mat for shower etc. do a really good risk assessment of your property to try to cover potential risks. Accidents can still happen but there are things you can do to mitigate it. Get a friend to come look at potential issues as sometimes we can't see them ourselves. Rebecca make sure 'everything' is secure and out of harms way and guests can't access things you don't want them to.
Scott & Sherryn
Scott & Sherryn11 months ago
We pay a lot for our insurance, 5 to 6% of our annual turnover, we would be devastated to lose our property because we relied on Airbnb's 1 million dollars in liability and had to pay out 1 and a 1/2 or more. Also just remember Airbnb's liability is underwritten by an insurance company so the are going to do their best to get out of paying also.
Reply Like 2 likes Delete
Deborah