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Post by Mary Ann on Oct 14, 2015 0:04:21 GMT
We're newly registered for Airbnb hosting and have been trying to get good information on insurance and coverage. This seems to be an area where there incredibly poor information available. When I spoke with my current homeowner's insurer, they told me in no uncertain terms that we would not be covered in the event of an issue. They also said they would no longer be able to insure us if we were participating in Airbnb. Has anyone else run across this issue? Or does anyone carry a policy that covers this? I called several other insurance companies to explain the situation and have not found one who will cover our home while using Airbnb. I'm not so concerned with liability issues since Airbnb has the Host Protection Insurance. But the Host Guarantee to cover property specifically states they are not insurance and your homeowners would be primary in the event something goes wrong. The wording seems like everything is really at the discretion of Airbnb and I'm worried about how good this "coverage" would actually be in the event of an issue. I'd appreciate any information.
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Post by Deleted on Oct 14, 2015 0:59:03 GMT
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Post by High Priestess on Oct 14, 2015 2:12:53 GMT
HI Myan THere is a whole board on this forum for questions just like yours, which is here: globalhosting.freeforums.net/board/31/insurance-liability-host-guaranteeYou might be interested to read some of the threads on that board. It is found by going to the "How to Host" category and then select the "insurance, liability and host guarantee" board. In particular read the first sticky thread there about insurance. Basically CBIZ and www.peers.org are used by many hosts in the USA. THere is NRMA I believe in AUstralia. Welcome to the forum!!
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Post by Mary Ann on Oct 14, 2015 23:49:33 GMT
Thanks for the response! I'll be sure to check out the other board as well. I was surprised to find that most agents I spoke with were either unfamiliar with Airbnb or flat out said they would not assume the risk. I'll check with CBIZ and hope to have some luck there. The main problem seems to be insuring a property we actively live in because it doesn't really qualify as commercial in it's entirety.
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Post by High Priestess on Oct 14, 2015 23:54:53 GMT
Yes, it is very surprising to me that so many home insurers would fail to take all this huge amount of business that airbnb hosts represent.
You will most certainly find CBIZ to work as so many hosts who live in their home report using it.
If you happen across any other insurers that work, let us know. Some report that they are using a standard insurer with a rider attached.
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Post by Serafina on Oct 21, 2015 7:17:47 GMT
I didn't use the brand Airbnb when talking with an insurance broker about my renting because Airbnb is only one source of rental referrals. I describe what I do as short-term furnished rental, and the broker found me an appropriate policy.
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Post by fleur on Oct 21, 2015 8:20:28 GMT
Myan it might help if you get a chance to fill in your profile so we know where you are. Here in Australia NRMA will insure Airbnb hosts.
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Post by Name on Oct 21, 2015 9:49:39 GMT
I have always had a special insurance policy for this - even though I take some comfort in the AirBnB host protection (and in my listing on another site I insist that renters take a small policy or lodge a deposit to cover damages less than my deductible). My property is in the Northeast of the US and I pay about $1,500 a year for it, which is roughly 3 times the price of what a normal homeowner's insurance would be.
I suggest you ask your broker. I he/she can't find something suitable, go to another broker.
For what it's worth, I would not rent without this peace of mind - but at the same time, after ten years of renting this place out, I've never made a claim (but I have withheld security deposits from time to time). I have rarely ever had any damage, but you have to assume that in this business/hobby you're going to have someone knock over a lamp, break a vase, stain a sofa cushion or burn a hole in the rug.
David
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