If you plan on using your property for an Airbnb rental, you need to have an Airbnb insurance for owners policy that offers comprehensive coverage. A standard homeowner’s insurance policy is generally not going to cover damages or injury for claims filed during the rental period. In fact, most insurance companies do not extend any type of homeowner’s coverage to short-term rentals such as Airbnb or VRBO. In fact, certain homeowner’s policies are voided if you rent your home out to other people. This can leave you financially vulnerable if a guest is injured or damages your property.
Getting the Right Insurance Coverage Makes All the Difference
Some property owners elect to purchase a separate commercial liability plan to use in addition to their homeowner’s insurance. These plans can offer additional coverage but they typically are not tailored to the unique needs of a short-term property rental situation. Plus, managing both a homeowner’s insurance and commercial coverage plan can be costly. Proper Insurance® offers a single comprehensive plan designed to cover all your needs from homeowner’s coverage to rentals insurance. Don’t rent out your valuable property without the right coverage in place. Talk with us to obtain your own coverage today.
What About the Host Protection Insurance & Host Guarantee?
If you’re thinking about relying on Airbnb’s own Host Protection Insurance and Host Guarantee, think again. Free insurance plans often come with so many exclusions that it’s difficult to get reimbursement for a claim. Plus, the Host Protection Insurance is a shared policy. That means tens of thousands of property owners must share the policy limits. If the limit is reached before you file a claim, then you’re out of luck. When you’re renting out property through Airbnb, you need a real insurance plan that’s designed to cover all your bases from liability to property damage. Unfortunately, free coverage rarely offers the same protection that a policy you can buy does.