Avoid Airbnb Insurance Issues by Choosing a Comprehensive Policy

The Airbnb Host Guarantee is property damage protection up to $1 million, and it’s included with every Airbnb listing. The Host Guarantee is a nice little safety net to have, but there are a lot of gaps in this kind of coverage. It comes with numerous exceptions that make it difficult to receive reimbursement after a claim is filed. For example, you have an extremely short window of time to file a claim. And if your guest overstays and damages property after the rental period, Host Protection won’t cover you. The Airbnb policy even requires you to contact your primary insurance plan before filing a claim with them! Relying on the built-in insurance that Airbnb offers could land you in hot water if a guest damages your property. The biggest issue with the Host Guarantee is the fact it’s not truly insurance, which means it’s not a binding contract between two parties. Ironically, there is no guarantee.

Eliminate Airbnb Insurance Problems with the Proper Coverage Plan

Most commercial liability insurers allow you to customize their plan to fit your needs. But if you’re not familiar with what coverage you need, insurance can get a bit confusing. Plus, if you purchase commercial liability insurance, you’ll have to manage both a homeowner’s plan and a commercial insurance plan. Not only is this costly, but it can also be time-consuming and complicated. With Proper Insurance®, there’s no guesswork – just one simple plan that is affordable and designed to take care of all your coverage needs, from personal to commercial property. That way, if something happens to your property, you can rest assured that you’re in good hands.

Airbnb Coverage Problems That Could Bankrupt You

Bankrupt from a simple Airbnb rental? It sounds crazy, but it could happen. Indeed, there’s no shortage of Airbnb insurance problems for property owners who file a property damage claim with the rental company. It’s important to understand that when you choose to rent your home out to a stranger, you’re trusting this person with a valuable asset: your property. If your home is damaged, or worse, destroyed, can you trust Airbnb to reimburse all your costs? And if your guest is injured or killed during their stay, are you prepared for what could be a long and costly legal battle with the family? While no one enjoys thinking about these events, it’s important that you, the property owner, is always prepared for the worst-case scenario.

While $1 million (the amount Airbnb’s Host Protection will cover) may seem like a lot of money, it could quickly evaporate in medical bills and court fees. Without commercial insurance, can you cover the rest out of your own pocket?

Airbnb Insurance Problems Could Be Avoided with Proper Coverage

Most Airbnb insurance coverage problems are a result of property owners relying on free protection plans or incompatible insurance. For example, many property owners think that their homeowner’s insurance will cover their rental property, but this is not true. In fact, not only do homeowner insurers not cover rental situations, but they will reject any claims that are filed as a result of the rental. Furthermore, even if you submit your own claim that is not related to your guests, they could deny it on the basis that you’re violating the homeowner agreement by allowing guests to rent your property. In general, most homeowner plans will terminate your coverage at this point. To protect yourself, make sure you have adequate coverage from a company that insures short-term rental properties.

Business Income Coverage

When you hand your homes keys to a guest and take money in exchange, you’re effectively running a business out of your home. When an event occurs that causes you to lose bookings (tree falls on your home, plumbing issues, etc.), your insurance company should treat you as a business! Business income protection like Proper Insurance offers includes actual loss sustained business income coverage protection with no time limit.