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?