An article recently published on Independent has found that up to 5.6 million Airbnb stays have turned into problems for guests. According to the report, an analysis of rentals indicates a problem rate of “between 3 to 7 percent.”
While the report looks at the issue from a guest standpoint, hosts should also pay attention to this data.
The unfortunate truth of the matter is that if you’re in the rental business, problems are bound to happen eventually. It’s the nature of the business and it’s completely unavoidable. If you’re renting out your property, it’s absolutely critical that you maintain adequate Airbnb liability insurance and property damage coverage. Property damage or lawsuits by your guests can amount to hundreds of thousands of dollars – a staggering amount for most people.
To stay protected, talk with your insurer and see if they will cover damage caused by a guest renting your home. If not, make sure you obtain adequate home insurance for Airbnb before you list your property up for rent.