Looking for Airbnb Insurance?
Renting your property out to excited holiday makers is a great way to make income but is not without its risks. Airbnb insurance can help you to cover the cost should something go wrong.
As an Airbnb host, you may have a second property that you’ve listed, however you may be renting out a spare room, or indeed your entire home if you’re out of the country. With many of your personal possessions left in the property, you’ll want to have the peace of mind that if anything is lost, stolen or damaged, you’ll be able to replace it quickly and relatively hassle-free.
Doesn’t Airbnb protect me with the Host Guarantee?
Although Airbnb do have the Host Guarantee in place, it’s not actually a type of Airbnb insurance and shouldn’t be used as a replacement for an official policy. You may be covered for £600,000 or a certain level of damage above the value of the deposit, or if there was no security deposit requested at the time of booking. There are also some exclusions which include but are not limited to:
- Rare artwork
- Valuables (like a laptop)
- Damage to communal areas (like your apartment building lobby)
- General wear and tear
- Personal liability
Make sure you’ve got a good understanding of the small print and research insurers carefully to ensure that any gaps are covered with another type of Airbnb insurance policy.
Have you considered a public liability insurance policy?
When thinking about Airbnb insurance, one of the most important ones you might want to consider is a public liability policy. This helps to cover the cost of compensation and legal fees if a guest becomes injured or ill during their stay, or their property is damaged too.
Airbnb’s own policy covers guests during their stay but doesn’t cover people that have no connection with the booking – for example if a delivery driver tripped and fell on your doorstep, or a plumber is injured doing a job for your property.
Loss of booking income
If something out of your control happens, for example a fire, broken boiler or burst pipe, then you might need to close the property to guests – you don’t want to disappoint them with a subpar stay! If you need to close and cancel bookings then you’ll be losing out on income, which this kind of Airbnb insurance policy can help cover.
Taking out contents insurance for an Airbnb
Even with careful vetting of future guests and paying attention to their ratings, there may come a time where an accident happens and belongings in your property become damaged. Having this type of Airbnb insurance can help to cover the cost of repair or replacement, but every insurer will have different levels of protection.
Make sure you’re looking at all the levels covered as sometimes things like the below aren’t included as standard:
Airbnb Insurance – Useful FAQs
Even if you choose not to take out any additional or specialist policy, you’ll need to tell your insurer that you have regular guests. If you fail to do so, they may see this as a non-disclosure and deny a claim – so, even though your monthly premium is likely to increase, it might be worth it in the long-run.
Some insurers do have a maximum number of days per year that you can be covered for. When purchasing your policy make sure you’re giving a genuine estimation of the amount of time you think it will be rented for so that you can make sure you’ve got the right level of cover.
This will depend on who you choose to insure your Airbnb with. Some providers will only cover your main home with a policy, so if you’re using a second property as your Airbnb income then you’ll need to specify this.
You may find that depending on the type of property you want to list, your insurer may classify you as needing different types of policy. For example, if you have a caravan that might need a specialist policy, whereas renting more than three spare rooms in your house may fall under needing a bed and breakfast insurance policy.