Short Term Rental
Short-term rentals can be a nightmare!
Are you looking to use your property as a short-term rental? Properties used for short-term rental services are widespread nowadays. And why wouldn't they? Using your extra or own property as a short-term rental can bring you some extra income.
However, the main problem is that only a few people providing this service know the actual extent of the risk involved with short-term rentals. Can you imagine what would happen if one of your customers in your Airbnb decides to steal all the furniture from the property? Or what if they break one of the biggest glass windows on the property? Would the Airbnb team step in, or would you need to use the insurance?
Is my property safe?
Most home insurance won't offer you protection if you decide to start using your property for short-term rental services, so getting short-term rental insurance is essential. But what about the host protection insurance and guarantee that is offered by short-term rental platforms such as Airbnb? Wouldn't this host protection be enough to cover for all unexpected damages that my property incurs while providing the service? The answer to this question is not as simple as it seems. Meanwhile, platforms such as Airbnb offer a really good basic protection for damages to your property/belongings caused by guests and damages or injuries that your guest might incur while on your property, this will not cover you 100% for all risks or damages. For instance, Airbnb could provide up to a million dollars for bodily injury claims from people staying at your property that get hurt. Suppose a person falls from the second-floor stairs of your property because the railings were not appropriately secured. In that case, Airbnb host protection might cover up to one million for the person's medical bills, but would this be enough to cover all expenses? Also, Airbnb won't cover for that person's loss of wages/income resulting from the injury, so you might still be liable to pay for it from your pocket. It is hard to specifically tell what you will be covered for under these host protections offered by short-term rentals platforms such as Airbnb. Therefore, it is highly recommended that you inquire about short-term rental insurances before you start using your property for this service. Short term rental insurance can help you get that extra coverage you need in case of incidents and there might even be extra protection for your property for unexpected incidents such as water and sewer back ups. To learn more about insurance for your short term rental property consult with us.
Here we leave a link to our insurance inquiry form for short term rental services.