Are You an Airbnb Host? Make Sure You're Covered
IF YOU HAVE been considering becoming an Airbnb host to generate some extra income you'll want to make sure that you are covered in case of injury to one of your guests.
You may also be concerned about theft by a guest or any damage they may cause in your home. Hosts are covered by an Airbnb policy, but it's not comprehensive and those gaps could leave you exposed to a claim or lawsuit if the loss to the guest is severe enough.
Airbnb's insurance plan
Airbnb offers Host Protection Insurance. The plan covers up to $1 million of liability for you and your landlord (if you have one) against property and physical damage claims by third parties.
What's not covered by Airbnb
- Damage to personal property like furniture, stereo equipment, your prized china set, etc.
- Theft of your valuables.
- Sickened guest due to issues at the property, like mold.
- Slander and defamation. Both can be grounds for a lawsuit. the host will not be able to file a claim
- Harm caused by intentional criminal acts. This is actually excluded on any insurance policy
Do you have a coverage gap?
Keep us updated. If something happens and the insurer doesn’t know the home is being rented out, there could be major issues with coverage. When a home is rented out frequently, it could be considered a business and business activities aren’t covered under a homeowner’s policy.