When a company insures your home, they assume that it will be used by you and your family. Airbnb home insurance is only as good as its coverage. While the odd policy may offer some protection, it's important to know in advance how much coverage your renters insurance affords you. As guests arrive, they bring an entirely new set of risks along with them and it's difficult for insurance companies to calculate how those risks will impact their bottom line. Someone could fall down the steps and break their leg, leave a candle burning and cause a fire, or allow their pet to bite another visitor. After all, the more people that are in your home, the greater the odds of a claim. If you look at the issue from the perspective of the insurance company, it makes sense. It would be unusual for a standard renters insurance policy to include Airbnb liability insurance. Does standard renters insurance cover Airbnb? What you don't want to do is forge ahead, assuming you have sufficient coverage when you don't. If there's any doubt, call your insurance provider to settle the matter. Read your contract to learn if your rental policy is comprehensive enough to provide Airbnb liability insurance. Even the best renters insurance companies may limit how often your rental property can be used for commercial use, or refuse to cover any events stemming from commercial use. Some renters insurance providers will not cover damages that occur due to a business in the home. If the landlord has no qualms with you renting the home through Airbnb, check your renters insurance policy. It's better to know in advance than to spend time and energy preparing for guests only to learn that you can't actually rent the property. If you read your lease but still aren't sure whether it's permissible for you to use the property as an Airbnb rental, contact the property owner to find out. Some leases forbid business activity in a rental property, even if it's short term. Before looking into your renters policy to learn if it provides vacation rental insurance (or home-sharing insurance), read your original lease. If the house, cabin, or condo you plan to use as an Airbnb is property you're renting yourself, you need to know if Airbnb renters insurance exists. You must also consider what happens if someone gets hurt while staying at your Airbnb, the property is damaged by unruly guests, or theft occurs. Whether you're buying property for an Airbnb or you're a homeowner planning to rent out property you already own, the cost of hosting an Airbnb is not limited to housing costs alone. Here, we'll look at what's covered by Airbnb insurance, when Airbnb's short-term rental insurance is not enough, and how the best homeowners insurance policy can help fill in coverage gaps. You might be asking yourself how much insurance coverage you need to protect your assets and if there is Airbnb insurance available for renters and homeowners. After all, you want to know you're covered if there's a fire or someone falls while getting out of the shower.
If you've decided to rent your home through Airbnb, you may be trying to dot your i's and cross your t's by making sure you're fully insured before strangers begin to stay on your property.
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