A Guide to Insuring Your Airbnb

Thinking of listing your space on a home-sharing site like Airbnb? Here’s your quick-start guide to getting the insurance you need to protect yourself, your guests, and your home!

Don’t I get insurance automatically through Airbnb?

Airbnb offers limited protection to its hosts and guests for property damage. However, there are significant gaps, especially when it comes to liability insurance.

Does my current home insurance cover Airbnb hosting?

Most often, no. Home insurance commonly excludes coverage for short-term rentals and business-use. If a claim ever arose from a paying guest, your carrier would probably deny it and possibly cancel your coverage.

What type of insurance do I need to rent my home on Airbnb?

There are several variables that may affect your options. In all, your insurance options may including the following.

Home-Sharing Endorsement

Adding a home-sharing endorsement to your existing home insurance policy offers a bit more protection than what Airbnb offers its hosts. However, not all carriers offer this endorsement. It’s important to check with your insurance agent to see if your carrier offers this coverage.

In sum, here are a few key points about home-sharing endorsements that you should know.

• Added to your existing home insurance policy.
• Covers some loss events related to home sharing.
• May be restricted to a certain number of rental days per year (ex: 30 days/year).
• May exclude intentional guest damage to your property and lost rental income.
• Cheaper solution.

Commercial Insurance Policy

A commercial insurance policy will offer the most broad protection in the event of any property and liability claims. If you are thinking of turning your property into a long-term Airbnb, a commercial policy may be the best fit for you.

Here are a few key points about a commercial insurance policy that you should know.

• Designed for businesses, like innkeepers and B&B proprietors.
• Includes liability and property coverage.
• Unlimited days of coverage.
• Includes intentional property damage and lost rental income.
• More expensive solution.

We hope we’ve helped you learn more about insuring Airbnb and home-sharing properties. And now we’d like to turn it over to you. Did you learn something new from this article? Or do have a question about your insurance policy? Leave a comment below or contact us at info@lapointeins.com.