Do you have home insurance?

[Liv]

Hello everyone, 

Our property is typically one of our most valuable possessions. Making sure that it is fully protected is one of the most important things we need to do, as Hosts.

However, despite the best safety protection measures that homeowners can put in place, there is still the risk of damages or alike occurring unexpectedly. These things can affect our lives and damage our homes in unexpected and expensive ways. 

Do you have home insurance? If so, which are the key points you factor in your decision upon choosing a product?

Thanks,

Liv

[Ann72]

@Liv  I have home insurance, and the key factor is an insurer who will insure short-term rentals.  Not every insurance company covers that!

[M199]

@Liv 

At least, here in Ontario, (and I expect) in a lot of provinces, states, countries, etc that Commercial Liability is required.  Home insurance generally covers personal use.  Therefore, it would not cover business use purposes, such as rentals. Except maybe where the host lives in the same unit permanently.  Present and Absent Hosts are 2 different classifications.

A second point is that it is very difficult to get commercial insurance, it usually involves finding a specialty insurance provider. ( And always costs much more).

As well, just in our case in South  Bruce Peninsula, Ontario, Canada we are required to register our Airbnb listing.  The licensing registration requires that the Town be added as an insured to our policy.  Minimum $2,000,000. Along with a bunch of other bylaw requirements.

Hope this makes sense.

[Laurelle3]

@Liv Yes we have a separate insurance for our Airbnb as the NSW have introduced a registered of short term rentals  accommodation (STRAS) Act and part of the registration is to be insured. This has been an issue for some hosts as insurance companies dont cover STRA as @Anne72 has stated and people have had to use a Broker which pushes up the cost of a policy.

My view is you can lose everything you own if there is an accident on your property and you are not insured. You have to have a buisness plan which insurance is part of it along with rates, taxes, electricity and water. 

Factors addressing the need for insurance for me is;

What does the policy cover. Who is covered and no of guests, the price and is it ths right insurance for registration of my Airbnb.

[Miler0]

A lot depends on the insurer. Even if I make my business plan, I can't account for all the possible common insured events

[Miler0]

Homeowners insurance in Maryland can help me set up a platform with a list of the best companies in our state**[Advertisement removed in line with the Community Center Guidelines] - Please note that it is not allowed to advertise on the Community Center. 

 Chubb is the insurance company my friend used. I will decide for myself which company to use, even if it takes an indefinite time. I've heard that our average insurance costs range from $1,088 to $1,802 a year. So I have a lot to think about. I don't know how much the global crisis might affect my choices.