Hi @Ivy316 as a new Airbnb host, you'll need to consider several key factors, such as payout information, commission and service fees, tax implications, insurance, and liability issues. Here’s a brief overview of each of these areas, focusing on your main concern regarding damage liability and insurance. Income earned from Airbnb is taxable, and you will need to report it accordingly. Airbnb can provide you with a summary of your earnings, but it’s a good idea to consult with a tax professional about this.
As for AirCover, Airbnb offers this to all hosts which provides protection to hosts at no additional cost. However, AirCover is not a substitute for homeowners or renters insurance. It primarily covers incidents related directly to an Airbnb stay and might not cover other risks or damages outside of hosting activities. You can check more details about this in the help center.
When you start hosting, you may consider ensuring your local laws and regulations about short-term rentals, including zoning, licensing, and safety compliance. Ensure your space is clean, safe, and as described in your listing. Good quality photos and accurate descriptions help attract guests and set clear house rules for your guests. Hope this helps!