Insurance Cancellation

[Jeffrey5]

I recently experienced a cancellation of my policy due to being a bnb. I was in essence told ABB's insurnace is rubbish and not worth even mentioning. In speaking with my broker, had something happened during a stay or any claim they could have denied coverage. I said what are other people getting then.  He said he wasn't sure since an initial search hasn't turned up much info on Abnb other than most people in Canada at least are not insured properly  even though they think they are, many may be in contravention of their policies. I think people, hosts, are just flying by the seats of their pants hoping ABNB will cover them.  Insurance co can't seem to get their hands on this policy to actually see what is covered and what is not.

I have yet to get new insurance and if you are with someone in Canada please let me know who they are and that they have been given full disclosure and know what they are really iunsuring.

Jeffrey

[Robin4]

@Minga0 Hi again Minga,  You are right, coverage in Canada like the United States appears to be extremely minimal. I doubt that Square One Insurance Brokers would actually cover the short term hosting market. On reading their site they don't say anywhere in their online information that they work specifically with home hosting platforms. That statement that they were the only company in Canada in this field was attributed to one of their representatives on a news bulletin, but does not appear anywhere in print, that I can find......... just Landlord/Tennant insurance, which is entirely different!

You say that in Australia we are fortunate, and maybe we are, but my personal feeling is that Australia is a considerably less litigious society than North America. In general the bulk of us seem to be able to get through each day without holding someone else responsible for what we do, and this has a bit impact on an Insurances companys perceived risk and what they will offer! 

But your outlook and lifestyle in Canada is very similar to that of Australia and it is possible though that good insurance options are not far away for you. Three years ago there was no such thing as short term rental insurance that covered hosting platforms in Australia.....now there are 5 companies and brokerage firms actively involved in this market in this country. The sheer size of the market was just too great for insurance companies to ignore. No company that I am aware of is still promoting an outright ban on hosting insurance......they are all now saying, there are 'ways and means'! And England are now entering this market with brokerage firms like 'Towergate' stepping into the arena. 

A lot of hosts seem to be turning to 'Damage Waivers' to try and protect themselves from liability claims but, I can provide evidence that a damage waiver has not stood up in court proceedings and judgement was awarded against the holder of the damage waiver. There will always be an element of responsibility somewhere in all contractual agreements.......That bicycle you let your guest use failed because you did not adequately maintain it to a standard that would prevent mishap!

Thanks for your involvement in this topic Minga, I wish you all the best and look forward to seeing any information you can glean!!

Cheers....Rob

[Minga0]

Thank you for taking the time to reply so thoughtfully Robin.

[Nina-And-Darren0]

@Minga0 we are in BC and bought insurance with Square One. The house is classed as a vacation rental property meaning we are insured for short term rentals. It was the best and cheapest option we could find but with a fairly high deductible $5K. As with all insurance, I don't trust it and hope we never have to use it.