@Tracy-And-Rich2, offers of coverage by Airbnb should not be relied upon.
The Host Protection Scheme and the Resolution Centre are each designed to limit the company's liability in the event of a claim. That's not to say that it is a total sham, enough claims are satisfied for Airbnb to state that it is legitimate. But in my 5 years here on the CC the ratio of rejected claims to successful ones runs at around 50 to 1.
Tracy, or Rich, look on Airbnb's protection as nothing more than a marketing tool and you won't be disappointed. Leave Airbnb out of your insurance plans. What they offer is not an insurance coverage. They do not issue a defined policy for which you pay a premium. It is purely an adjudicated compensation scheme which is subject to wear and tear and the whims of the support staff ......you might get something, you might not!
I Have in recent years stayed away from recommending STR (Short Term Rental) insurers in Australia because the market is changing so frequently and I was finding advice I was giving out was proving not to be valid.
The first thing you should do is find out if your general insurer will either offer STR insurance, or be prepared to accept and work with a STR insurer of which there are a few available here in Oz.
Some general insurers will offer their own coverage packages.
Some major general insurers will not offer coverage under any circumstance if they become aware that STR is taking place in their insured space. They will cancel their policy or reject any claim.
Other general insurers will be prepared to joint coverage where the STR insurer offers coverage limited to the STR aspects of the property.
The two major STR insurers in Australia are......
https://www.nrma.com.au/holiday-rental-insurance (Sharecover)
https://www.rentcover.com.au/insurance/short-term
Sharecover offers 'pay by the night' policies which are better suited to hosts who do not have full time reservations, and Rentcover who offer an annual premium policy which varies from state to state but averages around $400 per year.
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I have chosen a different path and have been accepted by my general insurer because I represent a low risk.
A/.......I increased my nightly rental fee by an amount which is currently $6, and that money goes into a damage fund bank a/c which I call on in the event of damage. This is designed to cover the minor damage that happens from time to time.....a few broken plates, broken shower screen, ruined bedlinens or seat covers, a broken chair.
I don't hassle the guest or go through the agony of lodging a claim with Airbnb. I just fix the issue up and get on with the business of hosting.
B/......I have accepted an excess of $2,500 with my general insurer which means my risk of a claim is greatly minimised and this has meant the increase to my yearly premium is less than $50 AU.
I have found this to be the best solution, I do not expect Airbnb to be my fairy godmother, in fact I leave them entirely out of the damage equation.
Everyone's situation is different but @Tracy-And-Rich2 don't just ignore the risk and think that you can wing it with what Airbnb tells you, take control of your hosting destiny and make sure you are covered no matter what might happen. All the best.
Cheers.........Rob
