Our insurance company is dropping us!

[Leigh625]

Greetings,

We recently contacted our insurance company because a guest fell and strained her ankle on the property. Concerned, we called the  insurance representative for advice. After explaining what had happened, our rep said they do not cover short-term rentals and we will be dropped at the beginning of next year.

We told the rep that when we signed the policy we indicated that the property would be used as an Airbnb. They had approved us. They have covered us for a year and a half.

Needless to say, I think we're going to be dropped.

Please let us know what companies you use for homeowners insurance.

Thanks so much!

Regards,

Leigh

[Paula]

Hello @Leigh625,

I’m so sorry to hear about this.

Local hosts from your area can certainly lend a hand. 👉Here’s the link to the Local Hosts Club, where you can find the one closest to your location.

I hope this helps! 😊

[Frances3408]

@Leigh625. We probably have different insurance laws here in OZ, so I cant recommend an insurer, but if I were you I would check the following:

1. Previous renewal documentation. Here we get issued with a Certifcate of Currency which shows the type of insurance, in this case that it is STR landlord (rare to get proper STR coverage as a homeowner host). We also get a PDS (Product Disclosure Statement) that sets out all the coverage terms plus you can ask for further docs if you need any definitions expanded on.

2. Our insurance is auto renewable which means as long as you pay the new premium, they must take your risk. The way insurers get around this if they dont want to cover you is just jack up the price so much you cant afford it!

3. Trip hazzards. Remove them or reconsider hosting if you cant get coverage. Here we call it public liability insurance and its built into every policy but maybe you can get it separately?

Here property owners can be held personally liable.