Insurance & Security Deposit

[Selena4]

Hello! I am a new host and has a few questions:
1) If for example someone steals something is that covered under the security deposit?
2) What is the recommended security deposit amount?
3) What if expensive items get broken i.e. TV?
4) Does anyone know of the best insurance for my home in Australia?
I appreciate any help! Thank you!

[Nora27]

My State Farm home insurance says they can't insure my home due to Airbnb guest. What insurance does Airbnb provide?????

[Bob39]

If something gets broken, damaged or stolen, you can put jn a request at the Resolution Center after the guest checks out, but no later than 48 hours if it is a claim against the security deposit. The guest will probably deny or refuse the claim. Then 72 hours after you first put it in, you click Involve Airbnb and it goes to them. They get the final say. They decide whether you get any money. They will probably decide that you get nothing. They are biased against the host.
Then you file a claim with your own insurance company. Whether they will pay you anything is up to them. And they might not cover losses or damage due to renters. Check your policy carefully. Airbnb's much-touted million dollar coverage only kicks in after your insurance has finished with the case. Then you are back to battling Airbnb again, and you will probably lose.
Moral of the story: if you are going to let people into your house, remove anything valuable or irreplaceable. No artwork - just ask Nisim who posted here. Take photos of everything in your house or property. Screen your guests carefully, by reading their reviews and exchanging messages with them before accepting the booking. Don't use instant booking, turn it off, because with it on, you lose control over who enters your property.

[Linda108]

@Selena4  Welcome to being an Air BNB host!  Your place looks quite lovely.  While @Bob39 paints a gloomy picture, he has a good point about leaving valuables in your apartment.  Since your space is not shared, you won't know of damage until after your guests leave.  The good guests will take responsibility, but many guests will not let you know.  Be sure to get to the property the day the guest leave.  Do not have valuable or sentimental items that can be damaged in your space.  The basic hosting articles make the same recommendation.  As to SD, yours seems a bit low.  Look at comparable listings in your area for ideas.

Also, some hosts have found insurance in different countries that cover short term rentals.  You can expore using "insurance" to see what others have found.  The Host Protection Plan is like any insurance plan.  You are at the mercy of the insurer to agree with your statement and evidence of loss.  This issue is not unique to Air BNB as all business have both damage and liability insurance.

I urge you to make good use of the many host articles in the Help Center and even follow some discussion threads here in this host forum.  Please be prepared to be as savvy about this business including regulations and taxes.  Best of luck