I just found out that my run-of-the-mill homeowners policy does not cover AirBnb activity that occurs at my primary residence (we rent out a space in our basement). After 20 hours of phone calls (no lie!) I have learned the following:
1. CBIZ Insurance does have a policy that will cover your AirBnb space plus the rest of your house all in 1 policy. My quote was 3x what a normal homeowner policy would cost.
2. Farmers Insurance does have some policies that may cover you (my friend down the street does AirBnb and has a policy with them). Talk to a local agent (I found local agents typically can put you on hold and talk to the insurance underwriters directly to verify they can cover your specific situation) and they will ask very specific questions to determine if they will cover you. In my case, no luck.
3. SafeCo Insurance just changed their standard homeowners policy (in the last few months) to allow for up to 2 AirBnb guests at any time in your home. Make sure to ask the agent when applying for the policy if they cover AirBnb usage.
4. There were other insurance companies out there that wouldn't cover my situation because my house was built prior to 1900. I forget who they were.
5. If all of the big companies turn you down, search for companies that will sell you Bed & Breakfast commercial insurance. It will be much more expensive than standard homeowners insurance (4x) but you need to be covered!
6. AirBnb million dollar safety net is NOT to be counted on. It doesn't kick in until AFTER you run the claim through your normal homeowners insurance...at which most policies may be null and void the minute they find out you are doing AirBnb.
Be Careful Out There 🙂
