@Sonia15 Hi Sonia....This is question which comes up a lot and I, along with other hosts simply paste the same answer to that we have given before. Now your situation may be a little bit different for one reason or another but in general you would be advised to consider what I say here.
"On the insurance side of things, you should consider that this all encompassing insurance protection cover that Airbnb offers does not, in reality, exist. Its terms, defenitions and conditions have been so cleverly crafted that there is vitually nothing which will be covered.....It's a marketing tool, forget it!!
In this country (Australia) we have 2 insurance companies who insure specifically for the Airbnb or Stayz platforms.
Most insurance companies will not cover properties that are subject to some form of co-share rental agreement. In fact some companies will even cancel general household policies if they find out there is a rental agreement taking place.
The sharecover insurance we use does not replace an existing household insurance agreement, it works with it, and only covers the 'incidents' that a guest is likely to cause. It covers fire, damage, both malitious and accidental, and theft, but does not cover flood, earthquake, tornado or other acts of God.
Coverage for a nominal amount of $400,000 building, $40,000 contents cover and $10 million liability cover costs just $3.50 au per day, and you only purchase cover for the time that guests are in the residence. You nominate and pay online for a defined period and are given a PDF of the policy document immediately.
There is another company which still works with various hosting platforms but offers a $20 Million liability cover and insures for a flat rate of about $220 au per year which is probably better suited to hosts with a higher volume of guests.
I have recently found out that Australia is not the only country to offer such protection, so I would suggest you do as I did and get onto the Insurance Council in your country and ask them to recommend a company operating in this field. I have an idea there is a company called CBIZ (?) in America which offer similar protection, but I have no personal experience of this! I suggest you get onto your Insurance Council rather than your local insurance broker. From experience these guys tend to promote the product that is in their best interests rather than what may be best for the client. From the Insurance Council you will have a better chance of getting good un-biased advice!!"
Sonia....I hope this information will tempt you to seek out a company that can protect you for your circumstance. So many hosts put it on the 'back burner' and sooner or later get into trouble....It only takes one inadvertant little mistake on the part of a guest to bring all your hard work in life undone. Cheers.....Rob
