Insurance for hosts in Australia

in
Australia
Level 2
5,625 Views

I have done research into insurance liabilities and risks in Australia for owners of short-term rental listings.


There is clearly a void when the home is BOTH lived in by the owner and also used for short-term rental property use.

1. Traditional landlord insurance policies do not cover this situation, ie if you are also living in the home.

2 Furthermore, a standard home building and contents policy is made void when you also rent out part of the home, insurance companies then regard it as then running a "boarding house".

 

This is a critical issue and I really need some support from yourselves or other members who can advise how to solve this issue.
otherwise there is liability for not only the homeowner but also for rental guests.

 

It seems the insurance industry hasn't yet evolved to deal with the situation, of a home being both a short stay rental property and owner occupied, which is becoming more and more predominant.
Thank you, Justin

40 Replies

Re: Insurance for hosts in Australia

in
Bexley, Australia
Level 10

Hooray.  I finally found an Australian insurance broker who has put together a single Landlord policy covering Building and Contents for both myself and short term guests (I live in the house).  I needed to add an additional policy to cover my personal contents and the whole policy costs less than policies just for guests or standard building and contents.  It also covers me for rental loss - you can specify the amount.  Sharecover on its own costs considerably more and only covers damage caused by guests, you still need a standard Home & Contents policy.  They have several options to suit different requirements.

Contact Trident Insurance.  Lady there called Bebe was most helpful and answered all my concerns.

 

Re: Insurance for hosts in Australia

in
Australia
Level 2

Great news. Thanks. 

Re: Insurance for hosts in Australia

Level 2

Justin

I'm also a NSW Owner Occupier of my non-strata home and I'm also interested in hosting in my spare room.

Like you, I am also trying to find Home and Contents Insurers who won't void the policy when Owner Occupiers decide to host while still living at home

Did you find a solution with any of the big Insurers? or what solution did you find ?

Re: Insurance for hosts in Australia

in
Glengowrie, Australia
Level 2

Thank you. I'm also struggling to find anyone who will insure me. How annoying! I will try Trident Insurance.

Re: Insurance for hosts in Australia

in
Margaret River, Australia
Level 2

Great post  Wendy - I contacted Bebe today and saved over $1000.00 They seem to be a very efficient company as well. Thanks, Carole.

Re: Insurance for hosts in Australia

in
Sydney, Australia
Level 10

@Wendy117 

Hi Wendy,

Thank you. I contacted Trident for a quote. She sent me both content and landlord policy from AIG.

However, I found AIG landlord accidental damage policy quite unreasonable as it does not even consider a camera or computer I stored in shared space as my content(they only cover TV under the same situation). So I asked if I can only take the content policy as it's at least short-term rental friendly.

Then Bebe replied

The short answer is Yes. However we would not want to cover just your contents without the landlords component.

Lol okay.

I just saw another thread that this year you changed to Ceneta. I'll try them tomorrow.

Appreciate your detailed information!

Re: Insurance for hosts in Australia

in
Margaret River, Australia
Level 2

Cheers 🍻 

ive been searching for some

insurance to protect me , my house & guests  

 

Re: Insurance for hosts in Australia

in
Canberra, Australia
Level 2

Has anyone spoken to or taken cover with https://www.sharecover.com ?? It is subsidry of NRMA.

Re: Insurance for hosts in Australia

in
Mount Warrigal, Australia
Level 1

Hello Minna & Kanwar

 

I don't think you need Sharecover as Airbnb already cover you. Unfortunately though most Insurance companies won't give you Home & Contents insurance. NRMA will I have found.

Re: Insurance for hosts in Australia

in
South Golden Beach, Australia
Level 1

I've just found out I am uninsured because I live in my house and rent a room.  I found out about sharecover, but also came across another company called BJS Insurance Brokers.  Has anyone else seen or had experience with them.  From first glance, it looks good, but curious what others think. 

http://www.holidayrentalsinsurance.com.au/ 

 

Re: Insurance for hosts in Australia

Level 2

I am in Melbourne and am with  with BJS but haven't made a claim. The premiums were 3 times what I was paying for home and contents with budget home insurance before I started doing air bnb. As I only rent out around 60 nights a year I am considering share cover and a domestic home and contents policy, however as Justin says, most insurers  won't cover you. The lady at share cover I spoke to Kate Venner, said RACV will. Now it's just a matter of do I g the maths! 

Re: Insurance for hosts in Australia

in
Moss Vale, Australia
Level 2

Sharecover quoted me $1500 odd just for the short term rental side.  I would have to have another poliicy for my home and contents!!!!!

Re: Insurance for hosts in Australia

in
Moss Vale, Australia
Level 2

BJS quoted me $1980 for a year including both short term rental and building and contents... considering it but getting a quote from Trident too.... don't trust AirBNB insurance as it doesn't cover a lot of things.....

 

Re: Insurance for hosts in Australia

in
Heidelberg West, AU
Level 2

So, Pam and Barry, how did you go with the various insurance quotes?  I am going through the process of getting quotes also.  Which one did you go with in the end?  And are you happy with them a few months down the road?  

 

THis is a helpful conversation as appropriate insurance is important.

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