Which insurance company insures airbnb property in Canada

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Sepand0
Level 3
Toronto, Canada

Which insurance company insures airbnb property in Canada

My current insurance company has informed me that they will not insure my property if I host it short-term through websites like AirBnB. I'm looking for insurance companies that do exactly that. Can someone in Canada mention a few that don't have problems with airbnb rentals?

 

Thanks

 

 

1 Best Answer
Jackie921
Level 2
Winnipeg, Canada

TD Meloche Monex just cancelled mine too. 

 

I looked into a few brokers and online companies that claimed to offer coverage for AirBNB's and found HUB International was the best.  The broker I worked with quoted a number of companies and came up with what felt like the best quotes compared to the others I received.  My airbnb's are in Manitoba.  In my case, the premiums were about 35% higher insuring AirBNB's than for regular long term rental coverage.

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52 Replies 52

Hi there 🙂 just looking into this now... did they only insure you for a max of 180 days of rental for the year or can you do more than that?  

I am thinking of switching my insurance to Wawanessa too! Are you happy with them? Please advise.

Apparently they will only insure you have existing business insurance.  

Is this just additional coverage ? Based on what everyone is saying it sounds like your home insurance policy can be void if you have an Airbnb. So does the additional insurance make it ok in their eyes ?

Christine598
Level 2
Whistler, Canada

Hi all, 

 

We are currently insured with Westland Insurance, however I'm not sure if they only cover BC and Alberta or if they extend nation-wide. Our policy for a 2 bedroom short-term rental in BC with $30K personal property costs $759/year which seems quite reasonable compared to some of the quotes I've seen in this thread. However I didn't do too much shopping around so maybe there is a better deal out there. 

I think you did quite well. I have 4 br I Hamilton and it's $188 a month through April.

We were covered through Baron Insurance (Intact) but Baron was bought out by Westland. They now have stipulations for what you offer at your rentals. Their costs were way higher than we were paying and more rules ad regulations. It seems really absurd to me that insurance companies aren't getting on board with this type of coverage. To have exclusions such as - offering breakfast items when it is a B and B through AirBnB?! 

 

And the one quote we were thinking of going with won't allow us to take bookings through our own website, only through the booking sites such as AirBnB and VRBO. It was explained to me that they feel the screening process is better through the booking sites than owners would do through their own site 😕

 

The quotes I am getting from insurance brokers in our area is up to $3500 a year, but we have 2 larger suites plus our own residence, maybe others with lower quotes are also smaller units or just rooms. 

Rebecca921
Level 2
Sault Ste. Marie, Canada

Hi there,

 

Newbie here.  

 

Has anyone tried Duuo - the new Cooperators product specifically for short-term rentals?

 

Thanks!

 

Rebecca

Of late we have been struggling with the whole STR concept as it applies to Air. I got the guest from you know where, and he nominated me a one star. Because I am generally longer term stays, that will pretty much kill my SH.

 

I am also going to check with my insurer to see if it makes more sense just to have longer termers. 

I have but they’re expensive 

Brian1054
Level 2
Cache Creek, Canada

Anyone have farm and Airbnb insurance on their property. My farm insurance will not cover Airbnb.

I have April, which represents Lloyd's. They can be restrictive, but in areas that I appreciate. It is expensive. 

Kellen1
Level 2
Edmonton, Canada

I just signed up with Sonnet. The coverage and price exceeded my expectations. A 2 bedroom unit in a condo building for $35/m. Coverage met or exceeded my previous insurer who was charging $57 for rentals, but would not allow Airbnb. 

 

Try Sonnet. It takes literally 5 minutes from beginning to end. 

 

Elizabeth1810
Level 2
Edmonton, Canada

i was with RB insurance and I was sure i had told them we were doing AIRBNB but when it came up today while making an administrative change they cancelled my insurance and said they would not have honored my policy anyway as soon as they knew I used AIrBNB.  So I have been paying insurance that would have been totally useless if I actually needed it.  I now have two days to find a company that will give us house insurance.  Thanks to all who have commented.  We will try some of the companies mentioned and give you an update later. It is very frustrating because I do not even have an airbnb client right now because we have a friend staying at our house for a few months using the suite.  We told the company that so that they could give us some time before cancelling us but they would not take it into account.

 

 

 

The insurer that I used is April. They are based in Montreal. You will pay more, obviously.