Is private Home and contents Insurance necessary when renting out family home in Australia?

[Kirsy0]

We are thinking of renting out our family home fully furnished on airbnb for the 6 months to one guest family. Aibnb Insurance covers everything I believe except damage done by animals or intentional damage. Would we still need to keep our private Home and Contents Insurance for this time or would it be a double up? Thank you.

[Helen3]

No you need to get specialist home insurance for short term lets for the period @Kirsy0 

Standard home insurance is invalidated it when you take in paying guests and the Airbnb Guarantee - it is not insurance  and has many limitations.

[Fran2]

Please don’t rely on AIrBnB for your insurance! It’s not!!  It’s a “sort of guarantee” for any repairs! Never 100% though! Too many horror stories to even believe it exists, but just occasionally a lovely story pops up and someone got 50% of what damage was done repaid! 
Talk to your insurance company, you may get  cover for the time you are away! There’s also an Australian Host page on Facebook to ask for local insurance companies who do ABB cover.

[Rowena29]

Further to that excellent advice @Kirsy0, I would also suggest you would need to have landlords insurance AS WELL AS  home and contents insurance.  And have you familiarised yourself with the new Noosa council rules and regulations? You may get around them as you are not short term letting - the stay is more than 28 days,  -but I would strongly recommend you ring council and find out where you stand re this.  They are being particularly "vigilant" with airbnb I"ve heard.

It would also be worthwhile joining the Sunshine Coast airbnb facebook group where people can offer more localised knowledge and advice.

Regards

[Kirsy0]

Great advise. In regards to landlords insurance, doesn't this only apply for an Investment property? This is our family home and we are only looking at 6 months. If I need landlords insurance on top of Home and Contents Insurance, I might be better off not renting via Airbnb but finding myself a tenant. I will join the FB group you have mentioned for more localised advise too. Thank you @Rowena29  Kirsy 

[Rowena29]

Hi Kirsy0,

I'm no expert, but my understanding of landlord's insurance is to cover you when you are acting as a landlord - regardless of whether the house is an investment or not.  It can cover you for wilful damage, loss of  tenancy income, amongst other things - stuff that is not covered by by a standard insurance policy when the owners are living in the house.  It's really important to be sure of all you facts ( and figures) before dipping your toes in, because as you say - it may well end up being counter productive.  Personally, for such a long stay, I would be looking at a permanent tenant - then they are responsible for all utilites,  etc.  And I can't imagine the fees airbnb would add onto your rate over 6 months would make it terribly attractive for the guest financially?  And you'd be caught up in airbnb rules and regulations as well as Australian tenancy regulations.  As I say, I'm no expert and have no experience at all re permanent tenancy, but I would be wary...