insurance

[Sheila869]

how much or do I need to add more insurance or change my my insurance

[Fiona256]

Search for insurance on this site and you will find lots of information.

[Rebecca]

Hello @Sheila869, 

Did you get a chance to ask your current insurance about this? It would be great to know what they said!

In addition to @Fiona256's suggestion, I also wanted to share two specific discussions that might be of interest to you:  

⭐  Do I need holiday let insurance and public liability insurance? 

⭐ What type of insurance should I have for my STR? 

I hope this helps. 😊

[Joan2709]

@Sheila869 

As @Fiona256 mentions, there is lots of information on the Community Center on the topic of insurance. A few things to note:

Aircover is NOT Insurance

Airbnb states this themselves. It is a "Host Damage Protection Plan". Search here under the word "Aircover" and you'll find plenty of information on that. I would read through the Aircover Terms, Conditions and Exclusions:

Aircover for Hosts

https://www.airbnb.com/help/article/3733

"Host damage protection protects your place and belongings every time you host on Airbnb. Like any kind of protection program, it has a few terms, conditions, and exclusions. Host damage protection isn't an insurance policy, and not all damage is included within its terms—so we suggest you also purchase personal insurance for any property damage caused by guests that we don't protect."

Homeowners Insurance DOESN'T Cover Operating an Airbnb

Your homeowner's insurance policy doesn't cover operating a commercial activity (like Airbnb). If there was an issue caused by a  guest (or a guest is injured), your homeowner's policy would deny the claim and could be cancelled. If you are planning on renting a room in your home, some insurance companies will allow you to purchase a rider for your policy. However, be sure they understand this is a short-term rental situation. Otherwise they try and sell you a Landlord policy which is not the same. 

Some States/Local Jurisdictions Require a Separate Liability Policy For Hosts

More and more we are seeing local jurisdictions requiring Hosts to get a license/permit and pay a fee. Also, some states and local jurisdictions require a separate 1MM liability policy in the Hosts name in order to obtain a STR permit. Some jurisdictions accept Airbnb's liability coverage. You'll have to determine what your state and local requirements are.

Mortgaged Properties

Some mortgage companies will not allow you to operate a short term rental (Airbnb) at all. If you have a mortgage, you'll have to verify that.

Short Term Rental Insurance 

There are companies that offer specific short term rental insurance. You will pay more for this type of policy, as there is more risk for the insurance company. Be sure to read ALL the fine print especially regarding exclusions and limitations. Some companie in the USA that offer STR insurance are:

Proper

Steadily

Farmers (Thru Foremost)

State Farm

CBIZ