Insurance for Your Airbnb: All You Need to Know

Host protection insurance is available in two ways to protect homeowners from damage. They are Host Safety insurance and the Host Guarantee. Host Protection insurance functions similarly to a liability coverage in that it covers the expenses of accident or property damage lawsuits made against you by 3rd parties, while the Host Guarantee will cover damages inflicted on your own property by visitors.

Both plans include up to $1 million in coverage per event. When a visitor makes a booking at your house, you are automatically registered in these services, but you are only eligible for support if you obey your city or state’s home-sharing rules.

Besides that, your current renters or homeowner’s insurance can cover damages caused by Airbnb or other home platforms.  However, coverage is often limited to as long as you are only renting your property on a limited basis — a period that is also described differently by each provider.

What is the scope of Airbnb’s insurance?

If a visitor or another person makes the claim against you, Airbnb’s Host Security liability insurance covers you. If a guest damages someone’s belongings or hurts another person by mistake in your building’s hallway or lobby, and the injured person files a lawsuit against you, the Airbnb liability insurance will protect you.

Airbnb’s liability insurance protects you wherever associated with your home, such as the lobby of your apartment complex. It also refers to cars and mobile homes that are classified as lodging on Airbnb’s website.

Acts of battery and assault, mould or spores, offenses done by underage minors or adults, or sexual assault are not covered by your Host Protection. According to Airbnb’s terms of service, you would also be denied coverage if your guest’s disruptive conduct is linked to drywall manufactured in or shipped from China due to alleged defects. The liability insurance provided by Airbnb does not cover any harm to your own house. This is where Airbnb’s Host Guarantee comes in handy.

When is your property covered by Airbnb’s insurance?

Airbnb’s Host Guarantee protects harm to your belongings caused by visitors staying on your premises for up to $1 million. Unlike the Airbnb Insurance, this agreement is not a type of insurance. But it does have some similarities to standard personal property coverage.

You have a period of 30 days after the event to complete the whole claim process. First, you must attempt to reach an agreement with the liable guest. If your guest refuses to pay you for damages, you have 14 days after the guest’s departure to contact the guest and inform Airbnb. You also must provide Airbnb with details of the event, including proof of ownership as well as photographs and details of the damage. Failure to comply to any portion of this timetable can result in you being denied reimbursement.

If your claim is successful, you could be entitled to compensation equal to the total cash value of your goods, which is the item’s value less any deductions for physical depreciation. Sadly, there is no way to upgrade to fixed substitute coverage, like there is for standard insurance.

 
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