Airbnb Insurance

Better safe than sorry. Your Airbnb insurance questions answered

Having insurance on anything- your car, your wedding ring, your apartment- always feels like an unnecessary burden until something happens. Then, when you get in an accident or lose a diamond, you’re thankful that it’s there. The same goes for Airbnb insurance for Airbnb hosts. If you’re renting out your property on Airbnb, there’s a definite risk that you need to calculate for. Having guests in your home can be an amazing experience, but you still need to protect your home and property in case something goes wrong.

If something does go wrong, who pays?

If you get hurt in your own home, you can count on your individual health coverage to pay for your broken leg. However, if an Airbnb guest slips and falls in your home, who pays for their injuries?  Typically, if they can claim that their accident was because of something negligent, like not having proper lighting on a stairwell, you’re at fault. That’s when it gets scary and expensive. Having proper coverage can ensure that you’re safe and protected.

Airbnb’s built-in insurance

Renting on Airbnb has some great advantages, one is their built-in Airbnb insurance coverage. This program provides liability coverage for $1 million per incident if a guest gets hurt.  This coverage can also potentially help if one of your guests damages your property, too. The best part about this coverage? It’s provided as a basic service for all Airbnb hosts free of charge. It’s a great place to start but unfortunately, if someone does get hurt, $1 million get used up very quickly. If you host guests often or have a home with a lot of potential dangers (many steps, a pool, expensive furniture) it may be a good idea to invest in additional insurance. It will provide you with a piece of mind and a safeguard for your assets.

Take a look at your existing insurance

Knowing that you’re protected by Airbnb insurance is a great start. Next is to look into your personal policy to see if they cover short term rentals. Read your policy carefully to make sure that your Airbnb guest are insured and for how much. You may also want to meet with your insurance broker to confirm that your coverage is strong enough in the event that something does happen. They can suggest a higher policy limit or additional services that will help keep you covered. They may also suggest a separate Airbnb rental insurance policy if your current insurance policy isn’t strong enough.

Pro tip: It’s time to get serious. Hosty is a one of a kind professional Airbnb management software designed to help you reach your business goals. Give us a try! 

Did you know that you can write your insurance off as a business expense? Learn more about Airbnb taxes.

The main take away? Get insured properly! You never think that someone will get hurt on your property, but accidents do happen. Having appropriate Airbnb insurance is the best way to make sure you’re safe