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Home > Blog > Airbnb and Insurance: How Your Homeowners Policy Can Be Affected By Becoming An Airbnb Host
WEDNESDAY, FEBRUARY 22, 2017

Airbnb and Insurance: How Your Homeowners Policy Can Be Affected By Becoming An Airbnb Host

The popular vacation rental site, Airbnb, is taking the tourism world by storm. Hailed as an inexpensive, unique way to travel, it’s risen in popularity over the last few years, especially when it comes to millennials. People aren't just staying in Airbnbs, though – they're renting out their own apartments and homes to make a little extra money. The majority of rentals transactions on sites like Airbnb are uneventful, but it’s not uncommon for accidents to happen, and even intentional damage. So protecting your assets as an Airbnb host is important! Read on to learn more about Airbnb and insurance...

Before you become a rental host on Airbnb, you should consider your liability. Airbnb does provide insurance for hosts, but it comes with limitations. Airbnb's Host Protection Insurance program provides primary liability coverage for up to $1 million per occurrence in the event of third party claims of bodily injury or property damage. This coverage is subject to a $1 million cap per listing location. This insurance may also provide coverage if a guest damages building property. However, Airbnb insurance does not cover cash and securities, collectibles, rare artwork, jewelry, pets, or personal liability.

So where does this leave you if you’re wanting to list your home? Make sure to check with your insurance agent and see what your existing policy covers. Oftentimes, your homeowners insurance can cover renting out your home for an extended amount of time once a year. You’ll want to talk with your agent specifically about what your policy says.  Here are a few things you’ll want to go over with your insurance agent:

  • Ask if your policy covers short-term rentals by paying guests.
  • Set a limit to how many people you’ll be hosting.
  • Express whether or not you will be on premise during the rental.

If done correctly, listing your home on Airbnb can be a great source of extra income with no worry! But there are definitely risks involved, so talk with an insurance professional before signing up as an Airbnb host.

If you have a few questions about your homeowners insurance, give us a call! We’re here to help. If you're looking for an insurance agent in Central Florida, reach out to us at Harrell Agency. We're proud to be your go-to insurance agent in Central Florida!

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Posted 10:49 PM

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