We’re all familiar with Airbnb in this day and age. Whether that’s because we’ve used it before now, know someone who has, or perhaps have a property on there. It really has changed the way we travel and consume hospitality.

With all that said there is still an air of confusion surrounding insurance for Airbnb…

While most holidaymakers only need travel insurance Airbnb hosts are faced with a number of different policies that can be applied to a multitude of scenarios. Sometimes, the hosts might not even be that involved with their properties, as managers can usually step in and take care of any problems that may arise. All they require is an Airbnb Management Fee that’s shared between the host and the tenants. With that said, hosts who are trying to do it themselves can be left wondering, what are you covered for with Airbnb, and which insurance should they arm themselves with?

Do Airbnb provide any insurance?

In short, the answer to this is yes Airbnb do provide host protection coverage. As of October 22nd 2015 they introduced public liability insurance that protects hosts against claims made by guests during their stay. It can cover up to 600,000 but only if the damage arises during their stay.

So in addition to this which insurance do Airbnb hosts actually need?

Liability Insurance

Airbnb do provide this kind of insurance for claims but as mentioned only for those that arise during a stay. This sort of insurance is designed to cover compensation given to guests who claim they had an accident while at the property. These kinds of claims can be costly, so rest assured that you won’t be left out of pocket if you have Liability insurance.

Buildings

While the Airbnb Guarantee provides coverage for certain building-related issues, there are limitations depending on the nature of the damage. If the damage isn’t related to a booking, you won’t be covered. It’s important to consider obtaining specialist building insurance to protect against risks like flood or fire. To prevent damages and ensure the safety of your property, consider working with an Air BNB Property Management company. These professionals can monitor your building, address guest requests, and resolve any issues that arise. They can also offer advice on implementing effective security measures. By combining good management practices with insurance coverage, you can better safeguard your rented buildings.

Contents

You are covered to a certain extent for your contents with Airbnb Guarantee, but much like with Building insurance you’re not covered to anything unrelated to your bookings. Accidents can happen, and better to be safe than sorry.

Accidental damage

Claiming through Airbnb for accidental damage is a good idea to protect your No Claims Bonus however, your cover is limited so be aware of this should any accidents occur that aren’t caused by a stay. It is therefore wise to ensure all bases are covered and you can do this on your insurance policy.

In addition to these types of insurance you must also consider relevant and specific insurance depending on your type of listing. These may be anything from Lodgers and Bed & Breakfast to Holiday home and Static Caravan insurance.

If you’re still feeling unsure about what insurance you need, or which would be best for your type of listing then head here to speak to a specialist.

Author: Katie

Katie is a finance specialist with one of the biggest firms in London. From savings to investments, there’s nothing she can’t advise on and she’s here to help spread the word and help you on your way to financial freedom.

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