The web application Airbnb has proved a hugely popular and successful site for bringing together homeowners with a spare room – or even their entire home – to let and travellers, tourists and holidaymakers wanting a place to stay for the short-term
Its success might be measured by the fact that there are now more than 2 million Airbnb “hosts” worldwide, in some 190 countries.
Although there are many, many stories about homeowners letting their accommodation without any hitch, there are a few horror stories, too, about the damage caused to the property by unruly and seemingly out of control “guests”.
Aware of these risks, Airbnb offers registered hosts the free protection of what it calls Host Protection insurance, which is provided free of charge and may help to cover third party claims for property damage or personal injury caused by rogue guests who have used the site. The limit of any claim made under this insurance is US$1 million (approximately £660,000).
Airbnb itself recognises the limitations of such Host Protection, pointing out that it is no substitute for your own separately arranged insurance – to cover risks such as theft, or accidental or malicious damage to items of particular value (such as collectibles or works of art) or for injury to your pet or pets.
Whilst cover against third party claims for property damage is included, Host Protection offers none of the personal liability indemnity you might expect from home insurance – which is typically a minimum of at least £1 million.
That is why additional Airbnb insurance is so important.
Your existing insurer of your home and its contents of course needs to know that you are planning to let any part of your home to Airbnb guests – the action is considered a “material fact” almost certain to affect the insurers assessment of the risks in providing cover.
Indeed, your current home insurer may decline the continuation of cover whilst you are letting your home to any kind of paying guest.
For that reason, we have developed insurance packages specifically with Airbnb hosts in mind and designed to maintain the comprehensive cover for your home and its contents that you are likely to require.
In doing so, we take into account that the needs and circumstances of each temporary landlord or host are likely to be different. Basing most of our policies on one particular product, we are therefore able to add options that keep any individual policy suited to your own particular requirements when acting as an Airbnb host.
The same core policy may also be amended and extended by way of endorsements to the schedule of cover, so that you might include insurance against the risk of malicious damage by your guests, for instance, or adapt your cover for the protection of a second home during holiday lets.
UKinsuranceNET are long-established providers of many forms of specialist insurance and take pride in the way we are able to react to fast-moving developments in the property market – in this case the irresistible rise of Airbnb – to ensure that our customers continue to be protected with appropriate, purpose designed insurance cover.
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