Airbnb Insurance Quote Forms
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Airbnb Insurance Information
Short-term rentals, such as Airbnb, have become an increasingly popular way for homeowners to make supplemental income. While there can be many benefits associated with using your property as a short-term rental, it will create additional liabilities. These may not be covered under a standard homeowners or renters insurance policy.
The agents at Ten Eyck Insurance Group are here to help you find the protection you need. Contact us today for more details.
Does Homeowners Insurance Cover Airbnb?
Your homeowners insurance policy is personal insurance designed to cover your home, belongings, additional living expenses and liability . It may provide coverage if you rent out your home on rare occasions. However, renting out your home regularly will typically be considered a commercial use and will not be covered under most standard homeowners insurance policies.
The best way to understand if you have coverage for short-term rentals is to review your existing homeowners insurance policy carefully. Different insurers will have different terms and conditions, which may affect your coverage.
Without adequate coverage, you could be left vulnerable to many risks, such as the following:
- Property damage caused by short-term rental guests
- Theft of your personal belongings
- Liability claims alleging you caused bodily harm or property damage to a third party
- Medical expenses if a guest is injured on your property
- Legal fees if a short-term rental dispute ends up in court
- Loss of income if property damage prevents you from renting out your property
When it comes to short-term rentals, your renter’s insurance is likely to have the same limitations as a homeowners insurance policy.
Contact Ten Eyck Insurance to review your risks.
Does Airbnb Offer Insurance?
As of October 21, 2022, Airbnb automatically enrolled hosts in their AirCover program, offering up to $1 million of liability coverage and up to $1 million for property damage caused by guests. However, Airbnb’s protection program is subject to its own set of exclusions, terms and policy limitations and may not be sufficient for your property.
What Is Short-term Rental Insurance?
Short-term rental insurance protects you from the property and liability risks that can arise from short-term rentals. It can usually be purchased as an add-on to existing policies, but you can also buy it as a separate coverage.
Short-term rental insurance commonly includes protections against the following:
- Loss of income if your guests cause damage that prevents you from continuing to rent out your home
- Property damage if repairs or replacements are needed after damage occurs to your property
- High utility costs if your guests use an excessive amount of electricity during their stay
- Infestation if there is a problem with bed bugs, mice or other vermin at your rental property
- Liquor liability if your guest injures themselves or others after consuming alcohol on your property
- General liability if you are held responsible for bodily injury or property damage to a third party
Contact Us Today
We’re here to make sure you have the coverage you need. Contact Ten Eyck Insurance Group in Albany, New York, for more information.