Airbnb has been around since 2008 and have accumulated over 2 million listings in 34,000 cities worldwide. Lately there has been some confusion, while most holiday makers will only need Travel Insurance, hosts are faced with a range of different policies that could apply to them depending on their situation.
Airbnb do provide their own guarantee, ‘Host Insurance’, which covers the host for damages which occur during a booking up to £600,000.
Airbnb do say that this is not an alternative to a regular insurance policy and not all risks are covered within the guarantee.
“The Host Guarantee is not insurance and should not be considered as a replacement or stand-in for home-owners or renters insurance. Hosts may want to consider independent insurance to cover valuable items like jewellery, artwork, or collectibles which are subject to limited protection under the Host Guarantee.
We strongly encourage all hosts to review and understand the terms of their insurance policy and what it covers and does not cover. Not all insurance plans will cover damage or loss to property caused by a guest that books your space.”- Airbnb
Since October 2015 Airbnb have introduced public liability insurance. This will protect the host/landlord against claims made by the guest during their stay. However this will not cover you when a claim arises outside of this period. So even though you may be well protected when you have guests, cover will still need to be required for the rest of the time.
You shouldn’t always depend on a standard home insurance policy either. Sometimes home insurance policies include or may have an extension for paying guests in your property but some don’t and it’s vital you make your insurance company/broker aware of this. It’s your duty to provide your insurer with all the details about your home and non-disclosure could leave you with no cover at all.