AirBnB Insurance: What You Need to Know

Have you ever stayed in an AirBnB? If so, then you know how convenient and affordable it can be. But what about insurance? Is your AirBnB covered in case of damages or accidents? 

Airbnb is a tremendous way to monetize your home, vacation home, or rental property that may have a vacancy.

However, do not assume that your current insurance coverage will cover a loss during an Airbnb rental.

Watch the video below to learn more...

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AirBnB Insurance: What You Need to Know

Today, I want to talk to you about Airbnb insurance and specifically, why there are just a few things that you need to think about.

Now, the good news is you have options. There was a time when companies wanted nothing to do with Airbnbs. That's not today.

However, do not operate under the assumption that you have coverage, because there are many companies that still do not want home sharing.

So, Airbnb being a home-sharing platform, that's what it's called, whether it's a rental property or a second home, you just do not want to assume that you have coverage. That's the problem.

3 Things You Need To Know

So, there are three things you need to think about.

One: Does my company actually cover home sharing? It may just be included flat, and that's great.

Two: Does the company that I use have endorsements that allow me to, maybe for a small additional fee, add home sharing to the policy?

Three: Does my company just not cover home sharing at all?

This is something you need to talk to your insurance agent about.

If you're considering using Airbnb as a way to monetize a property that you own, you have to make sure that you have coverage.

That coverage is either added automatically or through an endorsement on your policy.

Do not operate under the assumption that you have coverage.

What will happen is when there's a loss, the adjuster from the insurance company is absolutely going to ask questions such as the ones listed below.

"What was the situation with this person? Were they a renter? Were they just family members visiting? Was this just a one-time thing? Did you use Airbnb or some other home-sharing platform?"

You can't lie to them. If you lie, you're perjuring yourself. They're going to find out if it was Airbnb or not.

I'm telling you, this is not going to add a tremendous amount of expense, other than just making sure that you have it.

It's really just the few minutes that it takes to make sure you're with a company that either covers home sharing automatically, or adds it through endorsement, and that you have that endorsement.

READ NEXT: Best Professional Liability Insurance

The Rub

If you plan on renting out your property through Airbnb, it is important to make sure that you have the proper insurance coverage.

Talk to your insurance agent about what coverages you need in order to protect yourself and your guests.

By understanding your insurance coverage, you can help ensure that everyone has a safe and enjoyable experience. 

This is where we come in at Rogue Risk.

If your current insurance professional has never addressed issues like this with you before, I’d encourage you to reach out to us today.

I look forward to introducing you to a new way of viewing your insurance program.

Thank you,

Ryan Hanley


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