Airbnb Insurance

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What is Airbnb insurance?

Renting your home out on Airbnb and inviting guests to your home is a great way to make some extra cash, as well as meeting an array of interesting people. And, extra washing aside, hosting guests can be great fun!

However, if you’re not properly insured to let a room or your entire property to guests through Airbnb or other home-sharing companies, it could mean big trouble. The consequences could be huge, from having to stump up the full costs for any damage or theft that might happen, to being liable for legal fees and damages if a guest is injured or their property damaged in your home.

Airbnb insurance covers you in case something goes wrong, and generally covers your property and belongings. Whether you let your entire property or just one room, policies cover you for theft, damage and also liability.

This isn’t to put you off Airbnbing your room. An Airbnb insurance policy is easy to purchase and will give you the peace of mind that you’re covered, leaving you free to worry about whether you’ve got enough cereal for your guests in the morning!

Do I need insurance to host on Airbnb?

It’s so easy to jump onto Airbnb and get excited about listing your room, so it might be tempting to worry about insurance later. But did you know that the majority of standard home insurance policies don’t cover the renting or letting of rooms or homes, even on a short-term basis?

It’s well worth giving your current provider a call to check if you can tack on an Airbnb policy without having to buy an entirely new home insurance policy. But, as always, we think it’s well worth doing a quick Airbnb insurance comparison, even if it’s just so you can call your provider with some negotiation ammo!

If you don’t tell your current home insurance provider that you’re letting your property out, you could invalidate your entire policy, even when you don’t have guests. In our eyes, stumping up the cost of an initial Airbnb insurance policy is well worth it. Even if you never need it, the peace of mind it’ll give you is surely worth it.

Also as an FYI, if you own your property with a mortgage and/or it’s a leasehold property, you’ll also need to check with the relevant parties to make sure you won’t be in breach of any contracts there. Most mortgage lenders decide whether to let people rent their spare rooms on a case by case basis, so it’s well worth picking up the phone to ask.

If you’re a landlord who lets properties on Airbnb or similar, you’ll need to buy specific Landlord Insurance. Airbnb insurance is generally just for when the policyholder occupies the property as their main residence.

Does Airbnb provide insurance?

Well, sort of. It offers AirCover, which includes host liability and host damage protection. But it comes with a bunch of exclusions and limitations. Even Airbnb states: ‘Disclaimer: Host damage protection isn’t an insurance policy.’ on its website. Pets, jewellery, artwork and common spaces aren’t included.

Host liability includes $1million in coverage in case a guest is hurt or their belongings are damaged or stolen while at your place. It’ll cover bodily injury, damage or theft of your Airbnb guest’s property.

Host damage protection includes $1million in coverage for your place and belongings if they’re damaged by an Airbnb guest. It’ll cover damage to your property or belongings, unexpected cleaning costs, pet damage protection, and income loss if you need to cancel your next guests as a result of damage from a previous guest.

What does Airbnb insurance cover?

A proper Airbnb insurance policy will vary per provider and the details you select, however, generally you can expect them to cover much the same as your standard home insurance policy, but with a few finer details.

Buildings & Contents

  • Your property and possessions are covered against the usual fire, theft, burst pipes, flooding etc.

Accidental damage

  • You can also get accidental damage cover on Airbnb insurance, in case a guest breaks something of yours.

Home emergency

  • Much like with home insurance, this covers you in case there’s an emergency such as a broken boiler or a burst pipe.

Malicious damage

  • Often an added extra, you can specify to cover your property and items against malicious damage by Airbnb guests.

High-risk items

  • You’ll also need to specify and add on high value or high risk items, such as jewellery, artwork or expensive bikes.

Liability

  • And liability, in case a guest gets injured or their belongings damaged or stolen while in your home.

As part of the specific details, some providers will only cover you to let your property on Airbnb or similar for up to 90 days a year. Some of the add-on items, such as high-risk items may also come with a cover limit of £5,000.

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Written By Michael Foote, Insurance and Finance Expert

Michael Foote is the founder of Quote Goat and has over 13 years experience working in the finance, insurance and currency sectors. Since launching Quote Goat he has appeared on TV as well as many of the largest online publications including Forbes, The Telegraph and The Metro. Prior to Quote Goat, he worked in finance in the city for a number of firms including HSBC.