Insurance for Airbnb Hosts

Insurance considerations for Airbnb hosts.

Renting out a space on Airbnb is a popular way for homeowners and renters to make a little extra cash. However, this money-making scheme does come with a certain degree of risk. For instance, Airbnb hosts have to be concerned about a guest injuring themselves while on their property. While you might feel adequately protected by your homeowners or renters insurance, there are some insurance concerns that you need to be aware of. Here are some insurance considerations for Airbnb hosts. You Might Not Be Covered Homeowners insurance policies tend to be very specific in terms of what they cover. Certain circumstances, such as using your home for business purposes, are generally explicitly excluded from coverage. If you are renting out your home on Airbnb, your insurance may consider this a business operation. This means, should your guests get injured or damage your home, you might not actually have coverage for these claims. Your Policy Might Be Cancelled As an Airbnb host, you also run the risk of your insurer cancelling your policy. This might occur as a result of your insurer deciding that you are too risky to insure. If this occurs, your insurer might require you to switch over to a commercial insurance policy, which would mean higher premiums for you. If you are only making a few hundred dollars a month via Airbnb, this profit might not be enough to offset your higher insurance costs. Insurance Through Airbnb Might Not Be Enough Airbnb does offer its own insurance for hosts and this program offers up to $1 million in liability coverages. While this coverage might offer you some peace of mind, itâ's important to understand that it does not cover everything. For instance, the program does not offer coverage for intentional acts such as assault of sexual abuse. It also does not cover communicable diseases, acts of terrorism, pollution, or asbestos. While some of these issues seem unlikely to unfold, they arenâ't unheard of. If a guest faces losses not covered under Airbnbâ's program, then you might have a majorly expensive lawsuit on your hands. Keep these insurance considerations for Airbnb hosts in mind.  Do you have further questions regarding your homeowners or renters insurance?  For help finding the right policies, contact the professionals at Cook, Disharoon & Greathouse, Inc.  Located in Oakland & Pleasant Hill, California, we serve all your personal and commercial insurance needs.