Guide to Insurance for Airbnb Hosts

Today we're going to discuss your insurance options as an Airbnb owner so you can get the right coverage. To start, let's look at Airbnb's AirCover.

‍

This offering includes host protection for guest damages. With AirCover, you'll get $1 million in liability insurance, $1 million in damage protection, pet damage protection, deep cleaning protection, and income loss protection.Air cover is not an alternative to insurance, but rather a supplement. Let's say your property is vacant and a hailstorm wrecks your siding. Air cover will not cover these damages or reimburse you for your out -of -pocket costs. You'll need a more traditional insurance offering to cover you. If you're currently renting out a space and would like to turn it into an Airbnb, your renter's insurance will likely not cover the property or you if your guest does damage.

‍

This leaves you to decide between homeowners insurance and landlord insurance.

‍

Homeowner's insurance will be adequate coverage only if you are living on the same property as your Airbnb, like in a duplex or triplex. Landlord insurance will be great if you have a guest staying longer than 30 days. This leaves one option left, commercial property insurance. This is your best option if you have guests staying less than 30 days at a time. You will need to register your Airbnb as a business to get this type of insurance.

‍

Commercial property insurance covers both liability and property. So damage to your property and to your guests will be covered in most cases.Umbrella policies offer additional liability coverage above the policy limit in your insurance policy. Commercial property umbrella policies can even cover Airbnbs in multiple cities and states. A great option if you own several properties.If you live in an area prone to natural disasters like floods, wildfires or hurricanes, you'll need additional coverage. For example, if your property is in California, you'll want an additional earthquake insurance endorsement.

‍

Neither air cover nor standard insurance policies cover mold removal and damage caused by mold. So if your property is susceptible to water damage, consider a mold coverage endorsement as well.your next step is to reach out to an insurance agent. They'll work with you to see what coverage is best for your Airbnb. To find out more, go to steadily .com and get a commitment free quote in just minutes.