Home Sharing Insurance
More and more homeowners are renting their houses, apartments, and condos out to a rotating cast of guests foreign and domestic, creating a demand for specific forms of short-term rental and Airbnb insurance. Anyone who’s entertained house guests, whether for a day or months at a time, knows they always bring some type of property risk with them. Whether it’s overflowing plumbing, out-of-control pets, intentional damage from parties or simple accidents, new people in an unfamiliar spaces they don’t own can mean problems.
Issues with Airbnb’s Host GuaranteeTM
Homeowners often have some form of standard home insurance policy, and services like Airbnb do offer their own insurance coverage. However, a regular homeowner’s won’t cover anything beyond the very first time the policyholder rents out or shares their home. Owners can rely solely on the hosting services insurance coverage, but those coverages come with strict rules and regulations that you might not be aware of.
For instance, if the a liability incident occurs before or after the defined period of stay – even by a few hours – it’s highly likely it’s not covered by Airbnb. Hosts need to remain in compliance with all of the stipulations of the rental contract in order to remain covered, and any claims need to be filed within 14 days of occurrence. Even more concerning for some hosts, the insurance payout from the service might cover only the cash value (ACV), rather than the replacement cost, of damaged property. Consider if you had replace your television, the actual cash value (ACV) might be $500, but to replace the television with a new one it might cost you $1,200.
What Coverage We Offer
Where existing home insurance or the service-provided coverage falls short, HMS Insurance can step in to provide dedicated short-term coverage. Coverage is available to dedicated homeowners, including those who are renting out condos, secondary homes, or seasonal homes. In addition, it also applies to those who rent out the entirety of their residence at once, as well as those just sharing a portion of it.
Third Party Liability
Any third party liability claims arising out the short-term rental.
Loss or damage to buildings and your own personal property.
Intentional acts, criminal acts, or failure to act by your guest.
Loss or damage to a guest’s property. Limits will apply.
Fair Rental Value
Fair rental value (loss of rental income).
Get a Quote
If you are interested in obtaining insurance coverage for your short term rental, please complete the form below and a HMS broker will contact you as soon as possible during business hours. Or alternatively you can call one of our branch offices directly.