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Home > Blog > Why You Need Insurance If You Operate An Airbnb
MONDAY, APRIL 16, 2018

Why You Need Insurance If You Operate An Airbnb

Why You Need Insurance If You Operate an Airbnb

Many people say the problem with insurance is you never know what you have until you have a claim. We hope to dispel that by providing you with education regarding your personal insurance policies. Here is oneoutside of a vacation home example. If you rent out part of your home on a site like Airbnb, your homeowner's insurance will not provide the insurance coverage you need. In fact, Airbnb states that 95% of their hosts do not carry the necessary insurance. A typical homeowner or renter’s insurance policy has a business exclusion. Your homeowner’s insurance is not designed to cover any business or commercial operations.

The good news is that there are insurers that have products that can address the needs of people using Airbnb. While each risk is unique, here are some examples of the kind of insurance you may need to cover your Airbnb risk.

  • Liability coverage with limits of at least $1,000,000.
  • Building and contents coverage with “all risk” coverage. Replacement cost coverage with the full replacement value.
  • Business income coverage, covering loss of rents.
  • Coverage for property damage caused by the renter.
  • No vacancy or standard occupancy restrictions.
  • Liability coverage for pets and liquor liability.
  • A business umbrella policy, adding additional limits.

With our agency, you have the option to customize your coverage, limits, and deductibles. You may even select different deductibles for different coverages. The bottom line is when you are deciding to lease equipment, be certain you are aware of all costs involved in the transaction. Then, balance the costs against the benefits to make the appropriate choice for you and your organization.

Posted 5:28 PM

Tags: insurance for airbnb
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Berry Curtis Insurance
Redding Location
2947 Victor Ave | Redding, CA 96002
Ph: 530-223-0637 | Fx: 530-223-6933

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705 4th Street | Corning, CA 96021
Ph: 530-838-9098
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