Short-Term Rental Insurance in Atlanta & Warner Robbins, GA
Renting out your house as a vacation home through Airbnb, an online hospitality company, can be a source of supplementary income. While this may be an appealing way to make some extra money, there are associated risks with this business activity. Having the proper insurance can provide safeguards for you, your guests and your property.
The agents at Georgia Best Quote Insurance can provide information to help you secure the best insurance plan for your needs. Contact us today for details.
Does My Homeowners Policy Cover Short-Term Rentals?
Reviewing your standard homeowners policy before renting out your house through Airbnb is a crucial first step. Standard homeowners policies may provide coverage if you only rent out your home occasionally; however, different insurers have their own terms and conditions. For instance, some may require advance notice of any short-term rental.
Additionally, if you rent out your house on a regular basis, this will likely be considered a commercial use of your home. Since standard homeowners policies are geared toward personal risks, using it for business purposes may be outside the scope of your policy. This could you leave you exposed to losses that are incurred by renting out the property, including property damage caused by Airbnb guests.
Your agent at Georgia Best Quote Insurance can work with you to secure the right coverage for your needs. Contact them today for more details.
Does Airbnb Offer Coverage?
Airbnb offers some coverage through its AirCover program. Please note that this coverage may change. As of Jan. 15, 2022, AirCover provides the following protections at no additional cost to hosts who list their home on the site:
Host liability insurance, which may provide up to $1 million in liability insurance coverage in the event a guest is injured or a guest’s property is damaged or stolen.
Host damage protection, which may provide up to $1 million in damage protection in the event a guest damages your house or belongings.
Although this program may seem sufficient, there may still be gaps in its coverage. Airbnb notes its host damage protection is not an insurance policy, and claims will be processed through the Airbnb Resolution Center. Additionally, the Airbnb host liability insurance program is subject to limitations, conditions and exclusions that may leave you vulnerable to other exposures.
Consult with the agents at Georgia Best Quote Insurance to review your risks. We can provide information on available coverages to fill in the gaps.
How Can Short-Term Rental Insurance Help?
In addition to your standard homeowners policy and Airbnb’s AirCover program, short-term rental insurance may be available as an add-on to your existing policy or as a separate policy. If you rent out your house, short-term rental insurance may be beneficial as it may cover losses as a result of property damage, rental cancellations or theft. Costs vary depending on several factors, including the size and age of your home and your selected limits.
Contact Us Today
The professionals at Georgia Best Quote Insurance are ready to work with you as you navigate the different coverages. Contract us today for more information or a quote
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