Just like different auto insurance policies exist for personal and commercial vehicles, you’ll also need different property insurance for your personal residence compared to a rental property. The risks involved in owning a home to live in are different from those associated with renting a property to others, so you need different coverage.
Fortunately, our team at LaVaughn Rodgers Insurance has extensive experience in the insurance industry, and we can help you find the ideal policy for your needs. In this article, we will focus specifically on Airbnb insurance, going over some key information you need to know about this kind of protection.
- Host Liability Insurance – One of the main forms of coverage Airbnb insurance provides is liability protection. If one of the guests staying in your property gets hurt during their stay and decides to sue you for negligence, your liability coverage will kick in to cover the damages and legal costs (up to your coverage amount).
- Host Damage Coverage – Another key type of coverage provided by Airbnb insurance is host damage protection. This type of coverage applies if a guest in your short-term rental damages your home or any furniture, electronics, or other items you keep in it. If a guest damages your TV, for example, your host damage coverage will pay to replace it. This type of coverage can also apply to loss of income caused by canceled bookings, and it can pay for cleaning services needed to get your property ready for the next guests after an incident of damage.