Renting out a guest house on Airbnb - Insurance Question

[pete5383]

Hey guys,
My property has a main house and a small guest house that I've been letting family use. However, I've recently been considering renting it out on Airbnb.

I went and talked to my insurance agent, as I had to renew my coverage, and he basically said we'd just omit that bit from the application.

That's got me a bit worried. But I can't seem to find any Airbnb-inclusive homeowners insurance. I'm just a dumb life insurance actuary, so I don't know what I need. Any advice?

[Colymbosathon ecplecticos]

Leaving an explicit digital trail so that your insurer can deny future claims … Smart!

[nonlnear]

Have you looked at AirBnB's included Host Protection Insurance? If that is sufficient then you don't have to worry about too much. It is primary coverage. If you need more then I would still think about asking Airbnb for help finding a solution. They care more about getting you properly insured than your agent does.

[djdadude]

Major insurers have rapidly added home rental endorsements... shop around if indeed you want more coverage per nonlnear's post.

[kimjongfun]

I've found that the rental endorsements aren't all that great as it's a new market and insurers really don't want to take on that risk.

Airbnb actually offers the best coverage if you take it at face value but there are plenty of examples littering the internet of them denying legitimate claims and the process taking so long that the income you lose in the meantime makes it not worth it (you can't host while a claim is being processed or it voids the claim).

Honestly unless you want to pay up for a service that offers daily coverage for each day it's rented there's not a great solution right now. These carriers are the most reliable but the coverage is definitely the priciest.

Let me know if you find a traditional homeowner's carrier that offers a good insurance solution at a reasonable price. I recently looked into allstate because I discovered they had a cheap rider, but found the coverage it offered to be lacking and basically useless.

[ALivelySedative]

ISO has new homeowners endorsements for just this purpose. The effective date for usage will vary by company.

http://www.iabforme.com/resource_cen...ss-homesharing

[Patience]

https://www.wcpo.com/money/consumer/...hed-by-renters

https://community.withairbnb.com/t5/...est/td-p/76067

https://abc7news.com/woman-sends-war...ashed/3235024/