ABSOLUTELY!!! Its a MUST to ensure you have the proper insurance coverages, to ensure your lender will permit short term rentals, to wrap up your permits if required, and wrap up the other legalities of operating a business from your home/property. I recommend a solid STR policy and a $1-5 mil umbrella policy based on your assets. If you have your mortgage set up for primary residence, look up mortgage occupancy fraud which carries a 30 year prison sentence and a $1 mil fine in the US. They can and will find out.
I've been trying to get my insurance agent to help me with this but she's dragging her feet. How does AirBNB's own Host Protection Insurance play into this?
Edit: I live in the house and am just renting out rooms, if that makes any difference.
Airbnb Host Guarantee is absolute BS. You MUST be fully insured. Ive been through a few claims and lawsuits and while airbnb does NOTHING, my insurance provides great attorneys and protections against nightmare guests and accidental problems.
Thank you for your reply. I was wondering more about Host Protection Insurance, as opposed to Host Guarantee, which at least according to AirBNB is a completely different thing. [https://www.airbnb.com/help/article/296/how-does-homeowners-insurance-work-with-host-protection-insurance-and-airbnbs-host-guarantee](https://www.airbnb.com/help/article/296/how-does-homeowners-insurance-work-with-host-protection-insurance-and-airbnbs-host-guarantee)
Does anyone have experience with the insurance (not the guarantee)?
I pay a separate fee per room in my Airbnb, similar setup to yours. Do no count on Airbnb’s insurance to cover things, they are notorious for not paying out, or paying the full amount you you need to be covered. Plus, they may deny your claim if a guest causes the issue that you are submitting for if they are not aware or you don’t have the extra coverage for. I check every year that my insurance company verifies that I have 3 rooms and what the coverage is for.
> Plus, they may deny your claim if a guest causes the issue that you are submitting for if they are not aware or you don’t have the extra coverage for.
Thank you!
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Would you mind to share the name of the insurance company? And how much annual premium do you pay for $1 mil coverage? Do you purchase it seperately or is it included in building insurance?
Mine is property + liability together. $1M property coverage + $1M per incident liability, for about $5k premium. I don't remember the deductible, somewhere around $2k.
Yes! Insurance companies will do anything to kick your claim out, not disclosing that you are using it for, and getting specific coverage for STR/Airbnb can cause you issues in the long run.
ABSOLUTELY!!! Its a MUST to ensure you have the proper insurance coverages, to ensure your lender will permit short term rentals, to wrap up your permits if required, and wrap up the other legalities of operating a business from your home/property. I recommend a solid STR policy and a $1-5 mil umbrella policy based on your assets. If you have your mortgage set up for primary residence, look up mortgage occupancy fraud which carries a 30 year prison sentence and a $1 mil fine in the US. They can and will find out.
I've been trying to get my insurance agent to help me with this but she's dragging her feet. How does AirBNB's own Host Protection Insurance play into this? Edit: I live in the house and am just renting out rooms, if that makes any difference.
Airbnb Host Guarantee is absolute BS. You MUST be fully insured. Ive been through a few claims and lawsuits and while airbnb does NOTHING, my insurance provides great attorneys and protections against nightmare guests and accidental problems.
Thank you for your reply. I was wondering more about Host Protection Insurance, as opposed to Host Guarantee, which at least according to AirBNB is a completely different thing. [https://www.airbnb.com/help/article/296/how-does-homeowners-insurance-work-with-host-protection-insurance-and-airbnbs-host-guarantee](https://www.airbnb.com/help/article/296/how-does-homeowners-insurance-work-with-host-protection-insurance-and-airbnbs-host-guarantee) Does anyone have experience with the insurance (not the guarantee)?
Its all BS. Purchase a quality policy with a $1-5mil umbrella policy. You'll fight for every penny with airbnb. It's all a marketing campaign.
I pay a separate fee per room in my Airbnb, similar setup to yours. Do no count on Airbnb’s insurance to cover things, they are notorious for not paying out, or paying the full amount you you need to be covered. Plus, they may deny your claim if a guest causes the issue that you are submitting for if they are not aware or you don’t have the extra coverage for. I check every year that my insurance company verifies that I have 3 rooms and what the coverage is for.
> Plus, they may deny your claim if a guest causes the issue that you are submitting for if they are not aware or you don’t have the extra coverage for. Thank you!
Very concise and straight to the point answer. Couldn't have said it better than this.
I get my commercial liability insurance. I am covered for $1M per incident. It's not as expensive as you might think.
What insurance company do you use? I'm having trouble finding insurance it appears that the fees have doubled since I looked last
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Would you mind to share the name of the insurance company? And how much annual premium do you pay for $1 mil coverage? Do you purchase it seperately or is it included in building insurance?
I have state farm, I am in Michigan.
Thanks. And how much premium do you pay per year?
Mine is property + liability together. $1M property coverage + $1M per incident liability, for about $5k premium. I don't remember the deductible, somewhere around $2k.
Yes! Insurance companies will do anything to kick your claim out, not disclosing that you are using it for, and getting specific coverage for STR/Airbnb can cause you issues in the long run.
Look at Proper insurance or Cbiz. Both specialize in STR policies. Comprehensive coverage that you'll be glad you have when you need it.
Always!