Consider checking your insurance if you Airbnb your property

From Duncan’s desk
May 7, 2019
While you’re packing, remember your travel insurance
May 7, 2019

If you Airbnb your property, you need to ensure that your property is not over or underinsured. This is especially important during peak season, as the increased traffic of tourists comes with increased risk and responsibility.

The safety of your guests should be your number one priority. It is impossible to foresee every single eventuality, but if something were to happen to your guests, you should be covered. It’s important to remember that anything can happen, for example, your guest could fall down a flight of stairs, or suffer a home invasion. Make sure to give your insurer a call to discuss your needs and whether you are covered if something like the above were to happen.

If your guests’ possessions are stolen, insurance will only pay out if there are clear signs of forced entry into/onto the property. If you take the necessary security measures to ensure the safety of your guests, their possessions and your property, a break-in could be avoided.

It’s also important to note that it’s not only your guests’ possessions that are at risk but your property as well. When opening your home to strangers, there is always the possibility that your property may be damaged, or that items get stolen. The question isn’t whether this will or won’t happen, but rather if you are covered if this does happen.

As an Airbnb-registered property owner, it is advised that you sit with your insurer and discuss your current policy to know what is covered and what is not. This way, you could find other options that would best suit your needs. Once you have decided on the type of insurance, make sure to provide your guests with a summary of what is covered and what is not.

Finally, it’s important to remember that insurance cover is subject to the proper use of alarms. It’s important that your guests know how to use the alarm. You can provide your guests with detailed instructions on how to activate the alarm and why it is important that the alarm is activated. Another thing you can do is to provide your guests with additional security tips for when they are outside the premises. This will help keep your guests and their possessions safe and ensure that they have a delightful stay and give your property an excellent review!

This article is a general information sheet and should not be used or relied on as legal or other professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your adviser for specific and detailed advice. Errors and omissions excepted (E&OE)