Airbnb Insurance

Cheap flights, underrated tourist destinations, and a hip crowd of young adventurers looking to live their best life are all driving the local real estate market in new ways. The increasing demand for home-away-from-home accommodations has given rise to comfortable, unique, and accessible short-term rentals that are cheaper than hotels and motels. They’re filled with household amenities like kitchens, living rooms, decks, and even pools or hot tubs. These homeowners opening their own homes and rental properties connect with vacationers over platforms like Airbnb.

Are you an Airbnb host? Whether it’s for making extra cash on extra rooms you barely use, or business venture on an entire property like a summer cottage or condo unit, Airbnb and short-term rentals insurance provide a steady stream of income — if you know how to secure it.

I Already Have Home Insurance — Do I Need Airbnb Insurance?

Most property owners already have an insurance policy in place, such as homeowner’s insurance to protect their living space, personal property, and basic liability. But it’s not the same when you’re using your home for business, such as rentals. Your basic home insurance coverage does not cover damage caused by business and income-generating activities, such as Airbnb hosting.

As an Airbnb host, your home is also your place of business. You create a listing, set the price, stage it for inviting photos, manage bookings, and restore the place when guests check out — just like hotel management. While Airbnb may include insurance protection through fines and additional charges unruly guests pay for the damage they caused, you will still want to take all necessary precautions to protect your biggest investment. Before you hit post, remember to talk to your broker about how being an Airbnb host may impact your insurance coverage.

What Does Airbnb Insurance Cover?

Airbnb guarantees two types of minimal insurance protection:

  • Host protection insurance: typically provides up to $1 million in liability coverage for injuries or property damage sustained by third parties, such as guests, condo management, and neighbours.
  • Host guarantee protection: provides up to $1 million of property damage coverage due to accidents, theft, and other losses caused by guests.

Airbnb And Short-term Rental Insurance

The coverage limits provided by Airbnb might sound a lot, but the cost of legal fees, settlements, home repairs, and property replacement can easily rack up. You could end up dipping into your savings or wiping out rental income as a result of liability claims and additional repair costs.

A comprehensive Airbnb insurance policy builds on your existing home insurance policy by providing additional coverage that the Host Protection and Host Guarantee Protection cannot cover. This coverage also extends your home insurance policy, since damages and injuries that occur when the property is in use for Airbnb rentals may not qualify.

Ask Our Brokers

At BrokerLink, our brokers are here to help you welcome tourists discovering the beauty of Canada. We work with major insurance providers to present you with various policy options, and tailor the coverage according to your needs. Protect your real estate investment, rental income, and reputation as one of the warmest and friendliest Airbnb hosts in the country — complete with a conveniently furnished and located home at the heart of these tourist destinations.