Why insurance for Airbnb property is so important?
Being an Airbnb host is a lucrative opportunity, but just one insurance incident on your property can easily kill the profits. When entertaining strangers in your home anything can happen.
If you’re hosting a guest in your own home, you might be surprised to find out that the typical homeowner’s insurance policy may not cover short-term rentals. Hopefully, you’ll never experience the worst case-scenario, but if that ever happened you’ll be glad for the protection and peace of mind that comes with having Airbnb insurance.
The right short-term rental insurance policy on your side means taking no chances. You’ve invested a lot into your venture, whether it’s a side gig or full-time business. Make sure you protect it.
What we’re offering
Airbnb insurance coverage will depend on a variety of factors, including the age of the building, its construction materials, the number of units, type and number of fire sprinklers and smoke detectors, the value of the unit’s content, the value of your rental revenue, and other considerations. So choosing the best insurance company can be a difficult task for the owner of a short-term rental property. MasterHost will guide you through the options available on the market and explain the differences so that you can choose a reliable Airbnb insurance provider to secure your investment.
Typically, Airbnb insurance will cover major events like:
- Water and fire damage;
- Loss of rental income;
- Loss/damage of unit content (furniture, cloths, electronics);
- Unit improvements (new flooring, new cabinets, new appliances);
- Legal liability;
- Sewer back-ups;
- Earthquake damage.
What’s Not Covered:
Normally, standard contracts do not cover the following risks:
- Damage caused by pollution or mold;
- Intentional damage to property.
What does the cost of vacation rental insurance depend on
Airbnb insurance costs will depend on many components, including the size of your rental space, the property value, the location, the level of coverage, and other details. For example: сoverage for a 1-bedroom, 1-bathroom condo downtown Vancouver could cost around $600-$1000/year.