Why Insurance for Airbnb Hosts in Surrey is so Important?
Operating an Airbnb business presents a highly profitable opportunity, but a single insurance incident can swiftly deplete the profits. When you’re hosting strangers in your home, a multitude of scenarios can occur.
You may find it surprising that standard homeowner’s insurance policies may not cover short-term rentals. While we hope you never encounter a worst-case scenario, if it were to occur, you’d appreciate the security and peace of mind afforded by Airbnb insurance in Surrey.
Having the appropriate short-term rental insurance policy equates to leaving nothing to chance. You’ve poured significant resources into your venture, whether it’s a side project or a full-time business. It’s imperative to ensure it’s well-protected.
What Airbnb Insurance in Surrey We’re Offering?
The extent of Airbnb insurance coverage relies on several factors such as the building’s age, its construction materials, the quantity of units, the type and number of fire sprinklers and smoke detectors, the value of the unit’s contents, your rental income value, and other considerations. Thus, selecting the best insurance company in Surrey can pose a challenge for the owner of a short-term rental property. MasterHost will help navigate the various options available in the market, clarify the differences, and assist you in selecting a dependable Airbnb insurance provider in Surrey to safeguard your investment.
Typically, Airbnb insurance in Surrey will cover major events like:
- Water and fire damage;
- Loss of rental income;
- Loss/damage of unit content (furniture, clothes, electronics, etc.);
- Unit improvements (new flooring, new cabinets, new appliances, etc.);
- 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 in Surrey Depend on?
The cost of Airbnb insurance is dependent on numerous factors such as the size of your rental space, the property’s value, its location, the scope of coverage, and other specifics. For instance, annual coverage for a one-bedroom, one-bathroom condominium located in downtown Surrey could range between $600 to $1000.