• Airbnb Insurance in Toronto

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Why Insurance for Airbnb Hosts in Toronto is so Important?

Insurance for Airbnb hosts in Toronto is vital to protect your property, guests, and financial assets. As a host, you are responsible for the safety and security of your guests while they stay in your property. Unfortunately, accidents can happen, and unexpected events such as property damage or theft can occur, leaving you liable for the costs.

Having adequate insurance coverage can help you mitigate these risks and protect yourself financially. Airbnb offers a Host Protection Insurance program, which provides liability coverage up to $1 million for eligible claims involving third-party injuries or property damage. However, this program does not cover all types of damages, such as loss of income due to booking cancellation.

Therefore, it’s essential to consider purchasing additional insurance coverage specifically designed for short-term rentals.

What Airbnb Insurance in Toronto We’re Offering?

Choosing the right insurance company for your Airbnb property in Toronto can be a daunting task. Insurance coverage will depend on various factors, including the building’s age, construction materials, number of units, fire safety measures, and the value of your rental income. At MasterHost, we understand the importance of protecting your investment, and that’s why we guide you through the options available on the market. Our team will explain the differences between insurance policies to help you choose a reliable provider that suits your needs. With the right Airbnb insurance coverage, you can have peace of mind knowing that you and your guests are protected against potential risks and liabilities.

Airbnb Insurance Toronto

What’s Covered

Typically, Airbnb insurance in Toronto 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 Toronto Depend on?

Airbnb insurance costs will depend on many factors, 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 in downtown Toronto could cost around $600-$1000/year.

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