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Gant Insurance Gant Insurance
  • Home
  • Personal
    • Auto
    • Homeowners
    • Umbrella
    • Motorcycle
    • Personal Quote
  • Business
    • Commercial Auto
    • General Liability
    • Commercial Property
    • Business Owners
  • Life
  • Health
  • Carriers & Claims
  • Become An Agent
  • About Us
  • Blog
  • Contact Us
    • Write A Review
Aug 09
Airbnb and Your Homeowners Insurance

Airbnb and Your Homeowners Insurance

  • August 9, 2018
  • Archives, Blog, home insurance

Insurance considerations for Airbnb hosts.

Renting out a space on Airbnb is a popular way for homeowners to make a little extra cash. However, this money-making system does come with a certain degree of risk. While you might feel adequately protected by your homeowners insurance, there are some insurance concerns that you need to be aware of. Here’s what you need to understand about Airbnb and your insurance coverage.

You Might Not Be Covered

Homeowners insurance policies tend to be very specific in terms of what they cover. Certain circumstances, such as using your home for business purposes, are generally excluded from coverage. If you are renting out your home on Airbnb, then your insurance may consider this a business operation. This means that, should your guests get injured or should they damage your home, then you might not actually have coverage for these claims.

Your Policy Might Be Cancelled

As an Airbnb host, you also run the risk of your insurer cancelling your policy. This might occur as a result of your insurer deciding that you are too risky to cover. If this occurs, your insurer might require you to switch over to a commercial insurance policy, which would mean higher premiums for you. If you are only making a few hundred dollars a month via Airbnb, then this profit might not be enough to offset your higher insurance costs.

Insurance Through Airbnb Might Not Be Enough

Airbnb does offer its own insurance for hosts, and this program offers up to $1 million in liability coverages. While this coverage might offer you some peace of mind, it’s important to understand that it does not cover everything. For instance, the program does not offer coverage for intentional acts such as assault or sexual abuse. It also does not cover communicable diseases, acts of terrorism, pollution, or asbestos. While some of these issues seem unlikely to unfold, they aren’t unheard of. If a guest faces losses not covered under Airbnb’s program, then you might have a seriously expensive lawsuit on your hands.

Keep these insurance considerations in mind if you are deciding to become an Airbnb host.  Do you have further questions regarding your homeowners or renters insurance?  Then do not hesitate to contact us at Gant Insurance Agency in McKinney, Texas.  Our dedicated team is ready to assist you with all your coverage needs today.

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