Running an Airbnb or any short-term rental business comes with certain risks, so it’s important to have adequate insurance coverage to protect yourself and your property. Here are some types of insurance you may need as an Airbnb host:
- Homeowner’s insurance: You should check with your homeowner’s insurance provider to ensure that your policy covers short-term rental activity. Some policies may require additional endorsements or riders to cover short-term rentals, so it’s important to verify your coverage with your insurer.
- Liability insurance: Liability insurance protects you in case a guest is injured on your property or causes damage to someone else’s property. Airbnb provides Host Protection Insurance to eligible hosts in many countries, which covers up to $1 million in liability claims. However, this insurance does not cover all types of claims, so you may want to consider additional liability insurance coverage.
- Property insurance: Property insurance protects your property.
These are some of the insurances you need to have when you are running an Airbnb. Always consult with an experienced insurance provider who will guide you in the same. Having insurance falls under the Property management service in Toronto.