Verify your insurance
Most hosts already carry homeowners or renters’ insurance on their property. The problem, is many insurance carriers consider short-term renting a business activity, and any claim involving a guest could be denied. We encourage you to contact your insurance agent, explain you are short-term renting on a regular basis, and get answers in writing from an underwriter.
Questions to ask?
If I entrust my property to a short-term renter, and that renter/guest damages or steals my personal property, will my insurance respond?
If I entrust my property to a short-term renter, and that renter/guest is injured at my property and claims me liable, will my insurance respond?
If I entrust my property to a short-term renter, and that renter/guest causes bodily injury or property damage to someone off my premise, and I am found liable for their actions, will my insurance respond?
*When having these discussions with your insurance agent, make sure and get clarifications and answers in writing from an underwriter.
Specialty Replacement Insurance
If your property is in the U.S. and you are not getting clear answers from your agent, we encourage you to reach out to our preferred vendor Proper Insurance® as they specialize in insurance for short-term rentals. They are happy to answer your questions and potentially provide you with a quote for their specialty Lloyd’s policy. It is designed to fully replace what you currently carrier, and offers comprehensive coverage for both the personal and short-term rental use of your property.
Specialty Supplemental Insurance
Some property owners decide to keep their homeowner’s or renters’ insurance in place and simply want to pay for supplemental coverage designed for short-term rentals. This would be an additional cost, but may make sense for owners who very occasionally rent. Below are a few carriers who offer this type of policy:
Porter & Curtis – www.homesharinginsurance.com
Slice Insurance – www.slice.io
Comet – www.comethome.com