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What does becoming an Airbnb host do to your insurance coverage?
June 3, 2019
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Property Taxes: The rising costs of doing business in Calgary.
June 10, 2019

Insurance Options for Airbnb Hosts

Published by Curtis Beswick on June 6, 2019
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  • Personal Insurance
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More and more people are seeing the income potential of becoming an Airbnb host jump right into registering as a host before talking to their insurance company or broker. Before you jump right in, let’s take a minute to make sure you’re not putting yourself or your property at risk.

First, you can’t assume your property insurance will cover you. In fact, not all insurance companies can or will provide the type of short-term rental insurance you’d need. And the few that do (Aviva and Wawanesa) have some pretty specific conditions that you’d need to meet. For example, let’s look at some of the specifics:

  • You have to choose the length of your short-term rental policy (either 90 days or 180 days). Once you decide your term, you can add time but you can’t make it shorter.
  • All rentals must be short-term within the timeframe of the policy – this means you can’t have a renter for 6 months or 1 year. If you want to have a single renter for that length of time, you’d need landlord insurance rather than short-term rental insurance.
  • If you promote your Airbnb as a Bed & Breakfast, you would not qualify for short-term rental insurance and would need commercial hospitality insurance instead.
  • Time sharing is not allowed.
  • If you remove the short-term rental insurance policy at any time, you’ll need to wait at least 12 months before you are able to add it back onto your policy.

If it seems complicated, that’s because it can be. That’s why it’s important to talk to an insurance broker you can trust will look after your interests, and find the right product for the short-term rental opportunity you’re pursuing. Adding to your income potential can be a great idea, if you’re sure it’s not going to end up putting your property or overall worth at risk.

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Curtis Beswick
Curtis Beswick

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