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:
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.