Listing your homes to short-term paying guests is a great way to earn extra income. But before you do so, you need to make sure you have the proper insurance coverage because your homeowner’s insurance won’t cover loss of belongings or damage to your home for short-term rentals. So how do you get insurance for Airbnb?
Rely on your Current Homeowners Insurance
Homeowner’s insurance policies don’t cover short-term rentals like Airbnb, but some policies might cover occasional rentals. You might be able to rely on your current homeowner’s policy if it allows occasional rentals and you don’t have numerous guests. Contact your agent for more information on whether your policy covers any short-term rentals.
Try to Add a Home-Sharing Endorsement to Your Homeowners Policy
You amended your homeowner’s insurance policy by adding protection for certain short-term rental risks, but not many companies offer this option. A home-sharing endorsement might have higher limits and different coverage terms, but this could be an affordable option since it is not a single policy.
Purchase a Home-Sharing Policy
Getting a home-sharing insurance policy might be the best option if you own one or more Airbnb properties. This policy will give you the greatest coverage flexibility, deductibles, and limits, allowing you to customize the insurance policy to your needs.
Contact your agent if you need help insuring an Airbnb rental property. Your insurance agent can review your situation and explore coverage options with you.
