Home Insurance for Airbnb hosts
Airbnb Hosting has become increasingly popular in Ireland over the last few years. It’s a great way of generating an extra income by renting out your spare room or your entire home. At Insuremyhouse.ie we have specific insurance policies specially designed for Irish Airbnb hosts.
In Ireland, Airbnb has been continually growing over the last number of years and is still on that upward curve. Currently Ireland has circa. 22,000 Airbnb host properties. An analysis carried out by third party companies has revealed that somewhere in the region of 9,900 of those Airbnb host properties are owner occupied.
Many property owners who are hosting via the Airbnb platform are unaware of the need to inform their insurer that the properties are being used as a host property via Airbnb. This is known as non-disclosure and may lead to insurers voiding policies or denying claims. This could be potentially devastating for a property owner in terms of ever getting insurance in the future. It could also result in future premiums skyrocketing.
Insuremyhouse.ie have developed an specialist insurance solution for these owner occupied risks. Here are some Frequently Asked Questions about Airbnb hosting insurance:
Who is Airbnb Home Share for?
1) Airbnb Home Share is for owner occupied principal private residences used for Airbnb hosting in the following circumstances:
- The owner remains in the home and hosts Airbnb guests in spare room(s)
- The owner vacates the property and hosts Airbnb guests for any one period up to 14 consecutive days and not more than 100 inconsecutive days in any one period of insurance.
2) If I have an apartment or holiday home which is not my principal residence and I host Airbnb guests on a full time basis, is Airbnb Home Share for me?
No – Home Share is strictly only for owner occupied properties in the scenarios outlined in answer number 1 above. But the good news is we can consider Granny Flats, Out Buildings and Log Cabins where they are an annex/adjoined to the insured property, please ask us for more details when getting a quote.
3) Will Airbnb Home Share cover all liabilities arising from Airbnb use?
No – Airbnb provide liability coverage for both Hosts and Guests while Airbnb Home Share will provide standard Household Buildings & Contents cover.
Airbnb Host Protection Insurance provides cover of up to USD$1M for bodily injury and/or property damage to guests while in the property.
Airbnb Host Guarantee provides cover of up to €800,000 for hosts to cover damage to property incurred as a result of Airbnb hosting.
4) What other benefits will I enjoy with Airbnb Home Share?
Airbnb Home Share has 24/7 Home Emergency Assistance provided as standard: up to €260.00 plus vat on any one call out and up to 3 call outs per year.
Hosts should make the Home Emergency Assistance number clearly visible in the property so that in the event of an emergency arising when the guest is on site the consequences may be limited and not develop into a bigger issue.
Airbnb Home Share will also provide loss of income of up to €250.00 in any one period of insurance where a claim arising from an insured peril leads to the cancellation of an imminent confirmed Airbnb booking.
5) Is there anything else I should know?
Airbnb statistics suggest that incidents/claims are rare: of more than 30 million stays worldwide in 2016 claims in excess of USD$1,000 reimbursed through the host guarantee were reported in only 0.009% of stays – that’s a very low frequency.
In addition to the Host Protection and Host Guarantee Airbnb have built a dispute resolution process and platform to enable quick and efficient resolution of minor issues to avoid escalation into claims.
Plus the two way host /guest review rating protects both parties as neither hosts or guests will want a bad review to impact their respective rating.