Top Insurance tips from Louise Birritteri at HOST2019

Top insurance tips before letting out your property


Listing your property on Airbnb or similar websites is a great way to earn some extra money. But many people are surprised to learn that regular household insurance won’t always cover paying guests. See our ‘Insuring the shared economy report’ for more information.

If a guest has an accident resulting in an injury or damages your property, you (the host) could be left to cover the costs. In the best-case scenario, this might result in broken belongings. In the worst case - a legal suit involving a personal liability claim against you.

Airbnb offers some protection via their ‘Host Guarantee’ and Host Protection Insurance, which is a positive step in protecting both hosts and guests. However, it's important to be clear that this protection is no substitute for a specialist insurance policy. You can find out more in our article, ‘Is Airbnb’s Guarantee Enough for You?’

Take these simple steps before letting out your property to protect your guests and assets.

1. Contact your existing household insurer and ask if they cover short lets.

Some will say no and want to cancel your policy immediately. Others will allow you to keep your existing policy but may not be explicit on what is included in the cover.

2. Ask your current insurer these questions to find out if you're covered for hosting short lets:

•             Will theft without forced entry, accidental and malicious damage by a guest to my property be covered?

•             Will any guest injuries that occur be covered? This is known as - public liability insurance.

These are the two main areas for insurance when it comes to cover for hosting. Directly ask your insurer these questions. It's likely that they won’t offer adequate cover.

3. Don’t use comparison websites, you won’t be covered.

Comparison websites provide a quick easy service for some types of insurance but when it comes to hosting insurance for short letting, you need to speak with a specialist provider. Pikl can help.

4. Save money with an annual (specialist) insurance policy.

If you’re letting out your property for more than two weeks of the year or are a Property Manager with a portfolio, get an annual insurance policy with a provider that offers specialist cover. It will cost less. 

5. Always be open and honest with your insurer.

If you’re already hosting short lets, tell your existing insurer. If they decide they can no longer cover you, take steps to find the right cover.

Do you want to know more?

Get in touch today for free and friendly advice on preserving the things you love. Call our advice centre on 0800 880 7350 or get a quote with us today.

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