Pikl News Archives - Page 2 of 2 - Pikl

Top insurance tips from Louise Birritteri at Host 2019

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 report about the sharing economy 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 about Airbnb and the protection it offers hosts.

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 are 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 are 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.

Our host portfolio insurance has launched!

For property managers and sharing platforms

At Pikl, we preserve the things you love so you can focus on being a great host. If you are a property manager or sharing platform, your clients may see value in having an insurance package that covers them for their needs.

Do our clients have the right insurance cover?

Our recent report identified that 100% of UK insurers do not automatically provide comprehensive cover for property owners doing Airbnb or short lettings on similar sharing platforms as standard, meaning that property owners and guests could be at risk if they need to make a claim.

Why do you need to know this?

There is an insurance gap for property owners doing short term letting. So, being able to offer a comprehensive insurance package to your clients will help them protect their assets and could give you an advantage over competitors that do not offer this service.

Won’t the sharing platform cover them?

Many platforms such Booking.com don’t provide cover for listings on their platform. The covered provided by Airbnb is not comprehensive.

What solution do we offer?

We are excited to be discussing at ‘Host 2019’ our new, ‘Host Portfolio Products’.

If you manage or list multiple properties and require a simple solution that protects your clients with the minimum effort, we can provide you cover under a single policy that allows you to add properties when needed without the hassle of them needing to take out the extra cover themselves.

What are the Benefits for you and your hosts?

Our portfolio cover allows you as the platform or property manager/agent to take out an insurance policy to cover some or all of your listings or properties when they have bookings, protecting your property owners from property damage and liability when you share your property. This means you could include insurance as standard within your service offering to hosts as part of a trust and safety package (this could also include guest verification).

This enhanced safety feature can encourage new host sign-ups and also allow some property managers to maximise your commercial benefits by providing an enhanced service package offering to your clients.

How are we different from other insurers?

We are an award-winning specialist insurance provider for the sharing economy, recognised by the insurance industry for the innovative propositions we have created by winning Start-Up and Digital Broker of the Year 2019.  We provide comprehensive cover for short letting with the option of no minimum claim limits, and the choice of pay-on-use or annual policies.

Find out more

If you want to find out more, check out our portfolio insurance section. Please contact 0800 254 5268 to speak with one of our experts or email partners@pikl.com

*For full policy terms and exclusions please read our policy wording