Short Term Rental Host Insurance Requirements Airbnb VRBO

At Montgomery & Associates Insurance, many of our customers own short-term rental property. It can be quite lucrative and add a revenue stream to current earnings. Whether you currently earn short term rental income or are considering entering the market, host insurance is a definite factor. A number of rental companies have emerged to market your properties. In the vacation rental industry, Vacation Rentals by Owner (VRBO) and HomeAway are the big players. In the short-term rental market, AirBed and Breakfast (Airbnb) has emerged as the leader.

You will want protection for common losses or exposure. 

Most Common Short-Term Rental Risks 

1) Property Damage– This is why property owners limit or prohibit party situations. The more people who spend time at the property, the bigger risk the owner faces of damages, particularly with the addition of alcohol consumption
2) Loss of Airbnb Property – Guests often walk off with items that were meant to stay at the property. This can be things like small kitchen appliances and towels to artwork or other items. Theft will happen, even if it is minor. 
3) Injury on Premises – Taking safety precautions is a great first step, yet guests can get hurt and sustain injuries that require medical care or hospitalization. It is imperative to be properly protected.

What does Airbnb cover? Airbnb provides some basic insurance to protect against losses. See the details of their Host Liability Coverage and Host Damage Insurance Protection or ask one of our team members for these specifics. Our agent will identify the gaps in coverage and determine whether your homeowner’s policy requires an additional endorsement. Also, an evaluation of your current coverage in instances that you live in the home and are renting a room short-term