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Short-Term Rental Insurance in Ft. Lauderdale, Sarasota and Tampa

If you want to generate supplementary income, you may be considering renting out your house through Airbnb, an online hospitality company. While you are exploring this option, it is crucial to note the associated risks with this business activity. Having the right insurance plan in place can help alleviate these exposures.

The professionals at Florida Best Quote Insurance can help you build an insurance portfolio for your needs. Contact us today for more information.

Common Short-Term Rental Insurance Questions:

Does My Homeowners Insurance Cover Short-Term Rentals?
Prior to renting out your house through Airbnb, it is vital to review your standard homeowners policy. Different policies have different terms and conditions.

While some homeowners policies may provide coverage if you rent out your house occasionally, if you rent it out on a regular basis, that business activity may not be covered. Standard homeowners policies are typically written for personal risks, and this commercial activity may be beyond the scope of your policy. This could expose you to losses that occur as a result of renting the property, including property damage caused by your Airbnb guests.

Does Airbnb Offer Coverage?
Airbnb provides some coverage for hosts through its AirCover program. Please note that this coverage is subject to change, and it is a best practice to review AirCover’s terms and conditions regularly. As of Jan. 15, 2022, AirCover provides the following protections at no extra cost to hosts who list their home on the site:

Host liability insurance may provide up to $1 million in liability insurance coverage in the event guests’ property is damaged or stolen or if guests are injured

Host damage protection may provide up to $1 million in damage protection if a guest damages your house or your belongings.

Even with these protections, there may still be gaps in coverage that leave you vulnerable. Airbnb specifies its host damage protection is not an insurance policy, and hosts’ claims will be processed through the Airbnb Resolution Center.

Additionally, the host liability insurance program is subject to limitations, conditions and exclusions that may expose you to other perils. The agents at Florida Best Quote Insurance can discuss your risks and provide information on available coverages to fill in the gaps.

How Can Short-Term Rental Insurance Help?
In addition to Airbnb’s AirCover program and your standard homeowners policy, you may be able to secure short-term rental insurance if you plan to rent out your home. This may be available as an add-on to your existing insurance or as a separate policy. Short-term rental insurance may cover losses as a result of property damage, rental cancellations or theft. Premiums will vary based on several factors, including the size and age of your home and your selected limits.

Contact Us Today
The agents at Florida Best Quote Insurance can help you navigate the different available coverages. Contact us today for more information or a quote.