To obtain profitability of certain homes, it is very common to use this platform that is very easy and convenient to use. We will see if Airbnb offers us some kind of guarantee, and if our own insurance would cover possible damages. Our ranking of home insurance can help you.
Airbnb Host Guarantee
We are in luck, since the Airbnb company itself has taken care to subscribe to an insurance that protects possible damages to third parties and even the owner of the house (“host insurance”). The truth is that many people are unaware of this coverage, and have learned about it thanks to the fact that we have informed them.
This policy has been subscribed worldwide, although it is only applicable in certain countries (Spain, among others, is protected). It offers a guarantee of up to 800,000 euros, for possible damages that tenants may cause in our home.
The loss should be reported to Airbnb within 14 days of the guest’s departure, sending photos and filing a police report, for damages of more than 250 euros. However, it is necessary to read the fine print of the policy in question, since certain issues are not covered, or are covered with limitations. We are talking about: cash, pets, common areas, jewelry, …
Does my home insurance cover possible damages in Airbnb?
It would be important to know the use that appears in your multi-risk home insurance policy. For example, if it is described as “home owned, principal residence”, at no time do you state that you use it for vacation rentals. This fact could be enough for the company not to assume the coverage of the damages.
We must bear in mind that, as owners of the apartment, even if the damage was caused by someone else (and he is directly liable), we will be vicariously liable, since it is our home.
There would be certain events that would be covered by the policy: if a pipe bursts suddenly through no one’s fault, or a power surge…
Better to consult your insurance broker
If you want to make sure that you will not have a problem with your home insurance, contact your brokerage to verify that you are properly insured. As they say, “prevention is better than cure”.
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