In order to obtain profitability from certain properties, it is very common to use this platform, which is very easy and convenient to use. We will see if Airbnb offers us some kind of guarantee, and whether our own insurance would cover possible damages. Our home insurance ranking can help you.
Airbnb Host Guarantee
We are in luck, as Airbnb itself has taken the trouble to subscribe to an insurance to protect possible damage to third parties and even the owner of the house («host insurance»). The truth is that a great many people are unaware of this coverage, and have learned about it because we have informed them.
This policy has been taken out worldwide, although it is only applicable in certain countries (Spain, among others, is protected). It offers a guarantee of up to EUR 800,000, for possible damages that the tenants may cause in our home.
The loss should be reported to Airbnb within 14 days of the guest's departure, by sending photos and filing a police report, for damages of more than 250 euros. However, you should read the small print of the policy in question, as certain issues are not covered, or are covered with limitations. We are talking about: cash, pets, common areas, jewellery, ...
Does my home insurance cover possible damages in Airbnb?
It would be important to know the usage in the your multi-risk home insurance policy. For example, if it is described as “owned, principal residence”, at no point do you state that you use it for holiday rentals. This fact could be sufficient for the insurance company not to cover the damage.
We must bear in mind that, as owners of the flat, even if the damage was caused by someone else (and he is directly liable), we shall be vicariously liable, as 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 any problems with your household insurance, contact your Brokerage to check that you are properly insured. As they say, «Prevention is better than cure.
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