Talk to your broker before renting on Airbnb
Many insurance providers across Canada are suggesting to anyone operating or thinking about operating a short-term rental such as Airbnb, to check their home insurance coverage.
When you open your home as a “rental”, you’re changing the risk profile and that affects how it is underwritten.
Your policy may change depending on how you are renting and how often you are renting. If you have a single-family home and you rent one room, it would be different than if you had an entire apartment building to rent.
If you’re considering renting out a room in your home, talk with your broker. Many brokerages understand that there’s a growing need for rental coverage and can help you with finding the right coverage for what you’re looking to do.
Some hosting sites do offer insurance when you list your home with them (Airbnb has two products), however, there are some things that aren’t covered.
At the end of Airbnb’s Terms & Conditions, it says, “The Airbnb Host Guarantee is not an insurance policy. To the extent you desire protection beyond the Airbnb Host Guarantee, Airbnb strongly encourages you to purchase insurance that will cover you and your property for losses caused by guests or guests' invitees in the event your loss is not within the terms of the Airbnb Host Guarantee."
Many basic property insurance policies don’t expect homeowners to allow strangers into the home without them being present, so make sure to talk to your broker and ensure that you have the right coverage for your home.