One issue that arises in the Airbnb Host Guarantee is the fact that if another guest checks in, you probably will not be able to file a claim for the damage your first guest caused.
You have another guest arriving the next day, so you spend your entire afternoon cleaning it up for your next guests, as you’re booked solid through the week. The time to fileĪnother scenario? A guest created a huge mess in your home-we’re talking damaged walls, carpet stains, broken furniture, the works. That said, a short-term rental insurance policy assesses items based on the actual replacement cost (as opposed to its cash value), so if you were to file a claim on your ruined couch, you’d get $2,000 back in full to replace it.
The actual cash value of the sofa would have depreciated significantly over time, meaning you wouldn’t receive the $2,000 you paid for the sofa, but just a small percentage of that sum. What does that mean exactly? Let’s say you purchased a new sofa last year for $2,000 and an Airbnb guest accidentally breaks the leg. If something you own has been damaged as a result of guests staying in your home, Airbnb’s Host Guarantee will replace the item or provide compensation for the actual cash value of the item. Still not sold on the idea of an extra insurance policy for your Airbnb property? Here are some additional reasons to purchase a short-term rental policy as you prepare to rent out your space. Host Guarantee isn’t exactly Airbnb insurance In fact, it acknowledges that this “guarantee” is not an insurance policy and encourages renters to purchase an insurance policy to cover any loss that is not within the terms. If you look at the terms and conditions of the Host Guarantee, Airbnb states that this guarantee does not cover you for everything that may happen during the time you’re renting out your property. Is your home listing with Airbnb insured? Sounds easy right? Let’s take a closer look. When listing a property on a home-rental website, like Airbnb, you’ll notice that you’re covered under something called a “Host Guarantee.” This guarantee is designed to alleviate some of the stress that comes with renting out your personal property, offering protection in the event that something gets damaged or destroyed during the rental period. As you fluff the pillows and iron the curtains, it might be a good idea to start thinking about how you want to keep your property protected as you start to invite other into it. So, you’ve finally purchased that second property and you can’t wait to start renting it out.
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