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I’d guess that many, maybe most hosts haven’t given it any thought. It simply hasn’t occurred to them. My homeowners insurance just renews each year; I don’t offer answers to questions they haven’t asked.
Because I’m on this forum and I read other things about Airbnb I became aware. Like you, I’m not sure I could make enough money to make home sharing insurance buying logical. I’ve weighed the risks and I’m going to continue without additional insurance for now. I live in a one story home, there is rarely ice on sidewalks or falling limbs. There’s no risk of wildfire, hurricane, earthquake or other disasters.
I’ve spent a lot of money to make my home safer for my dog boarding and airbnb business but I’m taking a calculated risk.
Airbnb is handling a liability claim for me where a doctor’s gf fell over a lounge chair on the back deck. The coverage seems to be good so far for liability claims. I do not believe they will cover property damage claims though, and generally and most property damage claims may be less than one’s deductible.
It’s not the Hurricanes and wildfires you need to be afraid if, it’s the common slip and falls like the one posted here by Rod. They happen all the time and they can end up owning your house if you cannot cover their medical bills, loss of income, etc.
I think it’s much more likely to be that you are posting on an international forum and are asking for very specific information. Your post sounded more like asking for an insurance quote than recommendations.
I have such insurance but am based in UK so my information isn’t relevant for your situation.
I agree I would post on a local host forum/and call a local insurance broker.
Personally I wouldn’t use Airbnb without STR home insurance policy because of the horror stories around using the host guarantee and because I want to ensure there is the cover I need for areas not covered by the host guarantee.
As another poster pointed out, it’s hardly the natural disasters you need to be concerned with. Apparently, here in the US, once you step foot on someone else’s property, you no longer need to be at all concerned with your own personal safety, as the homeowner now bears all responsibility.
I understand there are risks. We all have different risk tolerances. We also have different kinds of rentals. Of course slip and fall can happen anywhere but some rentals are more at risk: icy, wet locations. Places with stairs or a hilly path down to the private basement entrance. Whole house rentals where people drink and hang out on the deck with the lounge chairs, hots tubs and rifles (yes rifles). Can you imagine the insurance rates on a whole house rental with a fire pit, and grill in the arid west?
I also board dogs in my home. I have insurance for if a guest dog gets injured but no additional liability insurance. That would exceed your risk tolerance but not mine. I did add a separate entrance so airbnb guests and dog guests don’t mix unless I’m supervising. It’s risky though.
Risk isn’t just about absolute risk based on data, it’s also perception as seen on another thread about a shooting. Some people are too afraid of guns, some aren’t afraid enough.
Lets not forget, there are two aspects to having liability insurance. One part is to protect the homeowner/host from financial ruin in the event of a large claim. The second reason for having coverage is to protect the guest(s) staying in your home should they have a serious accident and need medical attention which may also lead to loss of income for a period of time… or longer.
Your guests, just like those staying at any commercial hotel/motel, expect there to be safety measures in place to protect them while they stay at your establishment. That includes proper liability insurance.
How many would likely book at your home if you posted in your listing “I have no liability insurance coverage so if someone in your party gets hurt while you’re here, you’re on your own”.
LOL. You aren’t aware that most people don’t read the listing?
That would be interesting wouldn’t it? Airbnb does provide some coverage and Rod and Helsi posted more details in another thread. Something like this would be more accurate: “I have no liability insurance coverage in addition to that provided by Airbnb so if someone in your party gets hurt while you’re here, it’s uncertain that all your medical expenses would be covered.” And even if I had additional insurance there would be no guarantee that an injury would be covered. Insurance sometimes denies claims.
Life is full of risks and each of us should proceed according to our own risk tolerance.
If you don’t have adequate insurance coverage and you are found to be liable, or partly liable, for a guest’s injury you could be successfully sued. Foregoing liability insurance does not mean that you won’t be held liable.
I wouldn’t even float the idea of that… it’s not going to protect you anyway.
I am kind of alarmed that Air told the OP they were on their own, when clearly host liability covers the exact sort of accident describ d.
Could they have had their call answered by someone inexperienced? That has certainly been known to happen. I think they have a first line of service to field the calls, then they get escalated elsewhere depending on the type of problem.
K9 is simply self-insuring, or as it is termed “going naked.” If you have no mortgage or lien on the property, you might want to consider taking what you would pay in insurance premiums, and investing it (low cost index fund) to create your sinking fund to cover damaged and injury claims.
In contrast, the illegal short term renters in apartments are transferring their liability risk to their landlords – for free! Which is surely part of the reason this practice really annoys landlords.
I advertise my space as “licensed and insured,” which hopefully attracts responsible and prudent guests, not guests who say, “Oooh, here’s a place to have a slip and fall and collect big time!” So far so good.
When you self insure, you forego having the insurance company’s adjusters, investigators and attorneys work to make sure that the claimant really has suffered as much loss as they are claiming.
“K9 is simply self-insuring, or as it is termed “going naked.” … no mortgage or lien on the property…”
Same here. My STR and four LTR’s are in HOA’s, so specific amounts of insurance coverage are required. The rest of the LTR’s are not and we’re going it nekkid also. Calculated risks.
My mortgage is paid but my home insurance is only $600 a year so it wouldn’t create much of a cushion. Someone suing me wouldn’t be able to get much (not that it would keep someone from trying). Texas asset protection laws are such that most of my net worth is in my house, retirement accounts and pension which are exempt.
It seems that there are widely divergent experiences (likely based on location) regarding insurance. I’ve read on this forum that many people have had their policies canceled when they mentioned STR to their insurance agents.
In my particular city, a few of us asked our existing companies about adding STR coverage (we are owner occupied buildings/homes) to our current policy and 2 different companies offered to add a rider for $200-300 year (State Farm and Erie – which only operates in some states in the U.S). Our annual home insurance is already a few thousand dollars.
It seems that a company’s lack of familiarity with AirBNB is a significant disadvantage as the response seems to be “you need commercial coverage” which is the most costly option.
I get it! 
