I’m having major problems trying to renew my house insurance as now need to look into a policy that covers my guests ( public liability) and property which now houses guests. Because Im not a registered business I can’t come under a commercial policy ( which I need to take B&B guests apparently and the policies for Bed & Breakfasts and Guest houses don’t seem to tick the boxes either. I’ve been given quotes and at first they try to sell me the policy then call me back saying after checking with the underwriters they cannot insure me. I’m totally bamboozled as to what type of insurance I need. Some say a commercial ( but I’m not a registered business, just do my end of year returns under the 'rent a room scheme here in UK) I’m stuck between a rock and a hard place and I’m going abroad in 3 days time so need this sorted asap!
Following. I am in the same position.
I think for now I’m going to get insurance that just covers the usual ( I usually go for the ones that cover long term lodgers as that’s what I did before I started Airbnb) They are more for ‘land lords’ and at least cover buildings and contents where the insurer is aware there are lodgers in the house. It’s a stop gap for now and at least if my house burns down whilst I’m away ( and will be empty anyway) I’ll be covered…I hope! Ive applied to my local council for ’ change of use’ to make my place into a proper B&B but have a feeling that is going to have so many restrictions and headaches it may not be financially worth it. Then Im in a different league and have to become self employed through HMRC and all the other crap that goes with it, but in the long term, if I want to rent more rooms through Airbnb or whatever web site the income is higher and it will become a bigger business. Meantime, until the council get back to me I need to insure my property.
If you hear of a company that does insure the likes of us please let me know!
Hi MIG, after hours ( no days!) I have finally got cover for my buildings, business contents and public liability. I have been quoted up to £2000 by a few companies and most wouldn’t touch me. The company I’m insured with is Simply Business and the underwiters are NIG. Their final quote is £838.42 per annum (£94.32per month) and the cover is very extensive, even covering personal accident and death (for myself) …£10,000 and public liability £2mil, which you will require. The excesses are minimal and it even covers me for one employee, whether or not I have one. If you want me to pass on details of the chap I delt with I can do so, he is aware I’m going to pass on their details here. If anyone on here takes out insurance with them due to my reference (you have to link your enquiry to me, I can give details) I get £25 cash back and so do they, just a wee perk. Of course the quote I received is for my property which may be larger or smaller than yours (125sq meters, 3 letting beds) However importantly you will require a rebuild value, an important box to tick so know yours…there are survey companies who work this out for you quickly on line but know the sq meters your property so they can calculate this. If you underestimate the rebuild value you may lose out on payout if the place burns down, equally if you over estimate you may not be covered.
Hope this was helpful and let me know if you want this guys email address to make enquiries
Thank you, an email address for your contact would be great. Happy to mention that you refered me. Am I able to pm you on this site?
I don’t think you can send pm on this , well can’t see how to. I’ll try sending email and phone number but might be blocked? Otherwise not sure how else to contact on here privately
Name of person who painstakingly spent a lot of time tying this up for me is Greg Smith
Email: gregory.smith@simplybusiness.co.uk
Tel: 01604 823931
My name is Fiona Holmes. speak to Greg and he’ll remember me as it has been a mission to get the insurance and he viewed my Airbnb listing ( they do ask to see it, others have also to confirm what you are doing)
I’m off to Vancouver tomorrow for a much needed holiday so out of touch…maybe. Good luck and let me know how you get on
Fiona
For balance I should offer a plug for https://www.belongsafe.com/
Had an exchange of emails with them as I may be Airbnb hosting later this year.
They are very new, definitely are designed for the Airbnb home insurance scenario and will offer it by the day, so you could cover seasonal groups of bookings.
If you are the first UK Airbnb host to try them, do report back with your feedback!
Interesting and good to know snazzee and the day to day policy sounds great as I’m tied into a year now. As I said in my earlier post I ended up with NIG and they insured me under their ‘Hotel & Guest House’ policy ( the public liability took the biggest portion of the cost) which worked out at £1200 for the year ( compared to my previous residential insurance of around £300!) 7 months down the line now and still paying £94 per month I regret taking this out. I will not be renewing it after speaking to a few local people who are on Airbnb and think I’m mad ( they have stuck to their ‘normal’ policies) Better safe than sorry was my thinking at the time…would hate a guest to fall down my lovely Victorian staircase then sue me. But to be honest my very seasonal bookings have not covered the cost…it’s all about profit at the end of the day and the insurance I took out last Sept certainly has cut into that…and I always have a suspicion that insurance companies will find a loop hole to prevent paying out claims.
I’m relatively new to hosting - I’ve had about 5 guests so far, getting 5 star reviews which is good.
I thought I’d check the contents insurance situation, which I did today. My current insurers - Bradford & Bingley (which is underwritten by one of the big insurance companies) - said outright they won’t cover me, and they couldn’t offer me anything else, saying I’ll have to cancel, but they’ll waive the cancellation fee as they can’t offer me anything.
I tried comparethemarket, it came up with a new quote. The cheapest was Budget Insurance, but when I phoned to discuss details they couldn’t insure me after all. The form on comparethemarket had no provision for covering this sort of short term rental vs a ‘lodger’.
I got quotes from two brokers, mentioned the moneysavingsexpert site. The first was an online quote which had a ‘bed and breakfast’ add on, the other one was over the phone. It turned out neither would insure my own contents in the shared areas, e.g. the TV in the lounge, which to me partly defies the point of getting the insurance. The cheapest, from Home Protect, was £150 for the year, the second one, from Insurance Choice, was about £250 for the year. Now, at least they could offer insurance, unlike Bradford & Bingley, but they’ll only cover possessions if there’s forceful entry. E.g. if a guest takes something it’s not insured.
So, this all seems a bit rubbish to me. How is everyone else coping with this? I don’t get it. If everyone’s contents insurance is invalidated (as mine is), what is every one doing about it?
Cheers,
Rob.
Wanted to share my positive experience of insuring through now4cover, found them via google. Quoted online, very easy, unlike my previous experiences of trying to insure my home with hosting.
This is a bit late, but I guess that it’s almost time for you to renew!
We were delighted with the cover we got from NFU Mutual. Many farmers run BNB or self catering lets so the company tends to understand our needs. You don’t have to be a farmer to get cover.
Our policy covers our home, personal property, our childrens’ personal property whilst away at Uni, four self catering cottages, outbuildings, PL, etc. all for about 3x what we paid for our old 4 bed house.
Hi WyeView - the deal you got with NFU Mutual sounds really good. Were you able to complete an on line quote or did you call them and talk through your specific requirements? Does your policy have a name?
Many thanks
Derek
It is called " Home and Lifestyle insurance" from NFU Mutual and the best thing to do is call (or pop into) your local office. Find your local branch on the website , or I think that calling the 0808 2782261 number connects you to your nearest office anyway.
Brilliant - I will do just that and post how I get on. Thanks for the info and speedy reply. Derek
Admiral also do specialist home insurance covering short terms lets I believe.