Hi Rhona,
I would be cautious in accepting what the company says. I looked them up and the insurance company backing them is Mutual Fire which has an A- AM Best Rating so they are financially solid and a registered and regulated Canadian insurance company. However I think these are some of the questions you may want to ask/consider:
- is coverage dependent on how many times the suite is rented out or for longer than certain periods? (e.g. coverage only applies for guests staying longer than 1 month)
- is the coverage contingent upon the guest having their own insurance?
- if there is no property damage to cover the damage guests cause to the suite, where does this coverage get picked up? Does Square One offer first party property coverage?
- what kind of deductibles are available?
I would need to see a copy of the policy to see exactly what they are covering and excluding but the main issue I see is that if theyâre not offering first party property insurance coverage, then what happens if a guest burns your house down? Another insurer will likely not be willing to insure you for property & liability because of the Airbnb operations so Square One should offer this so that youâre covered on all bases.
Regarding the waiver, most waivers are actually useless when it gets to court. Signing a waiver unfortunately doesnât absolve the responsibility of the homeownerâs duties of care towards people coming onto the premises.
Hopefully that helps. Let me know if you have other questions.