What's your #1 Concern about being an Airbnb Host?

[konacoconutz]

@felixcat

We had a visitor last week who was unfamiliar with our particular type of grill, and made flames that went at least 6 feet into the sky. Unfortunately, he did not move the grill away from the deck before lighting it. Fortunately, that giant flame was short-lived and did not set the deck ablaze.

Geeeeeeze!!!..

[Rebecca1]

@cabinhost

1 is not having the correct insurance coverage in case something happens.

I concur! I went four months believing that Airbnb insurance and host guarantee was designed to replace our need for insurance. What a risk I took! I now use Peers insurance but I am not sure until I have to use them if this is going to be enough. Has anyone else used them?

[Maggieroni]

This bothers me, Peers will only pay if your homeowners policy denies the claim, so you risk the chance of being dropped by your insurer. It’s kind of a catch 22

WILL YOU CONTACT MY HOMEOWNERS INSURANCE COMPANY IF I MAKE A CLAIM?

No. Your homeowners insurer will never be contacted by us. In the event of a claim, you will report the claim to your homeowners insurer, and if coverage is not provided you will then report the claim to Peers.

[felixcat]

Having a homeowners insurance policy that allows this commercial activity is IMPERATIVE.

Anyone who hosts and does not have a proper insurance policy that allows commercial activity is waiting to be sued or incur a potential total loss of their home.

Your homeowners policy will NOT cover you if you are sued or incur a loss while engaged in commercial activity without the proper riders.

Your policy will be cancelled if they find out. If you have a mortgage, your lender will be notified and they may enroll you in a ridiculously expensive force-placed insurance plan.

[Maggieroni]

Almost none of the insurance companies allow commercial activity. The peers insurance is separate but you still have to file a claim with your primary insurer first. What insurance do you have felixcat?

[Rebecca1]

Then who is the right insurance company?
When we first started looking into insurance my husband asked our homeowners insurance about giving us coverage for Airbnb they said they would not cover it however, they did not say anything about we should not engage in this type of thing or we will be dropped.

[Maggieroni]

Good news in this article, the insurance companies will catch up
http://www.nasdaq.com/article/airbnb-hosts-should-consider-this-insurance-endorsement-cm633720

[felixcat]

There wasn’t a lot of demand because most hosts didn’t even know they needed it. So, now that more people are getting into the business, there will likely be lots of products coming out.

The choices thus far have mostly been either commercial policies or riders, or specialty insurers.

Many agents are only now learning of these new needs, so they often don’t know how to answer questions.

Lastly, many people have approached their insurers asking if their policy covers renting a room, but leaving out the short-term name of it, which changes things.