Clearly the insurance industry needs more regulation!
That won’t happen right now. (and that is NOT a happy wink.)
I hear you! I have been unhappily winking since November 8, 2016.
I keep getting ads from Slice when visiting this very site, i.e. airhostsforum.com
They read like this:
Short-term rental insurance around $7/night. Slice. Pay only when you’ve got guests!
Now US$ 7 a night really is a lot! I’ve heard about a European insurer (Allianz) offering a similar kind of protection at about US$ 130 (equivalent) a year.
Generally, I am fine with the $1,000,000 Airbnb host guarantee, in spite of OP trying to convince us that it isn’t worth anything.
I am not the OP but am concerned that you rely on the Guarantee that has been shown over and over again to be of little value.
Please note that I didn’t say that I “rely on the Airbnb guarantee”. I stated that I am fine with it.
I trust in God. Therefore, I don’t need unnecessary insurance.
I also rent a room in my home and $7 a night is too much. If I had a vacation rental or any rental where I wasn’t on site, or a suite with Kitchen or other amenities where so much can go wrong I’d have insurance.
Well you probably have a much better chance of God paying out.
It is not a question of pay-out, really. If I didn’t trust in God holding his hand over me, I wouldn’t ever have started being an Airbnb host in the first place.
When I first offered a room in my own apartment, to total strangers, five years ago, a few (female) friends were sure I’d get killed at night, while sleeping in my own bed, by one of my guests.
We’ve been referring to Airbnb as “playing with axe murderers” ever since. I don’t say “I’ve got a booking by an Airbnb guest”, but rather, “I’ve got another one with his axe about to enter my apartment”, and they all know what I mean.
As Cromwell said Trust in God and keep your Powder dry.
I’m in Australia and had the same issue with our insurance company
They would not renew
We went with a new company and didn’t mention the air b&b
We only host when we’re at home.
Of course we have to leave the home time to time.
I was reading about slice insurance I the states…sounded good
But as I have read, our home insurance wouldn’t cover us anyways knowing we had secondary insurance
Dilemma to day the least
I made this mistake. We needed one claim for a large wind damage claim and the other smaller one we should’ve self-insured for. Big mistake. Live and learn.
Insurance is really for what is for you a catastrophic loss.
If you make a claim the insurance company is very likely going to increase the premium because statistically an insured who makes a claim is more likely to make another claim.
That’s why it’s often smart to get big deductibles – at least $1,000, if not $5,000 or more.
When someone looks at the premium with a $1,000 deductible vs one with a higher deductible they often see a small premium difference and choose the lower deductible policy. What they forget/ignore/don’t realize is that if they make that claim the premium will likely go up.
AND once you made that claim it’s harder to shop policies that have had claims within the last ‘x’ years (often three years).
PLUS if that claim suggests negligent or worse actions/omissions on your part, the insurer might not renew the policy at all.
I had an adjuster come check my roof after a big wind storm. The roof was okay and the insurance paid nothing but it still counted as a “claim.” When I price shopped for different insurance a year or two later I was told that they don’t take new clients who had a claim in the previous 5 years. I was completely stumped until they explained the industry’s quite expansive definition of “claim.”
I had a spectacular waste pipe backup due to compression of a 1941 iron pipe. My insurance company insisted that the clean up (involving people in hazmat suits removing drywall) and the pipe replacement were two different claims, because the backup was reported one day and the cause (the pipe) was reported 2 days later after the plumber was able to send a camera snake down the pipe. Completely effed up my landlord insurance rate on a rental house I purchased 3 years later.
Looks like Slice doesn’t offer STR insurance in the US anymore. In their FAQs:
“Do you offer homeshare insurance in the US?
We no longer offer homeshare insurance in the US. We do offer it in Canada via Duuo”