01/11/2017 3:23:43 PM
What hosts need to know
Home-sharing through rental networks is on the rise in Canada, so if you already home-share, or are considering it, have you thought about insurance protection? A recent survey of homeowners across Canada who rent their home on a short-term basis found that 51% of them were unaware that their insurance
wouldn’t cover the losses or damage that could occur.
What is home-sharing insurance?
Designed for people who rent their homes on a short-term basis through a home rental network such as Airbnb, Flipkey, and HomeAway, it covers:
- liability arising out of the short-term rental
- loss or damage to buildings and personal property
- intentional acts, criminal acts, or failure to act by a guest
- loss or damage to a guest’s property up to $1,500
- fair rental value (loss of rental income)
Typical coverage options are based on your rental activity:
Is it for me?
- Option 1: Rent your entire home for up to 90 days.
- Option 2: Rent your entire home for up to 180 days.
- Option 3: Rent a portion of your home (eg a room, basement) to short-term guests year-round
- Not intended for long-term rentals to one individual or annual lease situations.
- Designed for hosts who rent their home or a portion of their home on a short-term basis, multiple times, to different individuals throughout the year.
- The rental must be managed through a home rental network or a professional property management company.
How much will it cost?
Pricing is based on your current home insurance premium, the number of days per year that you rent your home, and other individual risk characteristics.
How do I add home-sharing coverage to my policy?
- To purchase home-sharing insurance, contact us
- If you qualify, we will add the coverage to your existing home insurance policy, or give you a quote for a new policy that includes home-sharing coverage.