Airbnb Insurance Australia
Are you an upcoming Airbnb rental host in Australia. If you are worried about how Airbnb Insurance Australia works, then you may need not worry as we have covered every relevant thing about Airbnb Insurance Australia.
Airbnb is relatively new to the Australian insurance sector. Not many companies offer Airbnb insurance Australia, which has led to Host being very vulnerable to be exposed to the risk of any financial loss.
If you’re an Airbnb host and you have CHU Landlords Insurance for Strata on that property, you will be covered for loss, damage caused by guests or as a result of having paying visitors in your property in Australia.
Also, many Australian hosts are unaware of how their insures covers the insurance for their property, making it very difficult for the host to have any details about their insurance leaving them on the mercy of Airbnb to decide on solving issues related to damages caused by guests.
The issue with Standard Insurance company over Airbnb Insurance
Major Home insurance companies do not include the insurance for making your home a homestay as they are not used to making policy that includes guest using your home as travel accommodation.
In addition to this, standard landlord policies need to have a lease of at least 90 days or more. Also, they do not support the use of home as a short-term holiday rental, as they usually mark short term home sharing in the “commercial or business use” category, switching it to a higher risk of making any claim.
Also, if your insurance company finds that you have been renting your home through an online platform, they will immediately terminate your policy. This is because your practice is not coverable through your insurance company.
Airbnb Insurance Australia: What Airbnb provides
To help hosts from these situations, Airbnb has two types of insurance coverage. The Host Protection Insurance and the Host Guarantee. While these do not provide you full coverage, but this is way better than any other insurance policy available in the Australian Insurance market.
Host Protection Insurance offered by Airbnb is a successful coverage plan that provides each host with up to USD 1 million in third party liability. The only catch here is that property damage claims are not easily guaranteed. All claims must be cleared with the Airbnb customer service team and must have actual video footage or photographic evidence.
Host Guarantee offers up to USD 1 million of property damage protection for every Airbnb listing. But this guarantee has its exclusions and limitations that include.
- The host must attempt to resolve the property damage issue with the guest
- The damage must occur during the booking period only
- The damage must be reported within 14 days along with video or photographic evidence
- Payment for the liability is in the cash value according to Airbnb, not the actual replacement cost
- The host must comply with their Airbnb contract before the damage.
Any Other Option?
As of now, these two are the only available protection against any fraud on your rental as Airbnb Insurance Australia. Other then this, there are some small steps, you can take by yourself to protect yourself from any unfortunate events.
You can apply to set up some Security measures by installing CCTV cameras, trying down expensive appliances. Change your keycode after each guest stays. All these measures can help you prevent theft or burglary on your Airbnb. Also, if you rent your property on a full-time time basis in Australia, then you need to have to face any issue with the insurance companies.
That’ an all about Airbnb Insurance Airbnb Insurance Australia, if you like what you read then you will love to read about Airbnb Insurance at Canada, how it works there, what are your options and how can you claim it.
Image Credit : https://www.examiner.com.au/story/4726583/claims-bed-shortages-spike-airbnb-growth/