Renting out your valuable home can be a nerve-wracking experience, especially if your property contains high-value items. While Airbnb offers AirCover for its hosts, relying solely on it might leave gaps in protection. For added security and peace of mind, consider supplemental insurance tailored for short-term rentals.
Understanding AirCover by Airbnb
AirCover provides basic protection, including:
Damage to property: Covers furnishings, valuables, and belongings damaged by guests or their invitees.
Vehicle damage: Includes parked cars, boats, or other vehicles.
Extra cleaning costs: For stains, smoke odors, pet accidents, or unauthorized guests.
Lost income: If you must cancel bookings due to guest-caused damage.
Limitations: To file a claim, you must first request compensation from the guest. If they refuse, Airbnb will review the claim on a case-by-case basis, considering evidence and testimonies. There's no guarantee of reimbursement.
For better coverage, consider these top insurance providers in Melbourne:
1. Terri Scheer Insurance
Offers comprehensive landlord and holiday rental insurance, covering:
Damage by guests or their pets.
Loss of rental income.
Liability (up to $20 million).
Malicious damage and theft.
Terri Scheer is an excellent choice for self-managed short-term rentals.
2. EBM RentCover
Specializes in landlord and short-term rental insurance:
Accidental damage: Up to $70,000 with a $350 excess per event.
Malicious damage: Intentional harm caused by guests, such as vandalism.
Loss of rent: Covers up to $50,000 when bookings are canceled due to damage or insured events.
Pet damage: Protection against harm caused by guests’ pets.
3. NRMA Insurance (with ShareCover)
Provides flexible, pay-per-night coverage for Airbnb hosts:
Covers accidental damage, theft, and loss of rent.
Options for insuring specific areas of the home.
This is ideal for part-time hosts who want coverage only for rented nights.
4. ACS Financial
Comprehensive protection for properties rented short-term:
Accidental damage by tenants or their pets.
Loss of rental income if the property becomes uninhabitable.
This policy is especially beneficial for high-value properties.
Why Additional Insurance is Important
Airbnb’s AirCover may not address all scenarios, particularly high-value claims or certain liabilities. Supplemental insurance ensures:
Higher liability coverage.
Guaranteed protection against malicious or pet-related damages.
Better loss-of-rent compensation.
When choosing a policy, assess your property’s specific needs, including liability limits, contents coverage, and policy flexibility. Always read the Product Disclosure Statement (PDS) for complete details.
Comments