Airbnb is a great way to advertise your property for holiday lets, allowing you a great level of flexibility in managing bookings and even giving you the opportunity to let out your own home to holidaymakers. However, this comes with increased risks, and you’ll need a specific insurance policy to cover them. “As you’re letting your property to complete strangers, you’ll need certain covers, such as malicious damage by tenants/holiday makers,” says Christine. “You can also get loss of rent cover which would protect you if, for example, there was a fire and you had to cancel existing bookings whilst the property was being repaired. It would cover you for lost income if you can prove you had bookings.”
Airbnb also gives you the chance to let out a spare room to make some extra income but if you do this, you must tell your home insurance provider. “You definitely have to tell your insurer,” Says Christine. “As you don’t have a formal agreement with a person using your spare room on a short-term let, the risk is higher, especially if you consider you might have a stranger staying in your house two or three times a week potentially. But that’s a risk your insurer would take on, as long as you’re upfront and honest with them about what you’re using that spare room for. They may apply a condition to the policy that theft is only covered if by violent or forcible entry for example.” Find out more about Airbnb insurance here.