Ask an Agent: What sort of insurance protection do I need as an Airbnb host?
Q: I am considering renting out part of my home on Airbnb. How would this potentially impact my home insurance policy?
A: That’s a great question. Airbnb is relatively new to Grand Rapids and outwardly appears to be a great way to make money using valuable space in your home. There are some overhead costs and you will want to include additional insurance expenses as part of this. Here are the first few steps to take:
- Contact your insurance agent or carrier to ask if there are exclusions for renting your home.
- When you contact your agent, please let them know the frequency with which you intend to open your home up. This can impact the ability of a carrier to accommodate your situation. If renting your home (long term or short term) is allowed under the contract, there may be special endorsements required to modify your policy to protect you properly. In some cases, the option for incidental renting will be excluded and a different policy type will be required.
- If the policy excludes short and/or long term rental, moving forward with Airbnb can void your coverage. It is important to understand your policy and its limitations so you don’t find yourself unprotected.
- If you do decide to move forward, please make certain to follow the guidelines provided by Airbnb.
Each city that partners with Airbnb provides specific rules and regulations to participants. Do your homework and be safe!
What can BHS Insurance help you with? We have over 25 associates dedicated to finding the best coverage for your life, home and auto needs. Request a quote online today.
Laura Matthews, Account Manager
23 years’ insurance experience
14 years at BHS Insurance
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