Listing a room, apartment or home for rent through a platform such as Airbnb may seem like a straightforward way to supplement your income. However, most property insurance policies do not apply when you leave the property in the hands of complete strangers. Additionally, although Airbnb provides Host Guarantee Protection, it should not be considered a replacement for renters insurance.
Talk to your insurer to verify your coverage before listing your property, and follow these tips to minimize your risks:
- Set clear rules around etiquette and safety.
- Require a security deposit to cover possible damages.
- Secure your valuables to prevent damage or theft.
- Screen your guests through their Airbnb and social media profiles.
- Install smoke and carbon monoxide detectors.
- Supply a fully stocked first-aid kit.
- Provide emergency service contact information and addresses.
- Maintain your property, and complete a home safety inspection.
Contact us for more information on minimizing your risks from Airbnb guests.