Luxury In Traveling Through Airbnb Comes With Insurance Dilemmas
Airbnb, a one-night rental service company based in San Francisco is bringing new questions to the insurance world. The Airbnb service matches hosts and guests in 192 countries and 30,000 cities so that they can enjoy a temporary stay in a new city. Since Airbnb launched in 2008, over 4 million people have utilized its services. Many choose to use Airbnb over standard hotel services because they get to enjoy the luxury of a less expensive stay that is more intimate.
As beneficial as Airbnb is for travelers, it seems to be accompanied by insurance questions and dilemmas. Many insurance providers have actually started dropping coverage when discovering that an insured is listing their home on Airbnb. Since becoming a host of Airbnb draws a fine line between personal and commercial use, it is far more difficult to insure these properties.
As a growing concern, it is expected that insurance providers will start evolving with the times and be forced to offer exclusive products intended for homeowners who want to participate in Airbnb services. Since there are gaps with home sharing through Airbnb, it is imperative that you contact your homeowner’s insurance agent to confirm coverage. Rather than running the risk of having insufficient protection when you need it most, become aware of exactly what is covered and what is excluded if you host your home through Airbnb and consider increasing your liability limits.
Contact Hoffman Brown Company in Sherman Oaks for all of your California homeowner’s insurance needs. If you are listing your home on Airbnb, do not make the mistake of assuming adequate coverage. The last thing you want is to find out you are without any insurance when it comes time to file a claim and you need it most.