With the disruption by AirBnB of how we rent out an investment property or even a room in our own home, the owner needs to consider what exposures they are faced with if something goes wrong during the accommodation process.
It can be a minefield of problems if the owner of the property does not consider their insurance obligations. Insurers do not automatically cover claims that may arise if one is renting out a property for financial gain (unless their insurer has been notified and accepted that this will happen, and best to always get this in writing from the insurer).
Short term stays and room sharing may well be a total exclusion under many home and landlord policies which will lead to a financial exposure for any loss or damage to the property. Personal injury within the property by an AirBnB occupant may lead to expensive litigation and compensation payouts which also may not be covered, and this can be financially devastating.
For true peace of mind it is best that anyone looking to maximise their investment property returns contact Ian Jones Insurance Brokers to ensure that they are not left exposed in the event of a claim in an AirBnB incident. There also may be issues surrounding claims within a Strata Titled property and anyone looking to list a unit within a strata block on AirBnB needs to check with their Strata Manager that they are allowed to do so under the By-Laws of the Strata.
Call Ian Jones Insurance Brokers today at +61 (2) 4929 5990 for a quote and advice on what you need to get your AirBnB covered.