Airbnb, VRBO, and the Gaps in Your Homeowners Insurance Policy

Home sharing and peer to peer leasing is on the rise and more popular than ever. Applications and websites such as Airbnb, HomeAway, FlipKey and VRBO provide a new and exciting way for travelers to see the world and experience different cultures by truly submerging themselves into the homes and lives of those around them.

Airbnb, HomeAway, FlipKey and VRBO provide options to homeowners to put their entire home up for seasonal, high frequency short term rental or simply one room at a time. With these applications and websites growing in popularity, it is crucial that those involved review their current homeowners or renters insurance policy and ensure proper coverage is obtained.

When choosing to rent out a home for high frequency short term rental, the risks at hand are many. Furniture, flooring, and walls could be greatly damaged, vandalism may ensue, and items could be stolen. Homeowners could also be held liable if someone is physically injured on their property.

Although homeowners and rental insurance policies typically cover these types of damages and events, while the home is under a home sharing or peer to peer leasing contract, coverage is often denied. Once the homeowner chooses to place the home under this type of contract, it becomes a business exposure, which is an exclusion in most insurance policies.

Limitations and gaps in the homeowners or renters policy become extremely evident at this time, and those without supplemental coverage may be greatly affected.

What needs to be done to fill the coverage gaps in a homeowner or renters policy?

  • Partner with a trusted insurance advisor to obtain supplemental coverage on the current homeowners or renters insurance policy

  • Clearly present the amount of time and frequency that the home will be under such contracts

  • Also, if the site offers Host Protection Insurance, it is wise to discuss this secondary coverage option with a trusted risk manager

Swingle Collins & Associates’ Personal Lines team is highly knowledgeable on this subject matter and is eager to ensure your protection. Do not let the additional income go toward accidents not covered on your insurance policy – call Swingle Collins & Associates today to discuss the proper coverage for your home.

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