Urban has the Required Insurance for Airbnb Hosts
You invested a lot of time and a great deal of money into your property, becoming an Airbnb Host can be a great way to earn income. Short-term rental companies, including HomeAway and Airbnd provide limited insurance to protection for you and your guests, but your standard homeowner’s or renter’s insurance policy will likely exclude any claim that occurs while a guest is renting your space. In fact, standard homeowner’s policies can be voided, and claims denied, even if the loss happens when the unit is not being rented- Just the fact that you make your unit available can violate the terms of your policy. After you have a loss is a terrible time to find out you’re not covered.
Airbnb states that 95% of their hosts do not carry the proper commercial insurance. Standard homeowner’s or renter’s insurance policies all contain a “business pursuit’s exclusion.” Very simply, they are designed only for personal use and not as a commercial venture. If you do some office paperwork from home, you will not have a problem; but renting your space out to others is clearly a business use, and NOT covered on your regular personal Homeowner’s or condo insurance.
When you collect payment (rent) for your space, in the eyes of an insurance company you are a hotel. You are engaged in a business and must carry a business insurance policy. The problem was that the types of commercial policies carried by hotels were unaffordable for part-time Airbnb hosts, but not anymore.
Urban has the proper coverage you need, but at a reasonable price
- Commercial Package Policy: coverage for building, contents, liability, and income.
- Building & Contents: special cause of loss (all risk) with replacement cost valuation.
- Liability: $1,000,000/$2,000,000 in commercial general liability.
- Income: actual loss sustained business income coverage with no time limit.
- Property enhancement coverage for theft and damage caused by a renter.
- Liability enhancement coverage for animal/pet & liquor liability.
- Liability continued over amenities: pools, bicycles, small watercraft, fishing, rec areas, + more.
- Additional $1,000,000 in personal liability when rental “doubles” as primary residence.
- No vacancy or standard occupancy restrictions.
- Underwritten by Lloyd’s of London, AM Best’s rated A
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Urban Insurance Agency, LLC 800 W Huron St #301, Chicago, IL 60642 312-664-8088