I have to admit, when a client asked me how AirBNB impacts their home and contents insurance, I had to scuttle away and google just what AirBNB is (I'm more of a flash hotel, or resort kind of girl). Who knew that ordinary people gave up part, or all of their home to accommodate strangers for their holiday? I guess it makes sense in part - rent out your home while you are away on your own holiday - pays for the cocktails, right?
It's all very well to sit and count the dollars piling in, but what if you get the one bad egg that decides they like your stuff more than you do, or the old gent that falls asleep on the couch with a cigarette in his hand? What does it mean for your insurance cover?
If you think that you don't need to notify your insurer if you are planning on having paying guests, think again. Even if it is a one-time thing, your insurer will still want to know, and you may pay a higher excess for any claims made that relate to any of your short term tenants. If you are thinking of making it a regular gig, then your insurer definitely wants to know, and will likely want you on a different plan to accommodate the higher risk.
So before you take the plunge and open your home to all and sundry, don't forget to let us know so we can tell you exactly what it means for your policy.
Oh, and you might want to check out this site too …
