What is Airbnb Insurance?
Offering short-term rentals through Airbnb can be an effective way to generate additional income, but this type of work comes with certain risks. Homeowners and other property owners who have places listed on the platform are potentially exposed to both property and liability perils, and possibly some other perils as well. Airbnb insurance policies protect against a variety of risks that Massachusetts homeowners who list places on Airbnb face.
Airbnb insurance policies are specialized commercial insurance policies that have been designed specifically for Airbnb hosts and other short-term landlords. Most of these policies are underwritten as package policies, which means they bundle several coverages together in order to offer an array of protections.
Who in Massachusetts is Airbnb Host Insurance Right For?
The vast majority of people and businesses who list Massachusetts properties on Airbnb ought to consider carrying Airbnb host insurance. Few people or businesses in this space are free from risk, and this generally is the most appropriate type of insurance for people who list accommodations.
The following are only a few examples of people and businesses that might need this insurance:
- Homeowners who rent out their entire house occasionally
- Homeowners who rent out part of their house frequently
- Property owners who rent out a vacation property at times
- Property owners who rent out a space or cabin for camping
- Businesses that regularly list properties on the platform
For property owners who have long-term tenants, this insurance may not be the best available choice. While some of the coverages included in an Airbnb host insurance policy might be beneficial for more traditional landlords, these policies may not provide all the protections that a traditional leasing situation requires. Instead, a landlord policy is often more appropriate in this type of situation.
Anyone who’s unsure whether this insurance is necessary or appropriate should speak with an insurance agent who specializes in covering short-term rental properties. Such an agent will know what protections Airbnb host policies typically provide and can help determine whether those protections adequately meet a property owner’s risk mitigation needs.