When you open your home to guests, you hope that like you, they show your property the same respect you do.
That's not always what happens though, below are some of the "risks" you run as an Airbnb hosts:
Vandalism – whether the result of an unauthorized party or the actions of an individual guest, your property might be intentionally damaged
Theft – from a deck of playing cards to more valuable items like TVs and artwork, thefts can and do occur
Unpaid property rental – while Airbnb offers safeguards, a guest may fail to show up or simply refuses to pay
Bodily injury – injury to a guest staying on your property can be a serious problem, and you should protect yourself from any potential liability
Damage to your property – whether intentional or accidental, you want to ensure that your home is protected against potential rental damage
Damage to your guests’ property – if your guest’s property is damaged while staying in your rental unit, you want to ensure that your insurance will cover any claims made against you
It’s important to consider these risks when thinking about renting out your home. There are countless horror stories about guests who leave mystery stains on carpets and walls, of TVs and artwork being stolen, and parties getting out of control.
If you own a property for the sole purpose of renting out to others on a short-term basis, you could also encounter unexpected damages if the space is left vacant for a long period of time.
Mold, broken pipes, sewer backup and damage caused by faulty appliances are just some of the things that might go wrong when you’re not around.
Ensuring that your property has the right type of insurance is critical as it helps mitigate the expenses associated with repairing and replacing damaged property.