Hey everyone, I’m new to hosting on Airbnb in Canada and want to ensure I’m fully covered in case anything goes wrong. I’ve heard some specific insurance options, but I’m not sure what’s best or what to look for.
Can anyone recommend the best Airbnb insurance for hosts in Canada? What should I be aware of when choosing a policy?
Regarding Airbnb insurance in Canada, there are a few key points to consider to ensure you’re fully covered. Regular homeowner’s insurance often won’t cover short-term rentals, so you’ll need specific policies that cater to the unique risks of Airbnb hosting.
Here are a few popular options and considerations:
Short-Term Rental Insurance: Companies like Duuo and Proper Insurance offer policies specifically designed for short-term rentals. These policies cover guest injuries, property damage, and liability issues that aren’t typically covered by standard home insurance.
Add-On Policies: Some insurance providers allow you to add short-term rental riders to your existing home policy, though the coverage can be limited compared to specialized policies.
Airbnb’s Host Protection Insurance: While Airbnb offers some liability and property damage coverage, it’s often limited and may not cover all types of incidents. It is generally recommended that you have additional insurance on top of what Airbnb provides.
When choosing a policy, look for comprehensive coverage for property and liability and ensure it includes any specific exclusions or limitations that could apply to short-term rentals.
It’s also helpful to consult with an insurance broker who understands the requirements for short-term rental properties in Canada, as they can help you find the best fit for your needs.